Ameriprise Financial Inc. Trims Holdings in Magellan Health Inc (MGLN)
Ameriprise Financial Inc. reduced its position in shares of Magellan Health Inc (NASDAQ:MGLN) by 4.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 186,873 shares of the company’s stock after selling 9,023 shares during the quarter. Ameriprise Financial Inc. owned about 0.78% of Magellan Health worth $16,128,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. increased its holdings in Magellan Health by 6.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock worth $152,000 after purchasing an additional 120 shares during the period. Advisory Services Network LLC bought a new stake in Magellan Health during the 2nd quarter valued at $165,000. HighTower Advisors LLC bought a new stake in Magellan Health during the 2nd quarter valued at $210,000. Pacad Investment Ltd. boosted its position in Magellan Health by 34.8% during the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock valued at $226,000 after acquiring an additional 800 shares in the last quarter. Finally, Amalgamated Bank boosted its position in Magellan Health by 5.1% during the 2nd quarter. Amalgamated Bank now owns 3,265 shares of the company’s stock valued at $238,000 after acquiring an additional 159 shares in the last quarter. Institutional investors own 94.96% of the company’s stock.
Shares of Magellan Health Inc (NASDAQ MGLN) opened at $96.95 on Thursday. The company has a current ratio of 2.28, a quick ratio of 2.21 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $2,329.70, a price-to-earnings ratio of 22.07, a price-to-earnings-growth ratio of 1.29 and a beta of 0.54. Magellan Health Inc has a 52-week low of $64.05 and a 52-week high of $99.25.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.24. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Magellan Health had a return on equity of 9.20% and a net margin of 1.68%. The business’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.39 EPS. equities research analysts forecast that Magellan Health Inc will post 5.19 earnings per share for the current fiscal year.
Several analysts have issued reports on the company. Zacks Investment Research raised Magellan Health from a “hold” rating to a “strong-buy” rating and set a $112.00 target price on the stock in a research report on Wednesday. BidaskClub raised Magellan Health from a “buy” rating to a “strong-buy” rating in a research report on Thursday, December 7th. Raymond James Financial reaffirmed a “hold” rating on shares of Magellan Health in a research report on Saturday, December 2nd. KeyCorp set a $105.00 target price on Magellan Health and gave the company a “buy” rating in a research report on Friday, December 1st. Finally, Jefferies Group reaffirmed a “buy” rating and set a $94.00 target price on shares of Magellan Health in a research report on Friday, October 13th. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $96.00.
In other news, General Counsel Daniel N. Gregoire sold 35,658 shares of the firm’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $85.17, for a total value of $3,036,991.86. Following the completion of the sale, the general counsel now owns 49,115 shares of the company’s stock, valued at approximately $4,183,124.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clapper Caskie Lewis sold 59,313 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $93.99, for a total value of $5,574,828.87. Following the completion of the sale, the insider now directly owns 48,474 shares of the company’s stock, valued at approximately $4,556,071.26. The disclosure for this sale can be found here. Insiders sold a total of 288,600 shares of company stock valued at $25,313,413 in the last three months. Insiders own 3.60% of the company’s stock.
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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