Magellan Health, Inc. (MGLN) Position Boosted by Peregrine Capital Management LLC
Peregrine Capital Management LLC boosted its stake in Magellan Health, Inc. (NASDAQ:MGLN) by 2.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 159,097 shares of the company’s stock after buying an additional 3,241 shares during the period. Peregrine Capital Management LLC owned 0.67% of Magellan Health worth $13,730,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Alpha Windward LLC grew its position in Magellan Health by 7.8% in the 2nd quarter. Alpha Windward LLC now owns 6,600 shares of the company’s stock valued at $481,000 after buying an additional 480 shares in the last quarter. Geode Capital Management LLC grew its position in Magellan Health by 6.1% in the 1st quarter. Geode Capital Management LLC now owns 305,624 shares of the company’s stock valued at $21,103,000 after buying an additional 17,460 shares in the last quarter. Great West Life Assurance Co. Can grew its position in Magellan Health by 3.4% in the 2nd quarter. Great West Life Assurance Co. Can now owns 33,815 shares of the company’s stock valued at $2,463,000 after buying an additional 1,100 shares in the last quarter. LSV Asset Management bought a new position in Magellan Health in the 2nd quarter valued at about $44,282,000. Finally, Legal & General Group Plc grew its position in Magellan Health by 4.5% in the 2nd quarter. Legal & General Group Plc now owns 68,542 shares of the company’s stock valued at $4,998,000 after buying an additional 2,962 shares in the last quarter. Hedge funds and other institutional investors own 93.25% of the company’s stock.
In related news, General Counsel Daniel N. Gregoire sold 14,096 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $83.06, for a total value of $1,170,813.76. Following the completion of the transaction, the general counsel now directly owns 27,553 shares in the company, valued at approximately $2,288,552.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mostafa Kamal sold 6,267 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $81.53, for a total value of $510,948.51. Following the completion of the transaction, the chief executive officer now owns 6,267 shares of the company’s stock, valued at $510,948.51. The disclosure for this sale can be found here. Insiders sold a total of 234,536 shares of company stock valued at $20,023,252 over the last quarter. 3.60% of the stock is owned by insiders.
Magellan Health, Inc. (MGLN) opened at 85.30 on Wednesday. Magellan Health, Inc. has a 52-week low of $49.50 and a 52-week high of $88.10. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 24.29 and a beta of 0.58. The stock’s 50 day moving average is $84.65 and its 200 day moving average is $76.73.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings data on Tuesday, November 7th. The company reported $1.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.24. Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the firm earned $1.39 EPS. Magellan Health’s quarterly revenue was up 9.9% compared to the same quarter last year. Equities research analysts forecast that Magellan Health, Inc. will post $5.13 earnings per share for the current year.
A number of brokerages recently issued reports on MGLN. Zacks Investment Research lowered shares of Magellan Health from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. KeyCorp upgraded shares of Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 target price for the company in a research report on Thursday, July 13th. BidaskClub upgraded shares of Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Jefferies Group LLC restated a “buy” rating and set a $94.00 price objective on shares of Magellan Health in a research report on Friday, October 13th. Finally, ValuEngine upgraded shares of Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $83.00.
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).
Want to see what other hedge funds are holding MGLN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Health, Inc. (NASDAQ:MGLN).
Receive News & Ratings for Magellan Health Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Health Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.