Cornercap Investment Counsel Inc. raised its stake in Magellan Health (NASDAQ:MGLN) by 7.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,600 shares of the company’s stock after buying an additional 1,345 shares during the period. Cornercap Investment Counsel Inc. owned about 0.08% of Magellan Health worth $1,992,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MGLN. UBS Group AG raised its stake in Magellan Health by 22.3% during the 1st quarter. UBS Group AG now owns 11,225 shares of the company’s stock worth $1,202,000 after buying an additional 2,043 shares during the period. Principal Financial Group Inc. grew its holdings in Magellan Health by 3.6% during the first quarter. Principal Financial Group Inc. now owns 199,504 shares of the company’s stock valued at $21,367,000 after purchasing an additional 6,850 shares during the period. Koch Industries Inc. bought a new position in Magellan Health during the first quarter valued at $700,000. MML Investors Services LLC bought a new position in shares of Magellan Health in the first quarter worth $1,295,000. Finally, Citigroup Inc. boosted its holdings in shares of Magellan Health by 161.0% in the first quarter. Citigroup Inc. now owns 47,668 shares of the company’s stock worth $5,106,000 after acquiring an additional 29,407 shares during the period. Hedge funds and other institutional investors own 96.03% of the company’s stock.
A number of equities research analysts recently issued reports on MGLN shares. ValuEngine downgraded Magellan Health from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 7th. Leerink Swann upgraded Magellan Health from a “market perform” rating to an “outperform” rating in a report on Thursday, March 15th. BidaskClub raised Magellan Health from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 17th. Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $118.00 price objective on the stock in a research report on Thursday, March 22nd. Finally, Raymond James upgraded shares of Magellan Health from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 1st. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $97.50.
Magellan Health opened at $95.75 on Tuesday, according to Marketbeat.com. The company has a quick ratio of 1.60, a current ratio of 1.64 and a debt-to-equity ratio of 0.56. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 17.41, a P/E/G ratio of 1.10 and a beta of 0.53. Magellan Health has a 52 week low of $70.70 and a 52 week high of $112.25.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings data on Thursday, April 26th. The company reported $0.81 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.01 by ($0.20). The firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Magellan Health had a return on equity of 10.72% and a net margin of 1.64%. The business’s revenue for the quarter was up 38.3% compared to the same quarter last year. During the same period last year, the company earned $1.09 earnings per share. sell-side analysts forecast that Magellan Health will post 5.51 EPS for the current fiscal year.
Magellan Health Company Profile
Magellan Health, Inc provides healthcare management services in the United States. It 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 for health plans, care organizations, and employers.
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