Magellan Health, Inc. (MGLN) Stake Decreased by Brandywine Global Investment Management LLC
Brandywine Global Investment Management LLC decreased its holdings in Magellan Health, Inc. (NASDAQ:MGLN) by 3.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,041 shares of the company’s stock after selling 3,781 shares during the quarter. Brandywine Global Investment Management LLC owned about 0.41% of Magellan Health worth $7,002,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of MGLN. Ameritas Investment Partners Inc. purchased a new position in Magellan Health during the 1st quarter worth $136,000. Eqis Capital Management Inc. acquired a new position in Magellan Health during the 2nd quarter valued at about $210,000. Pacad Investment Ltd. increased 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 buying an additional 800 shares in the last quarter. Amalgamated Bank increased 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 buying an additional 159 shares in the last quarter. Finally, Laurion Capital Management LP purchased a new stake in Magellan Health in the first quarter valued at about $245,000. 93.54% of the stock is owned by hedge funds and other institutional investors.
In other Magellan Health news, SVP Jeffrey N. West sold 18,511 shares of Magellan Health stock in a transaction on Friday, September 29th. The shares were sold at an average price of $86.18, for a total value of $1,595,277.98. Following the transaction, the senior vice president now directly owns 29,395 shares in the company, valued at $2,533,261.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Jeffrey N. West sold 1,109 shares of Magellan Health stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $80.01, for a total transaction of $88,731.09. Following the completion of the transaction, the senior vice president now owns 15,040 shares in the company, valued at $1,203,350.40. The disclosure for this sale can be found here. Insiders sold a total of 289,983 shares of company stock worth $24,150,826 over the last ninety days. Corporate insiders own 3.60% of the company’s stock.
Several brokerages have weighed in on MGLN. Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a report on Tuesday, July 18th. KeyCorp reiterated a “buy” rating and issued a $89.00 target price on shares of Magellan Health in a research note on Friday, September 22nd. ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Finally, Leerink Swann restated an “outperform” rating and set a $73.00 price target (up previously from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. Magellan Health presently has a consensus rating of “Buy” and an average price target of $81.80.
Magellan Health, Inc. (MGLN) opened at 88.00 on Wednesday. The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of 25.06 and a beta of 0.58. Magellan Health, Inc. has a 52-week low of $49.50 and a 52-week high of $88.05. The firm’s 50-day moving average is $81.23 and its 200-day moving average is $74.14.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings data on Friday, July 28th. The company reported $0.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by ($0.48). The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates 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 company posted $0.58 earnings per share. Analysts predict that Magellan Health, Inc. will post $5.13 earnings per share for the current 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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