Magellan Health, Inc. (MGLN) General Counsel Sells $1,170,813.76 in Stock
Magellan Health, Inc. (NASDAQ:MGLN) General Counsel Daniel N. Gregoire sold 14,096 shares of the stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $83.06, for a total value of $1,170,813.76. Following the completion of the sale, the general counsel now directly owns 27,553 shares of the company’s stock, valued at approximately $2,288,552.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Magellan Health, Inc. (MGLN) opened at 83.75 on Friday. Magellan Health, Inc. has a 1-year low of $49.50 and a 1-year high of $84.71. The firm has a market cap of $1.98 billion, a PE ratio of 23.85 and a beta of 0.57. The company’s 50-day moving average price is $78.48 and its 200 day moving average price is $72.69.
Magellan Health (NASDAQ:MGLN) last released its quarterly earnings results on Friday, July 28th. The company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.48). The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. The company’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.58 EPS. On average, analysts predict that Magellan Health, Inc. will post $5.13 EPS for the current year.
MGLN has been the subject of several recent analyst reports. BidaskClub raised 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 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. Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research note on Tuesday, July 18th. Finally, ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $82.20.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGLN. Ameritas Investment Partners Inc. bought a new position in Magellan Health during the 1st quarter valued at approximately $136,000. Advisory Services Network LLC bought a new position in Magellan Health during the 2nd quarter valued at approximately $165,000. Eqis Capital Management Inc. bought a new position in Magellan Health during the 2nd quarter valued at approximately $210,000. HighTower Advisors LLC bought a new position in Magellan Health during the 2nd quarter valued at approximately $210,000. Finally, Pacad Investment Ltd. raised its position in Magellan Health by 34.8% during the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock valued at $226,000 after purchasing an additional 800 shares during the last quarter. 93.54% of the stock is owned by institutional investors and hedge funds.
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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