Magellan Health Inc (MGLN) Shares Sold by Pinebridge Investments L.P.
Pinebridge Investments L.P. decreased its holdings in Magellan Health Inc (NASDAQ:MGLN) by 4.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,679 shares of the company’s stock after selling 1,388 shares during the period. Pinebridge Investments L.P. owned about 0.12% of Magellan Health worth $2,560,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of MGLN. LSV Asset Management bought a new stake in shares of Magellan Health in the 2nd quarter worth $44,282,000. Hood River Capital Management LLC purchased a new position in shares of Magellan Health in the 2nd quarter worth $25,387,000. Wells Fargo & Company MN boosted its stake in shares of Magellan Health by 308.0% in the 3rd quarter. Wells Fargo & Company MN now owns 137,829 shares of the company’s stock worth $11,894,000 after buying an additional 104,045 shares during the last quarter. Thrivent Financial For Lutherans boosted its stake in shares of Magellan Health by 81.7% in the 2nd quarter. Thrivent Financial For Lutherans now owns 228,546 shares of the company’s stock worth $16,661,000 after buying an additional 102,736 shares during the last quarter. Finally, Hillcrest Asset Management LLC purchased a new position in shares of Magellan Health in the 3rd quarter worth $8,822,000. 94.96% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently issued reports on the company. KeyCorp restated a “buy” rating and issued a $89.00 price target on shares of Magellan Health in a research note on Friday, September 22nd. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research downgraded Magellan Health from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Raymond James Financial restated a “hold” rating on shares of Magellan Health in a research note on Saturday. Finally, BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $90.50.
Magellan Health Inc (NASDAQ MGLN) opened at $95.70 on Wednesday. The stock has a market capitalization of $2,146.98, a price-to-earnings ratio of 20.34, a PEG ratio of 1.15 and a beta of 0.54. Magellan Health Inc has a 52 week low of $64.05 and a 52 week high of $95.90. The company has a quick ratio of 2.21, a current ratio of 2.28 and a debt-to-equity ratio of 0.62.
Magellan Health (NASDAQ:MGLN) last released its earnings results on Wednesday, November 1st. The company reported $1.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.24. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.49 billion. Magellan Health had a return on equity of 9.20% and a net margin of 1.68%. Magellan Health’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.39 earnings per share. research analysts predict that Magellan Health Inc will post 5.19 earnings per share for the current year.
In related news, CEO Mostafa Kamal sold 6,267 shares of Magellan Health stock in a transaction on Friday, September 8th. The stock was sold at an average price of $81.53, for a total transaction of $510,948.51. Following the transaction, the chief executive officer now directly owns 6,267 shares in the company, valued at $510,948.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Clapper Caskie Lewis sold 59,313 shares of Magellan Health stock in a transaction on Monday, December 4th. The shares were sold at an average price of $93.99, for a total value of $5,574,828.87. Following the transaction, the insider now owns 48,474 shares in the company, valued at $4,556,071.26. The disclosure for this sale can be found here. Insiders have sold 312,647 shares of company stock worth $27,277,101 over the last quarter. 5.00% of the stock is owned by company insiders.
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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