Redwood Investment Management LLC increased its position in shares of Magellan Health Inc (NASDAQ:MGLN) by 16.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,939 shares of the company’s stock after acquiring an additional 2,147 shares during the quarter. Redwood Investment Management LLC’s holdings in Magellan Health were worth $985,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Bank of Montreal Can raised its stake in shares of Magellan Health by 12.1% in the fourth quarter. Bank of Montreal Can now owns 4,960 shares of the company’s stock valued at $283,000 after acquiring an additional 537 shares in the last quarter. Crossmark Global Holdings Inc. raised its stake in shares of Magellan Health by 12.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 7,856 shares of the company’s stock valued at $447,000 after acquiring an additional 840 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Magellan Health by 18.1% in the fourth quarter. Rhumbline Advisers now owns 73,631 shares of the company’s stock valued at $4,189,000 after acquiring an additional 11,295 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Magellan Health by 34.6% in the fourth quarter. Victory Capital Management Inc. now owns 761,670 shares of the company’s stock valued at $43,332,000 after acquiring an additional 195,658 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund acquired a new stake in shares of Magellan Health in the fourth quarter valued at $525,000. 98.30% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently issued reports on the company. ValuEngine upgraded Magellan Health from a “sell” rating to a “hold” rating in a research note on Wednesday, February 20th. BidaskClub lowered Magellan Health from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. Bank of America started coverage on Magellan Health in a report on Friday, February 22nd. They issued a “buy” rating and a $84.00 target price on the stock. Finally, Zacks Investment Research lowered Magellan Health from a “buy” rating to a “hold” rating in a report on Wednesday, February 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $74.80.
NASDAQ:MGLN opened at $65.62 on Monday. The firm has a market capitalization of $1.57 billion, a P/E ratio of 26.89, a price-to-earnings-growth ratio of 0.70 and a beta of 0.52. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.62 and a current ratio of 1.67. Magellan Health Inc has a 12 month low of $51.88 and a 12 month high of $99.90.
Magellan Health (NASDAQ:MGLN) last posted its earnings results on Thursday, May 2nd. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.34 by $0.06. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.75 billion. Magellan Health had a return on equity of 3.83% and a net margin of 0.18%. Magellan Health’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.81 earnings per share. Analysts predict that Magellan Health Inc will post 3.92 EPS for the current fiscal year.
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About Magellan Health
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: NASDAQ Stock Market Explained
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