Bessemer Group Inc. raised its stake in shares of Magellan Health, Inc. (NASDAQ:MGLN) by 60.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,100 shares of the company’s stock after purchasing an additional 5,300 shares during the period. Bessemer Group Inc. owned 0.06% of Magellan Health worth $1,217,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. boosted its holdings in shares of Magellan Health by 6.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock valued at $152,000 after purchasing an additional 120 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Magellan Health during the 2nd quarter valued at about $165,000. Eqis Capital Management Inc. bought a new position in shares of Magellan Health during the 2nd quarter valued at about $210,000. HighTower Advisors LLC bought a new position in shares of Magellan Health during the 2nd quarter valued at about $210,000. Finally, Pacad Investment Ltd. boosted its holdings in shares of Magellan Health by 34.8% during the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock valued at $226,000 after purchasing an additional 800 shares during the last quarter. 93.15% of the stock is owned by institutional investors and hedge funds.
Shares of Magellan Health, Inc. (NASDAQ MGLN) opened at $81.10 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.28 and a quick ratio of 2.21. Magellan Health, Inc. has a 1 year low of $64.05 and a 1 year high of $92.00. The firm has a market cap of $2,007.53, a PE ratio of 19.02, a P/E/G ratio of 1.08 and a beta of 0.55.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.24. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the company posted $1.39 EPS. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. equities research analysts predict that Magellan Health, Inc. will post 5.16 earnings per share for the current fiscal year.
MGLN has been the subject of a number of analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $94.00 price target on shares of Magellan Health in a report on Friday, October 13th. BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Zacks Investment Research downgraded shares of Magellan Health from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, KeyCorp reaffirmed a “buy” rating and issued a $89.00 price target on shares of Magellan Health in a report on Friday, September 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. Magellan Health currently has an average rating of “Buy” and an average price target of $83.00.
In other news, SVP Jeffrey N. West sold 25,316 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $85.85, for a total transaction of $2,173,378.60. Following the transaction, the senior vice president now directly owns 29,243 shares of the company’s stock, valued at $2,510,511.55. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Daniel N. Gregoire sold 35,658 shares of the firm’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $85.17, for a total transaction of $3,036,991.86. Following the transaction, the general counsel now directly owns 49,115 shares in the company, valued at $4,183,124.55. The disclosure for this sale can be found here. Insiders sold a total of 245,059 shares of company stock worth $20,965,135 over the last three months. 3.60% of the stock is currently owned by corporate 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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