Fmr LLC raised its holdings in Magellan Health Inc (NASDAQ:MGLN) by 0.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,198,312 shares of the company’s stock after buying an additional 18,011 shares during the period. Fmr LLC owned 8.95% of Magellan Health worth $158,388,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Affinity Investment Advisors LLC increased its stake in Magellan Health by 67.0% in the 3rd quarter. Affinity Investment Advisors LLC now owns 7,570 shares of the company’s stock valued at $545,000 after buying an additional 3,036 shares during the last quarter. BlackRock Inc. increased its stake in Magellan Health by 2.6% in the 3rd quarter. BlackRock Inc. now owns 3,564,373 shares of the company’s stock valued at $256,812,000 after buying an additional 90,525 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Magellan Health by 3.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 321,181 shares of the company’s stock valued at $23,141,000 after buying an additional 9,755 shares during the last quarter. Swiss National Bank increased its stake in Magellan Health by 3.9% in the 3rd quarter. Swiss National Bank now owns 43,000 shares of the company’s stock valued at $3,098,000 after buying an additional 1,600 shares during the last quarter. Finally, Commonwealth Bank of Australia acquired a new stake in Magellan Health in the 3rd quarter valued at $244,000. Hedge funds and other institutional investors own 98.77% of the company’s stock.
Several equities research analysts have issued reports on the stock. BidaskClub lowered shares of Magellan Health from a “buy” rating to a “hold” rating in a research note on Friday, September 28th. ValuEngine lowered shares of Magellan Health from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 13th. Raymond James lowered 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. Leerink Swann lowered shares of Magellan Health from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $90.00 to $70.00 in a research note on Tuesday, November 13th. Finally, Zacks Investment Research upgraded shares of Magellan Health from a “sell” rating to a “hold” rating in a research note on Tuesday, November 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $83.33.
Magellan Health stock opened at $57.63 on Friday. The stock has a market cap of $1.34 billion, a PE ratio of 10.48, a PEG ratio of 1.53 and a beta of 0.47. Magellan Health Inc has a fifty-two week low of $51.88 and a fifty-two week high of $112.25. The company has a current ratio of 1.72, a quick ratio of 1.67 and a debt-to-equity ratio of 0.55.
Magellan Health (NASDAQ:MGLN) last released its quarterly earnings data on Wednesday, November 7th. The company reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.28. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. Magellan Health had a net margin of 1.49% and a return on equity of 10.93%. Magellan Health’s revenue for the quarter was up 30.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.64 EPS. Research analysts expect that Magellan Health Inc will post 3.61 EPS for the current fiscal year.
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Magellan Health Company 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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