Nationwide Fund Advisors Reduces Stake in Magellan Health Inc (MGLN)
Nationwide Fund Advisors decreased its holdings in shares of Magellan Health Inc (NASDAQ:MGLN) by 2.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 75,373 shares of the company’s stock after selling 2,043 shares during the quarter. Nationwide Fund Advisors owned about 0.32% of Magellan Health worth $6,505,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Suntrust Banks Inc. grew its holdings in shares of Magellan Health by 2.1% in the second quarter. Suntrust Banks Inc. now owns 4,018 shares of the company’s stock valued at $292,000 after purchasing an additional 84 shares during the period. Arizona State Retirement System grew its holdings in shares of Magellan Health by 0.8% in the second quarter. Arizona State Retirement System now owns 12,412 shares of the company’s stock valued at $905,000 after purchasing an additional 100 shares during the period. Ameritas Investment Partners Inc. grew its holdings in shares of Magellan Health by 6.1% in the second quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock valued at $152,000 after purchasing an additional 120 shares during the period. Amalgamated Bank grew its holdings in shares of Magellan Health by 5.1% in the second quarter. Amalgamated Bank now owns 3,265 shares of the company’s stock valued at $238,000 after purchasing an additional 159 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in Magellan Health by 1.2% during the second quarter. The Manufacturers Life Insurance Company now owns 18,274 shares of the company’s stock worth $1,331,000 after buying an additional 223 shares during the period. 94.96% of the stock is owned by institutional investors and hedge funds.
Shares of Magellan Health Inc (NASDAQ MGLN) opened at $97.35 on Tuesday. The stock has a market cap of $2,368.17, a PE ratio of 22.44, a PEG ratio of 1.31 and a beta of 0.54. Magellan Health Inc has a 1 year low of $64.05 and a 1 year high of $99.25. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.21 and a current ratio of 2.28.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings results on Wednesday, November 1st. The company reported $1.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.24. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. The business’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.39 earnings per share. research analysts expect that Magellan Health Inc will post 5.19 EPS for the current fiscal year.
In related news, insider Clapper Caskie Lewis sold 59,313 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $93.99, for a total value of $5,574,828.87. Following the sale, the insider now owns 48,474 shares of the company’s stock, valued at $4,556,071.26. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Daniel N. Gregoire sold 14,096 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $83.06, for a total transaction of $1,170,813.76. Following the completion of the sale, the general counsel now directly owns 27,553 shares in the company, valued at approximately $2,288,552.18. The disclosure for this sale can be found here. Insiders have sold 303,300 shares of company stock worth $26,534,359 in the last three months. Corporate insiders own 5.00% of the company’s stock.
Several brokerages have weighed in on MGLN. BidaskClub raised shares of Magellan Health from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Raymond James Financial reaffirmed a “hold” rating on shares of Magellan Health in a research note on Saturday, December 2nd. Zacks Investment Research lowered shares of Magellan Health from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. KeyCorp set a $105.00 target price on shares of Magellan Health and gave the stock a “buy” rating in a research note on Friday, December 1st. Finally, ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $90.50.
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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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