Zebra Capital Management LLC Purchases New Position in Magellan Health Inc (MGLN)
Zebra Capital Management LLC purchased a new position in shares of Magellan Health Inc (NASDAQ:MGLN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 5,456 shares of the company’s stock, valued at approximately $524,000.
A number of other large investors also recently made changes to their positions in MGLN. Wells Fargo & Company MN raised its stake in Magellan Health by 114.9% during the 1st quarter. Wells Fargo & Company MN now owns 332,461 shares of the company’s stock worth $35,607,000 after acquiring an additional 177,745 shares in the last quarter. Rhumbline Advisers raised its stake in Magellan Health by 1.9% during the 1st quarter. Rhumbline Advisers now owns 59,757 shares of the company’s stock worth $6,400,000 after acquiring an additional 1,104 shares in the last quarter. SG Americas Securities LLC raised its stake in Magellan Health by 39.4% during the 1st quarter. SG Americas Securities LLC now owns 6,179 shares of the company’s stock worth $662,000 after acquiring an additional 1,745 shares in the last quarter. Trexquant Investment LP acquired a new position in Magellan Health in the first quarter valued at $260,000. Finally, Swiss National Bank increased its stake in Magellan Health by 2.7% in the first quarter. Swiss National Bank now owns 41,400 shares of the company’s stock valued at $4,434,000 after purchasing an additional 1,100 shares during the period. Hedge funds and other institutional investors own 97.90% of the company’s stock.
A number of research analysts have commented on the stock. BidaskClub lowered shares of Magellan Health from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 31st. Zacks Investment Research lowered shares of Magellan Health from a “hold” rating to a “sell” rating in a research note on Wednesday, August 1st. Raymond James dropped their price objective on shares of Magellan Health from $105.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, July 30th. Finally, ValuEngine lowered shares of Magellan Health from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 28th. Two equities research analysts have rated the stock with a sell rating and five have issued a buy rating to the stock. Magellan Health presently has a consensus rating of “Hold” and an average price target of $98.00.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings data on Friday, July 27th. The company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.15). The business had revenue of $1.81 billion during 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 company’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.59 earnings per share. equities analysts anticipate that Magellan Health Inc will post 4.55 earnings per share for the current year.
In other Magellan Health news, CEO Barry M. Smith sold 13,375 shares of Magellan Health stock in a transaction on Monday, July 2nd. The shares were sold at an average price of $95.86, for a total value of $1,282,127.50. Following the transaction, the chief executive officer now directly owns 43,914 shares in the company, valued at $4,209,596.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 4.60% of the company’s stock.
Magellan Health Profile
Magellan Health, Inc engages in the healthcare management business. It operates through the following segments: Healthcare, Pharmacy Management, and Corporate. The Healthcare segment comprises of the Commercial and Government reporting units. The Pharmacy Management segment offers products and solutions that provide clinical and financial management of pharmaceuticals paid under both the medical and the pharmacy benefit.The Corporate segment covers amounts not allocated to the Healthcare and Pharmacy Management segments.
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