Menta Capital LLC Purchases New Stake in Magellan Health, Inc. (MGLN)
Menta Capital LLC purchased a new stake in Magellan Health, Inc. (NASDAQ:MGLN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,583 shares of the company’s stock, valued at approximately $407,000.
Several other hedge funds have also recently made changes to their positions in MGLN. BlackRock Inc. grew its holdings in shares of Magellan Health by 53,778.2% in the 1st quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock valued at $208,038,000 after buying an additional 3,007,275 shares during the period. LSV Asset Management bought a new stake in shares of Magellan Health in the 2nd quarter valued at $44,282,000. Renaissance Technologies LLC raised its stake in Magellan Health by 11.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock worth $83,764,000 after buying an additional 122,999 shares during the period. Thrivent Financial For Lutherans raised its stake in Magellan Health by 81.7% during the 2nd quarter. Thrivent Financial For Lutherans now owns 228,546 shares of the company’s stock worth $16,661,000 after buying an additional 102,736 shares during the period. Finally, Vanguard Group Inc. raised its stake in Magellan Health by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 2,118,487 shares of the company’s stock worth $146,282,000 after buying an additional 98,314 shares during the period. 93.54% of the stock is owned by institutional investors.
Several research analysts have weighed in on MGLN shares. KeyCorp reiterated a “buy” rating and set a $89.00 target price on shares of Magellan Health in a report on Friday, September 22nd. Leerink Swann reissued an “outperform” rating and issued a $73.00 target price (up from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded 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. Finally, BidaskClub downgraded 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, one has issued a hold rating and six have assigned a buy rating to the company. Magellan Health has an average rating of “Buy” and a consensus target price of $81.80.
In related news, SVP Jeffrey N. West sold 28,514 shares of the company’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $80.07, for a total transaction of $2,283,115.98. Following the sale, the senior vice president now owns 17,085 shares in the company, valued at approximately $1,367,995.95. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Mostafa Kamal sold 604 shares of the company’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $83.00, for a total value of $50,132.00. Following the sale, the chief executive officer now owns 19 shares in the company, valued at approximately $1,577. The disclosure for this sale can be found here. Over the last three months, insiders sold 252,465 shares of company stock valued at $20,916,765. Corporate insiders own 3.60% of the company’s stock.
Shares of Magellan Health, Inc. (NASDAQ:MGLN) opened at 86.30 on Monday. The stock’s 50 day moving average is $78.85 and its 200 day moving average is $72.93. Magellan Health, Inc. has a 12 month low of $49.50 and a 12 month high of $86.72. The company has a market cap of $2.04 billion, a P/E ratio of 24.57 and a beta of 0.57.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings results on Friday, July 28th. The company reported $0.46 EPS for the quarter, missing the Zacks’ consensus estimate of $0.94 by ($0.48). Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company posted $0.58 EPS. The business’s revenue was up 21.9% compared to the same quarter last year. On average, analysts anticipate that Magellan Health, Inc. will post $5.13 EPS for the current fiscal year.
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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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