First Trust Advisors LP Purchases 8,726 Shares of Magellan Health Services Inc. (MGLN)
First Trust Advisors LP boosted its stake in shares of Magellan Health Services Inc. (NASDAQ:MGLN) by 133.6% during the second quarter, Holdings Channel reports. The institutional investor owned 15,257 shares of the company’s stock after buying an additional 8,726 shares during the period. First Trust Advisors LP owned about 0.06% of Magellan Health Services worth $1,003,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGLN. Jacobs Levy Equity Management Inc. boosted its position in Magellan Health Services by 51.2% in the first quarter. Jacobs Levy Equity Management Inc. now owns 76,476 shares of the company’s stock worth $5,195,000 after buying an additional 25,880 shares during the last quarter. Renaissance Technologies LLC boosted its position in Magellan Health Services by 2.8% in the first quarter. Renaissance Technologies LLC now owns 1,002,299 shares of the company’s stock worth $68,086,000 after buying an additional 27,500 shares during the last quarter. Bogle Investment Management L P DE acquired a new position in Magellan Health Services during the first quarter worth about $8,382,000. Prudential PLC acquired a new position in Magellan Health Services during the first quarter worth about $16,602,000. Finally, Geode Capital Management LLC boosted its position in Magellan Health Services by 2.2% in the first quarter. Geode Capital Management LLC now owns 253,095 shares of the company’s stock worth $17,191,000 after buying an additional 5,563 shares during the last quarter. 93.53% of the stock is owned by institutional investors.
Shares of Magellan Health Services Inc. (NASDAQ:MGLN) traded up 1.31% during trading on Wednesday, hitting $53.25. The company had a trading volume of 56,282 shares. The company’s 50 day moving average is $55.20 and its 200 day moving average is $63.82. Magellan Health Services Inc. has a 1-year low of $45.40 and a 1-year high of $72.31. The firm has a market capitalization of $1.31 billion, a P/E ratio of 36.22 and a beta of 0.49.
Magellan Health Services (NASDAQ:MGLN) last announced its quarterly earnings results on Friday, July 29th. The company reported $0.58 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by $0.04. The company earned $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Magellan Health Services had a return on equity of 6.33% and a net margin of 0.77%. Magellan Health Services’s revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the firm earned $0.56 earnings per share. Analysts anticipate that Magellan Health Services Inc. will post $2.38 earnings per share for the current fiscal year.
MGLN has been the topic of a number of research analyst reports. Jefferies Group restated a “buy” rating and set a $76.00 price target (down from $86.00) on shares of Magellan Health Services in a report on Monday, September 26th. Zacks Investment Research upgraded Magellan Health Services from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a report on Thursday, July 21st. KeyCorp initiated coverage on Magellan Health Services in a report on Thursday, June 30th. They set an “equal weight” rating on the stock. TheStreet cut Magellan Health Services from a “buy” rating to a “hold” rating in a report on Friday, August 19th. Finally, Leerink Swann restated a “hold” rating on shares of Magellan Health Services in a report on Friday, August 12th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $66.00.
About Magellan Health Services
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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