Comerica Bank Has $1.62 Million Stake in Magellan Health Inc (MGLN)

Comerica Bank decreased its holdings in shares of Magellan Health Inc (NASDAQ:MGLN) by 14.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 24,443 shares of the company’s stock after selling 4,110 shares during the period. Comerica Bank’s holdings in Magellan Health were worth $1,618,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Engineers Gate Manager LP bought a new stake in shares of Magellan Health in the third quarter worth $1,919,000. Victory Capital Management Inc. lifted its position in shares of Magellan Health by 1.2% in the third quarter. Victory Capital Management Inc. now owns 566,012 shares of the company’s stock worth $40,781,000 after purchasing an additional 6,644 shares in the last quarter. Smith Graham & Co. Investment Advisors LP lifted its position in shares of Magellan Health by 23.3% in the third quarter. Smith Graham & Co. Investment Advisors LP now owns 165,732 shares of the company’s stock worth $11,941,000 after purchasing an additional 31,272 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Magellan Health by 2,618.9% in the third quarter. Assenagon Asset Management S.A. now owns 109,899 shares of the company’s stock worth $7,918,000 after purchasing an additional 105,857 shares in the last quarter. Finally, Cambiar Investors LLC lifted its position in shares of Magellan Health by 28.3% in the third quarter. Cambiar Investors LLC now owns 52,864 shares of the company’s stock worth $3,809,000 after purchasing an additional 11,654 shares in the last quarter. Institutional investors own 98.92% of the company’s stock.

NASDAQ MGLN opened at $54.52 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.67 and a current ratio of 1.72. Magellan Health Inc has a 1 year low of $52.32 and a 1 year high of $112.25. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 9.91, a PEG ratio of 1.51 and a beta of 0.52.

Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings results on Wednesday, November 7th. The company reported $1.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.28. Magellan Health had a net margin of 1.49% and a return on equity of 10.93%. The firm had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the prior year, the firm posted $1.64 earnings per share. The company’s quarterly revenue was up 30.6% compared to the same quarter last year. Equities research analysts anticipate that Magellan Health Inc will post 3.61 EPS for the current year.

A number of analysts have recently commented on MGLN shares. TheStreet lowered shares of Magellan Health from a “b-” rating to a “c+” rating in a research report on Friday, November 9th. BidaskClub lowered shares of Magellan Health from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 31st. Raymond James cut their price objective on shares of Magellan Health from $85.00 to $72.00 and set a “buy” rating on the stock in a research report on Monday, November 12th. ValuEngine lowered shares of Magellan Health from a “sell” rating to a “strong sell” rating in a research report on Tuesday, November 13th. Finally, Leerink Swann lowered shares of Magellan Health from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $90.00 to $70.00 in a research report on Tuesday, November 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $83.33.

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About Magellan Health

Magellan Health, Inc provides healthcare management services in the United States. It operates in Healthcare and Pharmacy Management segments. The Healthcare segment offers carve-out management services for behavioral health; employee assistance plans (EAP); and other areas of specialty healthcare, including diagnostic imaging, musculoskeletal management, cardiac, and physical medicine for health plans, care organizations, and employers.

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

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