Insider Selling: Magellan Health, Inc. (MGLN) CEO Sells 604 Shares of Stock
Magellan Health, Inc. (NASDAQ:MGLN) CEO Mostafa Kamal sold 604 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $83.00, for a total value of $50,132.00. Following the completion of the sale, the chief executive officer now owns 19 shares in the company, valued at approximately $1,577. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Mostafa Kamal also recently made the following trade(s):
- On Monday, September 11th, Mostafa Kamal sold 670 shares of Magellan Health stock. The shares were sold at an average price of $83.00, for a total value of $55,610.00.
- On Friday, September 8th, Mostafa Kamal sold 6,267 shares of Magellan Health stock. The shares were sold at an average price of $81.53, for a total value of $510,948.51.
- On Thursday, September 7th, Mostafa Kamal sold 2,190 shares of Magellan Health stock. The shares were sold at an average price of $81.07, for a total value of $177,543.30.
Shares of Magellan Health, Inc. (NASDAQ:MGLN) traded up 0.97% on Thursday, reaching $83.10. The company’s stock had a trading volume of 99,612 shares. Magellan Health, Inc. has a 1-year low of $49.50 and a 1-year high of $84.71. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 23.66 and a beta of 0.57. The stock has a 50-day moving average price of $78.33 and a 200-day moving average price of $72.60.
Magellan Health (NASDAQ:MGLN) last released its quarterly earnings results on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.48). Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the business earned $0.58 EPS. The company’s quarterly revenue was up 21.9% compared to the same quarter last year. On average, equities research analysts forecast that Magellan Health, Inc. will post $5.13 EPS for the current year.
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Several hedge funds have recently made changes to their positions in MGLN. Ameritas Investment Partners Inc. purchased a new position in shares of Magellan Health in the 1st quarter valued at approximately $136,000. Advisory Services Network LLC purchased a new position in shares of Magellan Health in the 2nd quarter valued at approximately $165,000. Eqis Capital Management Inc. purchased a new position in shares of Magellan Health in the 2nd quarter valued at approximately $210,000. HighTower Advisors LLC purchased a new position in shares of Magellan Health in the 2nd quarter valued at approximately $210,000. Finally, Pacad Investment Ltd. grew its stake in shares of 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 during the last quarter. Institutional investors own 93.54% of the company’s stock.
A number of equities research analysts recently commented on MGLN shares. BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Leerink Swann reiterated an “outperform” rating and issued a $73.00 target price (up previously from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. KeyCorp upgraded Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 target price on the stock in a research report on Thursday, July 13th. Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Tuesday, July 18th. Finally, ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. Magellan Health currently has an average rating of “Buy” and an average price target of $82.20.
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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