Summit X LLC purchased a new position in Magellan Health Inc (NASDAQ:MGLN) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,557 shares of the company’s stock, valued at approximately $284,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Northern Trust Corp increased its stake in shares of Magellan Health by 5.7% in the second quarter. Northern Trust Corp now owns 766,353 shares of the company’s stock worth $56,887,000 after acquiring an additional 41,504 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Magellan Health by 160.9% in the second quarter. JPMorgan Chase & Co. now owns 500,110 shares of the company’s stock worth $35,898,000 after acquiring an additional 308,417 shares during the last quarter. Omni Partners LLP increased its stake in shares of Magellan Health by 119.3% in the second quarter. Omni Partners LLP now owns 444,262 shares of the company’s stock worth $32,978,000 after acquiring an additional 241,671 shares during the last quarter. Brown Advisory Inc. increased its stake in shares of Magellan Health by 29.1% in the second quarter. Brown Advisory Inc. now owns 386,598 shares of the company’s stock worth $28,698,000 after acquiring an additional 87,049 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Magellan Health by 5.4% in the second quarter. Bank of New York Mellon Corp now owns 343,337 shares of the company’s stock worth $25,486,000 after acquiring an additional 17,676 shares during the last quarter. 97.77% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently weighed in on MGLN shares. BidaskClub downgraded shares of Magellan Health from a “sell” rating to a “strong sell” rating in a research note on Friday, September 6th. ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $74.80.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.06). The business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.75 billion. Magellan Health had a return on equity of 3.68% and a net margin of 0.18%. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.92 earnings per share. On average, sell-side analysts anticipate that Magellan Health Inc will post 3.96 EPS for the current year.
Magellan Health Profile
Magellan Health, Inc provides healthcare management services in the United States. The company 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.
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