Bridgeway Capital Management Inc. increased its stake in shares of Magellan Health Inc (NASDAQ:MGLN) by 422.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 147,400 shares of the company’s stock after purchasing an additional 119,200 shares during the quarter. Bridgeway Capital Management Inc. owned 0.61% of Magellan Health worth $10,620,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Eqis Capital Management Inc. grew its position in Magellan Health by 15.2% in the 2nd quarter. Eqis Capital Management Inc. now owns 5,638 shares of the company’s stock valued at $541,000 after acquiring an additional 744 shares during the last quarter. GSA Capital Partners LLP grew its position in Magellan Health by 16.9% in the 2nd quarter. GSA Capital Partners LLP now owns 6,909 shares of the company’s stock valued at $663,000 after acquiring an additional 997 shares during the last quarter. First Quadrant L P CA grew its position in Magellan Health by 4.6% in the 3rd quarter. First Quadrant L P CA now owns 23,747 shares of the company’s stock valued at $1,711,000 after acquiring an additional 1,055 shares during the last quarter. Strs Ohio grew its position in Magellan Health by 8.6% in the 2nd quarter. Strs Ohio now owns 13,900 shares of the company’s stock valued at $1,333,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its position 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 acquiring an additional 1,197 shares during the last quarter. 98.92% of the stock is currently owned by hedge funds and other institutional investors.
MGLN has been the topic of several research analyst reports. BidaskClub downgraded Magellan Health from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 31st. Raymond James cut their price objective on Magellan Health from $85.00 to $72.00 and set a “buy” rating on the stock in a research report on Monday, November 12th. TheStreet downgraded Magellan Health from a “b-” rating to a “c+” rating in a research report on Friday, November 9th. Zacks Investment Research raised Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, November 13th. Finally, Leerink Swann downgraded Magellan Health from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $90.00 to $70.00 in a research report on Tuesday, November 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Magellan Health has a consensus rating of “Hold” and an average target price of $88.75.
Shares of MGLN stock opened at $55.01 on Friday. Magellan Health Inc has a twelve month low of $52.32 and a twelve month high of $112.25. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 9.88, a PEG ratio of 1.55 and a beta of 0.52. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.72 and a quick ratio of 1.67.
Magellan Health (NASDAQ:MGLN) last issued its earnings results on Wednesday, November 7th. The company reported $1.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.28. Magellan Health had a return on equity of 10.93% and a net margin of 1.49%. The business had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same period in the prior year, the business earned $1.64 EPS. The business’s revenue for the quarter was up 30.6% compared to the same quarter last year. As a group, equities analysts forecast that Magellan Health Inc will post 3.61 EPS for the current 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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