Hillcrest Asset Management LLC Invests $8.82 Million in Magellan Health, Inc. (MGLN) Stock
Hillcrest Asset Management LLC purchased a new position in Magellan Health, Inc. (NASDAQ:MGLN) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 102,230 shares of the company’s stock, valued at approximately $8,822,000. Hillcrest Asset Management LLC owned approximately 0.43% of Magellan Health as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently bought and sold shares of MGLN. Los Angeles Capital Management & Equity Research Inc. boosted its stake in Magellan Health by 33.5% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 10,876 shares of the company’s stock valued at $939,000 after acquiring an additional 2,730 shares during the period. Municipal Employees Retirement System of Michigan grew its position in Magellan Health by 18.8% in the third quarter. Municipal Employees Retirement System of Michigan now owns 20,810 shares of the company’s stock worth $1,796,000 after buying an additional 3,300 shares during the last quarter. Breton Hill Capital Ltd. acquired a new position in Magellan Health in the third quarter worth approximately $276,000. Bessemer Group Inc. grew its position in Magellan Health by 60.2% in the third quarter. Bessemer Group Inc. now owns 14,100 shares of the company’s stock worth $1,217,000 after buying an additional 5,300 shares during the last quarter. Finally, Smith Asset Management Group LP acquired a new position in Magellan Health in the third quarter worth approximately $3,431,000. Institutional investors and hedge funds own 93.15% of the company’s stock.
Shares of Magellan Health, Inc. (MGLN) traded down $0.55 during trading on Monday, hitting $83.30. 76,300 shares of the company traded hands, compared to its average volume of 141,150. The company has a market cap of $2,002.72, a price-to-earnings ratio of 18.98, a PEG ratio of 1.08 and a beta of 0.55. The company has a quick ratio of 2.21, a current ratio of 2.28 and a debt-to-equity ratio of 0.62. Magellan Health, Inc. has a 12 month low of $64.05 and a 12 month high of $92.00.
Magellan Health (NASDAQ:MGLN) last posted its earnings results on Wednesday, November 1st. The company reported $1.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.24. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the firm posted $1.39 EPS. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. equities research analysts predict that Magellan Health, Inc. will post 5.16 EPS for the current year.
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Several equities analysts have recently commented on the stock. KeyCorp restated a “buy” rating and set a $89.00 price target on shares of Magellan Health in a report on Friday, September 22nd. ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Zacks Investment Research raised shares of Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research report on Tuesday, July 18th. Jefferies Group LLC reissued a “buy” rating and set a $94.00 target price on shares of Magellan Health in a research report on Friday, October 13th. Finally, BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $83.00.
In related news, SVP Jeffrey N. West sold 25,316 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $85.85, for a total value of $2,173,378.60. Following the sale, the senior vice president now directly owns 29,243 shares of the company’s stock, valued at $2,510,511.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mostafa Kamal sold 1,154 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $92.00, for a total transaction of $106,168.00. Following the transaction, the chief executive officer now owns 1,154 shares in the company, valued at $106,168. The disclosure for this sale can be found here. Insiders have sold a total of 245,059 shares of company stock worth $20,965,135 in the last quarter. 5.00% of the stock is owned by corporate insiders.
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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