Municipal Employees Retirement System of Michigan Has $1.28 Million Position in Magellan Health, Inc. (NASDAQ:MGLN)
Municipal Employees Retirement System of Michigan boosted its position in shares of Magellan Health, Inc. (NASDAQ:MGLN) by 20.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,510 shares of the company’s stock after buying an additional 3,000 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Magellan Health were worth $1,276,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in MGLN. Howe & Rusling Inc. increased its stake in shares of Magellan Health by 27.7% in the first quarter. Howe & Rusling Inc. now owns 1,845 shares of the company’s stock worth $127,000 after buying an additional 400 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of Magellan Health during the first quarter worth $136,000. State of Alaska Department of Revenue increased its stake in shares of 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 worth $180,000 after buying an additional 110 shares in the last quarter. Eqis Capital Management Inc. purchased a new stake in shares of Magellan Health during the second quarter worth $210,000. Finally, Laurion Capital Management LP purchased a new stake in shares of Magellan Health during the first quarter worth $245,000. Institutional investors and hedge funds own 93.48% of the company’s stock.
Shares of Magellan Health, Inc. (NASDAQ:MGLN) opened at 77.40 on Wednesday. The company has a market capitalization of $1.83 billion, a PE ratio of 22.04 and a beta of 0.59. Magellan Health, Inc. has a 1-year low of $49.50 and a 1-year high of $84.71. The company’s 50-day moving average price is $75.11 and its 200-day moving average price is $72.05.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings results on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the firm posted $0.58 earnings per share. Magellan Health’s quarterly revenue was up 21.9% compared to the same quarter last year. On average, equities analysts expect that Magellan Health, Inc. will post $5.13 earnings per share for the current fiscal year.
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A number of analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Magellan Health from a “sell” rating to a “hold” rating in a research report on Thursday, April 27th. Leerink Swann reissued an “outperform” rating and set a $73.00 target price (up from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th. BidaskClub cut Magellan Health from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, KeyCorp raised Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 target price for the company in a research note on Thursday, July 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $82.20.
In other Magellan Health news, General Counsel Daniel N. Gregoire sold 14,114 shares of the business’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $80.11, for a total value of $1,130,672.54. Following the transaction, the general counsel now directly owns 27,573 shares of the company’s stock, valued at $2,208,873.03. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jeffrey N. West sold 28,514 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $80.07, for a total value of $2,283,115.98. Following the completion of the transaction, the senior vice president now directly owns 17,085 shares in the company, valued at $1,367,995.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 97,943 shares of company stock worth $7,846,757. Insiders own 3.60% of the company’s stock.
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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