Prudential PLC decreased its stake in Magellan Health Inc (NASDAQ:MGLN) by 10.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 353,900 shares of the company’s stock after selling 40,700 shares during the quarter. Prudential PLC’s holdings in Magellan Health were worth $26,270,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in MGLN. Mason Street Advisors LLC boosted its stake in Magellan Health by 2.0% in the 1st quarter. Mason Street Advisors LLC now owns 7,684 shares of the company’s stock valued at $507,000 after buying an additional 152 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in Magellan Health by 1.8% in the first quarter. Oregon Public Employees Retirement Fund now owns 9,393 shares of the company’s stock worth $619,000 after purchasing an additional 170 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Magellan Health by 18.1% in the first quarter. JPMorgan Chase & Co. now owns 191,693 shares of the company’s stock worth $12,637,000 after purchasing an additional 29,412 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Magellan Health by 4.5% in the first quarter. New York State Common Retirement Fund now owns 25,300 shares of the company’s stock worth $1,668,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its stake in Magellan Health by 2.9% in the first quarter. Great West Life Assurance Co. Can now owns 32,934 shares of the company’s stock worth $2,170,000 after purchasing an additional 921 shares in the last quarter. 97.71% of the stock is currently owned by institutional investors and hedge funds.
Magellan Health stock traded down $0.13 on Monday, reaching $61.84. The company’s stock had a trading volume of 22,956 shares, compared to its average volume of 240,233. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.66 and a current ratio of 1.71. The company has a market cap of $1.52 billion, a price-to-earnings ratio of 25.34, a PEG ratio of 0.66 and a beta of 0.62. The business’s fifty day moving average price is $64.53 and its 200 day moving average price is $66.84. Magellan Health Inc has a twelve month low of $51.88 and a twelve month high of $75.87.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.06). The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.75 billion. Magellan Health had a return on equity of 3.68% and a net margin of 0.18%. Magellan Health’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.92 EPS. As a group, equities analysts forecast that Magellan Health Inc will post 3.96 earnings per share for the current year.
A number of research firms have commented on MGLN. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. BidaskClub lowered Magellan Health from a “sell” rating to a “strong sell” rating in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $74.80.
Magellan Health Profile
Magellan Health, Inc provides healthcare management services in the United States. The company 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.
Further Reading: Options Trading – What is a Straddle?
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 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Health and related companies with MarketBeat.com's FREE daily email newsletter.