Pinebridge Investments L.P. Sells 1,107 Shares of Magellan Health, Inc. (MGLN)
Pinebridge Investments L.P. reduced its stake in Magellan Health, Inc. (NASDAQ:MGLN) by 3.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,067 shares of the company’s stock after selling 1,107 shares during the period. Pinebridge Investments L.P. owned approximately 0.13% of Magellan Health worth $2,265,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MGLN. Ameritas Investment Partners Inc. acquired a new stake in Magellan Health in the 1st quarter valued at $136,000. Eqis Capital Management Inc. acquired a new stake in Magellan Health in the 2nd quarter valued at $210,000. Pacad Investment Ltd. increased its holdings in Magellan Health by 34.8% in 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 in the last quarter. Amalgamated Bank increased its holdings in Magellan Health by 5.1% in the 2nd quarter. Amalgamated Bank now owns 3,265 shares of the company’s stock valued at $238,000 after purchasing an additional 159 shares in the last quarter. Finally, Laurion Capital Management LP acquired a new stake in Magellan Health in the 1st quarter valued at $245,000. Hedge funds and other institutional investors own 93.54% of the company’s stock.
Magellan Health, Inc. (NASDAQ:MGLN) opened at 83.00 on Friday. The stock’s 50 day moving average is $78.85 and its 200 day moving average is $72.93. Magellan Health, Inc. has a 12 month low of $49.50 and a 12 month high of $84.71. The company has a market cap of $1.97 billion, a PE ratio of 23.63 and a beta of 0.57.
Magellan Health (NASDAQ:MGLN) last announced its earnings results on Friday, July 28th. The company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.48). The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The business’s revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.58 EPS. Equities analysts predict that Magellan Health, Inc. will post $5.13 earnings per share for the current year.
MGLN has been the subject of several recent analyst reports. KeyCorp restated a “buy” rating and set a $89.00 target price on shares of Magellan Health in a research note on Friday. Leerink Swann restated 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. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded 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, BidaskClub downgraded Magellan Health from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. One investment 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 has a consensus rating of “Buy” and a consensus target price of $81.80.
In other news, SVP Jeffrey N. West sold 28,514 shares of the business’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $80.07, for a total transaction of $2,283,115.98. Following the transaction, the senior vice president now owns 17,085 shares in the company, valued at approximately $1,367,995.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Daniel N. Gregoire sold 14,114 shares of the business’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $80.11, for a total transaction of $1,130,672.54. Following the transaction, the general counsel now 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 90 days, insiders have sold 147,596 shares of company stock worth $11,959,347. Insiders own 3.60% of the company’s stock.
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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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