Cornerstone Capital Management Holdings LLC. Purchases New Holdings in Magellan Health Inc (MGLN)

Cornerstone Capital Management Holdings LLC. purchased a new position in Magellan Health Inc (NASDAQ:MGLN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 10,100 shares of the company’s stock, valued at approximately $870,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in MGLN. ClariVest Asset Management LLC bought a new stake in Magellan Health during the 3rd quarter valued at $8,690,000. Hillcrest Asset Management LLC bought a new stake in Magellan Health during the 3rd quarter valued at $8,822,000. LSV Asset Management bought a new stake in Magellan Health during the 2nd quarter valued at $44,282,000. Legal & General Group Plc raised its stake in Magellan Health by 4.5% during the 2nd quarter. Legal & General Group Plc now owns 68,542 shares of the company’s stock valued at $4,998,000 after acquiring an additional 2,962 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its stake in Magellan Health by 18.8% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 20,810 shares of the company’s stock valued at $1,796,000 after acquiring an additional 3,300 shares in the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.

In other news, General Counsel Daniel N. Gregoire sold 35,658 shares of Magellan Health stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $85.17, for a total transaction of $3,036,991.86. Following the transaction, the general counsel now directly owns 49,115 shares in the company, valued at approximately $4,183,124.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Clapper Caskie Lewis sold 59,313 shares of Magellan Health stock in a transaction on Monday, December 4th. The shares were sold at an average price of $93.99, for a total value of $5,574,828.87. Following the transaction, the insider now owns 48,474 shares in the company, valued at $4,556,071.26. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 265,174 shares of company stock worth $23,365,071. 3.60% of the stock is owned by insiders.

Several analysts have weighed in on the company. BidaskClub downgraded Magellan Health from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 19th. KeyCorp reaffirmed a “buy” rating and set a $89.00 target price on shares of Magellan Health in a research note on Friday, September 22nd. Raymond James Financial reaffirmed a “hold” rating on shares of Magellan Health in a research note on Saturday, December 2nd. Jefferies Group reaffirmed a “buy” rating and set a $94.00 target price on shares of Magellan Health in a research note on Friday, October 13th. Finally, Zacks Investment Research downgraded Magellan Health from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $96.00.

Magellan Health Inc (NASDAQ:MGLN) opened at $98.60 on Monday. Magellan Health Inc has a 1 year low of $64.05 and a 1 year high of $99.80. The stock has a market capitalization of $2,370.00, a price-to-earnings ratio of 26.08, a PEG ratio of 1.31 and a beta of 0.54. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.21 and a current ratio of 2.28.

Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings results on Wednesday, November 1st. The company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.24. Magellan Health had a return on equity of 9.20% and a net margin of 1.68%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period last year, the firm earned $1.39 EPS. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. sell-side analysts predict that Magellan Health Inc will post 5.19 earnings per share for the current year.

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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).

Institutional Ownership by Quarter for Magellan Health (NASDAQ:MGLN)

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