Insider Selling: Magellan Health, Inc. (MGLN) SVP Sells 1,109 Shares of Stock
Magellan Health, Inc. (NASDAQ:MGLN) SVP Jeffrey N. West sold 1,109 shares of Magellan Health stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $80.01, for a total value of $88,731.09. Following the completion of the transaction, the senior vice president now owns 15,040 shares of the company’s stock, valued at approximately $1,203,350.40. The sale was disclosed in a document filed with the SEC, which is available at this link.
Shares of Magellan Health, Inc. (MGLN) traded down 0.25% on Friday, hitting $79.85. The stock had a trading volume of 100,736 shares. The stock has a market cap of $1.89 billion, a P/E ratio of 23.31 and a beta of 0.59. The firm’s 50-day moving average is $73.37 and its 200 day moving average is $72.02. Magellan Health, Inc. has a 1-year low of $49.50 and a 1-year high of $84.71.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings results on Wednesday, April 26th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.70 by $0.04. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Magellan Health had a return on equity of 9.05% and a net margin of 1.64%. The company’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.79 EPS. Equities analysts forecast that Magellan Health, Inc. will post $5.44 EPS for the current year.
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Institutional investors have recently bought and sold shares of the stock. Suntrust Banks Inc. raised its stake in Magellan Health by 0.7% in the first quarter. Suntrust Banks Inc. now owns 3,934 shares of the company’s stock valued at $271,000 after buying an additional 27 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Magellan Health by 1.5% in the first quarter. Envestnet Asset Management Inc. now owns 3,733 shares of the company’s stock valued at $258,000 after buying an additional 54 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Magellan Health by 0.5% in the second quarter. Nisa Investment Advisors LLC now owns 20,210 shares of the company’s stock valued at $1,473,000 after buying an additional 100 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in Magellan Health by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the company’s stock valued at $707,000 after buying an additional 100 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Magellan Health by 4.4% in the first quarter. State of Alaska Department of Revenue now owns 2,620 shares of the company’s stock valued at $180,000 after buying an additional 110 shares in the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently commented on MGLN shares. Zacks Investment Research upgraded Magellan Health from a “sell” rating to a “hold” rating in a research report on Thursday, April 27th. Leerink Swann reiterated an “outperform” rating and issued a $73.00 target price (up previously from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, KeyCorp upgraded Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 target price for the company in a research report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Magellan Health presently has a consensus rating of “Buy” and an average target price of $82.20.
About Magellan Health
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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