Marshall Wace North America L.P. Acquires Shares of 5,711 Magellan Health, Inc. (MGLN)
Marshall Wace North America L.P. acquired a new stake in Magellan Health, Inc. (NASDAQ:MGLN) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 5,711 shares of the company’s stock, valued at approximately $417,000.
A number of other large investors have also recently made changes to their positions in the stock. BNP Paribas Arbitrage SA increased its stake in Magellan Health by 1,594.8% in the second quarter. BNP Paribas Arbitrage SA now owns 102,622 shares of the company’s stock valued at $7,481,000 after acquiring an additional 96,567 shares during the last quarter. Legal & General Group Plc increased its stake in Magellan Health by 4.5% in the second quarter. Legal & General Group Plc now owns 68,542 shares of the company’s stock valued at $4,998,000 after acquiring an additional 2,962 shares during the last quarter. Dupont Capital Management Corp bought a new position in Magellan Health in the second quarter valued at approximately $339,000. First Trust Advisors LP increased its stake in Magellan Health by 4.3% in the second quarter. First Trust Advisors LP now owns 29,026 shares of the company’s stock valued at $2,116,000 after acquiring an additional 1,198 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Magellan Health by 0.8% during the second quarter. Arizona State Retirement System now owns 12,412 shares of the company’s stock worth $905,000 after buying an additional 100 shares during the last quarter. 93.54% of the stock is currently owned by institutional investors and hedge funds.
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MGLN has been the topic of a number of research reports. BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Leerink Swann reaffirmed an “outperform” rating and set a $73.00 target price (up previously from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th. KeyCorp raised shares of Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 target price on the stock in a research note on Thursday, July 13th. Zacks Investment Research raised shares of Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research note on Tuesday, July 18th. Finally, ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $82.20.
In related news, General Counsel Daniel N. Gregoire sold 2,400 shares of the stock in a transaction on Monday, September 11th. The shares were sold at an average price of $83.00, for a total transaction of $199,200.00. Following the transaction, the general counsel now owns 15,857 shares of the company’s stock, valued at approximately $1,316,131. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Daniel N. Gregoire sold 14,114 shares of the stock in a transaction on Friday, July 14th. The shares were sold at an average price of $80.11, for a total transaction of $1,130,672.54. Following the transaction, the general counsel now directly owns 27,573 shares in the company, valued at approximately $2,208,873.03. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 109,470 shares of company stock worth $8,790,059. 3.60% of the stock is owned by insiders.
Magellan Health, Inc. (NASDAQ MGLN) opened at 82.30 on Thursday. Magellan Health, Inc. has a one year low of $49.50 and a one year high of $84.71. The stock’s 50 day moving average is $78.19 and its 200-day moving average is $72.45. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 23.43 and a beta of 0.57.
Magellan Health (NASDAQ:MGLN) last released its earnings results on Friday, July 28th. The company reported $0.46 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 for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the business posted $0.58 EPS. Magellan Health’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, equities research analysts expect that Magellan Health, Inc. will post $5.13 earnings per share for the current fiscal year.
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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