Magellan Health, Inc. (MGLN) General Counsel Sells $3,036,991.86 in Stock
Magellan Health, Inc. (NASDAQ:MGLN) General Counsel Daniel N. Gregoire sold 35,658 shares of the business’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $85.17, for a total transaction of $3,036,991.86. Following the completion of the transaction, the general counsel now directly 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 is available through this hyperlink.
Magellan Health, Inc. (MGLN) opened at 86.30 on Friday. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of 24.57 and a beta of 0.57. Magellan Health, Inc. has a 12 month low of $49.50 and a 12 month high of $86.72. The company’s 50-day moving average is $78.85 and its 200 day moving average is $72.93.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings data on Friday, July 28th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.48). The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. Magellan Health’s revenue was up 21.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.58 EPS. On average, equities research analysts predict that Magellan Health, Inc. will post $5.13 earnings per share for the current year.
Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Magellan Health by 53,778.2% in the first quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock valued at $208,038,000 after purchasing an additional 3,007,275 shares during the period. LSV Asset Management bought a new position in shares of Magellan Health in the second quarter valued at approximately $44,282,000. Hood River Capital Management LLC bought a new position in shares of Magellan Health in the second quarter valued at approximately $25,387,000. Renaissance Technologies LLC raised its position in shares of Magellan Health by 11.3% in the first quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock valued at $83,764,000 after purchasing an additional 122,999 shares during the period. Finally, Thrivent Financial For Lutherans raised its position in shares of Magellan Health by 81.7% in the second quarter. Thrivent Financial For Lutherans now owns 228,546 shares of the company’s stock valued at $16,661,000 after purchasing an additional 102,736 shares during the period. 93.54% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on MGLN. KeyCorp raised shares of Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price objective for the company in a research report on Thursday, July 13th. Zacks Investment Research raised shares of Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research report on Tuesday, July 18th. BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Leerink Swann reissued an “outperform” rating and issued a $73.00 price objective (up previously from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. Finally, ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $81.80.
Magellan Health Company 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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