Texas Permanent School Fund boosted its position in Magellan Health, Inc. (NASDAQ:MGLN) by 1.3% during the second quarter, Holdings Channel reports. The institutional investor owned 17,316 shares of the company’s stock after buying an additional 230 shares during the period. Texas Permanent School Fund’s holdings in Magellan Health were worth $1,262,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in MGLN. BlackRock Inc. increased its stake in Magellan Health by 53,778.2% in the first quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock worth $208,038,000 after buying an additional 3,007,275 shares in the last quarter. Vanguard Group Inc. increased its stake in Magellan Health by 4.9% in the first quarter. Vanguard Group Inc. now owns 2,118,487 shares of the company’s stock worth $146,282,000 after buying an additional 98,314 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Magellan Health by 1.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,985,305 shares of the company’s stock worth $137,085,000 after buying an additional 32,762 shares in the last quarter. Renaissance Technologies LLC increased its stake in Magellan Health by 11.3% in the first quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock worth $83,764,000 after buying an additional 122,999 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Magellan Health by 5.2% in the first quarter. JPMorgan Chase & Co. now owns 893,272 shares of the company’s stock worth $61,680,000 after buying an additional 43,827 shares in the last quarter. 92.28% of the stock is owned by institutional investors and hedge funds.
Magellan Health, Inc. (NASDAQ MGLN) opened at 77.90 on Friday. The stock has a market capitalization of $1.84 billion, a PE ratio of 22.18 and a beta of 0.59. Magellan Health, Inc. has a 12 month low of $49.50 and a 12 month high of $84.71. The stock has a 50 day moving average price of $76.53 and a 200 day moving average price of $72.19.
Magellan Health (NASDAQ:MGLN) last released its quarterly earnings results on Friday, July 28th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.94 by $0.48. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. Magellan Health’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.58 earnings per share. On average, equities research analysts forecast that Magellan Health, Inc. will post $5.13 earnings per share for the current fiscal year.
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MGLN has been the subject of a number of recent research reports. BidaskClub raised Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. KeyCorp raised Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 target price for the company in a research report on Thursday, July 13th. Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research report on Tuesday, July 18th. Finally, Leerink Swann reissued an “outperform” rating and issued a $73.00 target price (up from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $82.20.
In other news, General Counsel Daniel N. Gregoire sold 33,574 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $80.11, for a total value of $2,689,613.14. Following the completion of the sale, the general counsel now directly owns 14,633 shares in the company, valued at approximately $1,172,249.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Daniel N. Gregoire sold 14,114 shares of the company’s stock in a transaction on Friday, July 14th. The stock was sold at an average price of $80.11, for a total value of $1,130,672.54. Following the completion of the sale, the general counsel now owns 27,573 shares of the company’s stock, valued at $2,208,873.03. The disclosure for this sale can be found here. Insiders sold a total of 97,943 shares of company stock valued at $7,846,757 over the last 90 days. 3.60% of the stock is currently owned by company insiders.
About Magellan Health
Magellan Health, Inc is engaged in the healthcare management business. The Company’s segments include Healthcare, Pharmacy Management and Corporate. It is focused on managing special populations, complete pharmacy benefits and other specialty areas of healthcare. Its Healthcare includes its management of behavioral healthcare services and employee assistance program (EAP) services, management of other specialty areas, including diagnostic imaging and musculoskeletal management, and the integrated management of physical, behavioral and pharmaceutical healthcare for special populations, delivered through Magellan Complete Care (MCC).
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