State Board of Administration of Florida Retirement System reduced its position in shares of Magellan Health Services Inc. (NASDAQ:MGLN) by 3.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,711 shares of the company’s stock after selling 721 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.08% of Magellan Health Services worth $1,296,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Eqis Capital Management Inc. raised its position in Magellan Health Services by 3.3% in the second quarter. Eqis Capital Management Inc. now owns 5,865 shares of the company’s stock valued at $386,000 after buying an additional 188 shares during the period. Metropolitan Life Insurance Co. NY raised its position in Magellan Health Services by 2.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 18,567 shares of the company’s stock valued at $1,261,000 after buying an additional 449 shares during the period. Envestnet Asset Management Inc. raised its position in Magellan Health Services by 17.1% in the first quarter. Envestnet Asset Management Inc. now owns 3,154 shares of the company’s stock valued at $214,000 after buying an additional 461 shares during the period. Strs Ohio raised its position in Magellan Health Services by 4.4% in the second quarter. Strs Ohio now owns 16,500 shares of the company’s stock valued at $1,085,000 after buying an additional 700 shares during the period. Finally, Pacad Investment Ltd. raised its position in Magellan Health Services by 40.5% in the first quarter. Pacad Investment Ltd. now owns 5,900 shares of the company’s stock valued at $401,000 after buying an additional 1,700 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Magellan Health Services Inc. (NASDAQ:MGLN) traded down 0.22% during mid-day trading on Monday, hitting $53.73. 219,100 shares of the stock were exchanged. The firm has a 50-day moving average price of $59.13 and a 200-day moving average price of $65.06. Magellan Health Services Inc. has a 12-month low of $45.40 and a 12-month high of $72.31. The stock has a market capitalization of $1.32 billion, a P/E ratio of 36.55 and a beta of 0.48.

Magellan Health Services (NASDAQ:MGLN) last issued its quarterly earnings data on Friday, July 29th. The company reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by $0.04. Magellan Health Services had a net margin of 0.77% and a return on equity of 6.33%. The business earned $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the firm posted $0.56 earnings per share. Magellan Health Services’s revenue for the quarter was up .5% compared to the same quarter last year. Equities analysts predict that Magellan Health Services Inc. will post $2.39 earnings per share for the current fiscal year.

Several equities analysts have recently weighed in on MGLN shares. Barclays PLC lowered shares of Magellan Health Services from an “equal weight” rating to an “underweight” rating and set a $61.00 price objective for the company. in a research report on Wednesday, June 1st. Leerink Swann reaffirmed a “hold” rating on shares of Magellan Health Services in a research note on Saturday, June 4th. Jefferies Group reaffirmed a “buy” rating on shares of Magellan Health Services in a research note on Wednesday, June 8th. KeyCorp initiated coverage on shares of Magellan Health Services in a research note on Thursday, June 30th. They set an “equal weight” rating for the company. Finally, Zacks Investment Research lowered shares of Magellan Health Services from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 7th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $68.50.

About Magellan Health Services

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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