SG Americas Securities LLC boosted its stake in Magellan Health Inc (NASDAQ:MGLN) by 25.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,684 shares of the company’s stock after acquiring an additional 1,749 shares during the period. SG Americas Securities LLC’s holdings in Magellan Health were worth $749,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the business. Aperio Group LLC grew its stake in Magellan Health by 14.4% during the second quarter. Aperio Group LLC now owns 12,901 shares of the company’s stock valued at $940,000 after acquiring an additional 1,627 shares in the last quarter. Municipal Employees Retirement System of Michigan grew its stake in Magellan Health by 20.7% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 17,510 shares of the company’s stock worth $1,276,000 after buying an additional 3,000 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Magellan Health by 3.4% in the 2nd quarter. Great West Life Assurance Co. Can now owns 33,815 shares of the company’s stock worth $2,463,000 after buying an additional 1,100 shares in the last quarter. Texas Permanent School Fund grew its stake in Magellan Health by 1.3% in the 2nd quarter. Texas Permanent School Fund now owns 17,316 shares of the company’s stock worth $1,262,000 after buying an additional 230 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in Magellan Health by 0.8% in the 2nd quarter. Arizona State Retirement System now owns 12,412 shares of the company’s stock worth $905,000 after buying an additional 100 shares in the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.
In other news, CEO Mostafa Kamal sold 1,154 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $92.00, for a total value of $106,168.00. Following the transaction, the chief executive officer now owns 1,154 shares in the company, valued at approximately $106,168. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jeffrey N. West sold 19,007 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $86.22, for a total transaction of $1,638,783.54. Following the completion of the transaction, the senior vice president now owns 26,962 shares in the company, valued at approximately $2,324,663.64. The disclosure for this sale can be found here. Insiders have sold a total of 141,794 shares of company stock worth $12,812,375 over the last three months. 3.60% of the stock is currently owned by insiders.
Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.24. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the prior year, the firm posted $1.39 EPS. Magellan Health’s revenue for the quarter was up 9.9% on a year-over-year basis. analysts expect that Magellan Health Inc will post 5.19 EPS for the current fiscal year.
A number of equities analysts have commented on the stock. BidaskClub raised shares of Magellan Health from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Zacks Investment Research upgraded shares of Magellan Health from a “hold” rating to a “strong-buy” rating and set a $112.00 price objective for the company in a report on Wednesday, December 13th. Raymond James Financial reiterated a “hold” rating on shares of Magellan Health in a report on Saturday, December 2nd. KeyCorp set a $105.00 price target on shares of Magellan Health and gave the company a “buy” rating in a report on Friday, December 1st. Finally, Jefferies Group reiterated a “buy” rating and set a $94.00 price target on shares of Magellan Health in a report on Friday, October 13th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $96.00.
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Magellan Health Profile
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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