Insider Selling: Magellan Health, Inc. (MGLN) SVP Sells 19,007 Shares of Stock
Magellan Health, Inc. (NASDAQ:MGLN) SVP Jeffrey N. West sold 19,007 shares of Magellan Health stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $86.22, for a total transaction of $1,638,783.54. Following the transaction, the senior vice president now directly owns 26,962 shares in the company, valued at approximately $2,324,663.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Magellan Health, Inc. (NASDAQ:MGLN) traded up 1.56% on Tuesday, reaching $88.00. The company’s stock had a trading volume of 270,605 shares. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 25.06 and a beta of 0.57. Magellan Health, Inc. has a 12-month low of $49.50 and a 12-month high of $88.05. The firm has a 50-day moving average of $81.23 and a 200 day moving average of $74.14.
Magellan Health (NASDAQ:MGLN) last posted its earnings results on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.48). Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm earned $0.58 earnings per share. The business’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, equities research analysts anticipate that Magellan Health, Inc. will post $5.13 EPS for the current fiscal year.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. acquired a new position in shares of Magellan Health in the first quarter worth about $136,000. Advisory Services Network LLC purchased a new stake in shares of Magellan Health during the 2nd quarter worth about $165,000. HighTower Advisors LLC purchased a new stake in shares of Magellan Health during the 2nd quarter worth about $210,000. Eqis Capital Management Inc. purchased a new stake in shares of Magellan Health during the 2nd quarter worth about $210,000. Finally, Pacad Investment Ltd. boosted its stake in shares of Magellan Health by 34.8% during the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock worth $226,000 after acquiring an additional 800 shares in the last quarter. 93.54% of the stock is owned by institutional investors.
MGLN has been the subject of a number of analyst reports. KeyCorp reissued a “buy” rating and issued a $89.00 price objective on shares of Magellan Health in a research note on Friday, September 22nd. Leerink Swann restated an “outperform” rating and set a $73.00 price objective (up from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. ValuEngine upgraded shares of Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded shares of Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research note on Tuesday, July 18th. Finally, BidaskClub downgraded shares of Magellan Health from a “hold” rating to a “sell” rating in a report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $81.80.
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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