Aviance Capital Partners LLC Reduces Holdings in Magellan Health Inc (MGLN)
Aviance Capital Partners LLC lessened its stake in Magellan Health Inc (NASDAQ:MGLN) by 5.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,979 shares of the company’s stock after selling 821 shares during the quarter. Aviance Capital Partners LLC’s holdings in Magellan Health were worth $1,007,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in MGLN. Itau Unibanco Holding S.A. acquired a new position in Magellan Health in the 2nd quarter valued at approximately $131,000. Commonwealth Bank of Australia acquired a new position in Magellan Health in the 3rd quarter valued at approximately $244,000. Verition Fund Management LLC acquired a new position in Magellan Health in the 2nd quarter valued at approximately $248,000. Cubist Systematic Strategies LLC increased its stake in Magellan Health by 60.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 3,180 shares of the company’s stock valued at $305,000 after buying an additional 1,197 shares during the period. Finally, First Hawaiian Bank acquired a new position in Magellan Health in the 3rd quarter valued at approximately $305,000. Hedge funds and other institutional investors own 98.92% of the company’s stock.
MGLN has been the topic of several research reports. BidaskClub lowered shares of Magellan Health from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 31st. ValuEngine lowered shares of Magellan Health from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 28th. Zacks Investment Research lowered shares of Magellan Health from a “hold” rating to a “sell” rating in a research note on Wednesday, August 1st. Raymond James dropped their price objective on shares of Magellan Health from $85.00 to $72.00 and set a “buy” rating on the stock in a research note on Monday, November 12th. Finally, TheStreet lowered shares of Magellan Health from a “b-” rating to a “c+” rating in a research note on Friday, November 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $88.75.
Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings results on Wednesday, November 7th. The company reported $1.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.28. Magellan Health had a net margin of 1.49% and a return on equity of 10.93%. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the prior year, the business posted $1.64 EPS. Magellan Health’s quarterly revenue was up 30.6% on a year-over-year basis. Equities research analysts forecast that Magellan Health Inc will post 3.61 earnings per share for the current fiscal year.
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About Magellan Health
Magellan Health, Inc provides healthcare management services in the United States. It operates in Healthcare and Pharmacy Management segments. The Healthcare segment offers carve-out management services for behavioral health; employee assistance plans (EAP); and other areas of specialty healthcare, including diagnostic imaging, musculoskeletal management, cardiac, and physical medicine for health plans, care organizations, and employers.
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