BlackRock Inc. lowered its position in Magellan Health, Inc. (NASDAQ:MGLN) by 1.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,984,091 shares of the company’s stock after selling 28,776 shares during the quarter. BlackRock Inc. owned 12.60% of Magellan Health worth $217,540,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Ameritas Investment Partners Inc. acquired a new position in Magellan Health in the 1st quarter worth $136,000. Eqis Capital Management Inc. acquired a new position in Magellan Health in the 2nd quarter worth $210,000. Pacad Investment Ltd. lifted its holdings in Magellan Health by 34.8% in the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock worth $226,000 after buying an additional 800 shares in the last quarter. Laurion Capital Management LP acquired a new position in Magellan Health in the 1st quarter worth $245,000. Finally, Envestnet Asset Management Inc. lifted its holdings in Magellan Health by 1.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,733 shares of the company’s stock worth $258,000 after buying an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 93.54% of the company’s stock.

In other Magellan Health news, SVP Jeffrey N. West sold 1,109 shares of the stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $80.01, for a total value of $88,731.09. Following the completion of the sale, the senior vice president now directly owns 15,040 shares of the company’s stock, valued at approximately $1,203,350.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Daniel N. Gregoire sold 14,114 shares of the stock in a transaction on Friday, July 14th. The shares were sold at an average price of $80.11, for a total transaction of $1,130,672.54. Following the completion of the sale, the general counsel now directly owns 27,573 shares of the company’s stock, valued at $2,208,873.03. The disclosure for this sale can be found here. Over the last three months, insiders sold 332,479 shares of company stock valued at $27,870,009. Insiders own 3.60% of the company’s stock.

A number of equities analysts have commented on the stock. KeyCorp reiterated a “buy” rating and issued a $89.00 price objective on shares of Magellan Health in a report on Friday, September 22nd. Leerink Swann reiterated an “outperform” rating and issued a $73.00 price objective (up previously from $68.00) on shares of Magellan Health in a report on Sunday, June 25th. ValuEngine upgraded shares of Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Zacks Investment Research upgraded shares of Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a report on Tuesday, July 18th. Finally, BidaskClub lowered shares of Magellan Health from a “hold” rating to a “sell” rating in a report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. Magellan Health currently has an average rating of “Buy” and a consensus target price of $81.80.

Shares of Magellan Health, Inc. (NASDAQ:MGLN) opened at 86.35 on Friday. Magellan Health, Inc. has a 52-week low of $49.50 and a 52-week high of $88.10. The company has a market cap of $2.04 billion, a P/E ratio of 24.59 and a beta of 0.58. The stock has a 50 day moving average of $81.96 and a 200 day moving average of $74.47.

Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings results on Friday, July 28th. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.48). Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company earned $0.58 earnings per share. Magellan Health’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, equities analysts anticipate that Magellan Health, Inc. will post $5.13 earnings per share for the current fiscal year.

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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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Institutional Ownership by Quarter for Magellan Health (NASDAQ:MGLN)

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