BlueMountain Capital Management LLC increased its position in Magellan Health Inc (NASDAQ:MGLN) by 158.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,915 shares of the company’s stock after buying an additional 6,691 shares during the quarter. BlueMountain Capital Management LLC’s holdings in Magellan Health were worth $1,047,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. acquired a new position in shares of Magellan Health in the second quarter valued at approximately $131,000. Natixis acquired a new position in shares of Magellan Health in the first quarter valued at approximately $213,000. Trexquant Investment LP acquired a new position in shares of Magellan Health in the first quarter valued at approximately $260,000. WINTON GROUP Ltd acquired a new position in shares of Magellan Health in the first quarter valued at approximately $275,000. Finally, Suntrust Banks Inc. acquired a new stake in Magellan Health during the 1st quarter valued at approximately $283,000. 97.90% of the stock is owned by institutional investors.
MGLN has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded shares of Magellan Health from a “hold” rating to a “sell” rating in a research report on Wednesday, August 1st. ValuEngine downgraded shares of Magellan Health from a “buy” rating to a “hold” rating in a research report on Friday, July 20th. BidaskClub downgraded shares of Magellan Health from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 31st. Finally, Raymond James decreased their target price on shares of Magellan Health from $105.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, July 30th. Two investment analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $98.00.
In other news, CEO Barry M. Smith sold 13,375 shares of the firm’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $95.86, for a total transaction of $1,282,127.50. Following the completion of the sale, the chief executive officer now owns 43,914 shares of the company’s stock, valued at approximately $4,209,596.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.60% of the company’s stock.
NASDAQ:MGLN opened at $75.20 on Friday. The company has a market cap of $1.83 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 1.64 and a beta of 0.39. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.63 and a quick ratio of 1.58. Magellan Health Inc has a fifty-two week low of $71.03 and a fifty-two week high of $112.25.
Magellan Health (NASDAQ:MGLN) last released its earnings results on Friday, July 27th. The company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.15). The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.88 billion. Magellan Health had a net margin of 1.66% and a return on equity of 11.29%. The business’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.59 EPS. sell-side analysts expect that Magellan Health Inc will post 4.55 EPS for the current year.
Magellan Health Profile
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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