Millennium Management LLC lessened its stake in Magellan Health Inc (NASDAQ:MGLN) by 66.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,577 shares of the company’s stock after selling 108,575 shares during the quarter. Millennium Management LLC owned 0.23% of Magellan Health worth $3,105,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in MGLN. PNC Financial Services Group Inc. acquired a new position in shares of Magellan Health in the fourth quarter valued at approximately $44,000. Financial Gravity Companies Inc. acquired a new position in shares of Magellan Health in the fourth quarter valued at approximately $47,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Magellan Health by 22.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,831 shares of the company’s stock valued at $104,000 after buying an additional 332 shares during the period. Pearl River Capital LLC acquired a new position in shares of Magellan Health in the fourth quarter valued at approximately $132,000. Finally, Resources Investment Advisors Inc. acquired a new position in shares of Magellan Health in the fourth quarter valued at approximately $193,000. Institutional investors own 98.44% of the company’s stock.
MGLN has been the subject of several research analyst reports. Bank of America initiated coverage on shares of Magellan Health in a report on Friday, February 22nd. They issued a “buy” rating and a $84.00 price target for the company. Stephens initiated coverage on shares of Magellan Health in a report on Monday, January 14th. They issued an “equal weight” rating and a $68.00 price target for the company. ValuEngine upgraded shares of Magellan Health from a “sell” rating to a “hold” rating in a report on Wednesday, February 20th. BidaskClub upgraded shares of Magellan Health from a “buy” rating to a “strong-buy” rating in a report on Thursday, January 31st. Finally, Zacks Investment Research upgraded shares of Magellan Health from a “hold” rating to a “buy” rating and set a $80.00 price target for the company in a report on Tuesday, February 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $74.80.
Shares of MGLN opened at $64.80 on Friday. Magellan Health Inc has a 12 month low of $51.88 and a 12 month high of $112.25. The firm has a market cap of $1.55 billion, a P/E ratio of 26.56, a price-to-earnings-growth ratio of 2.35 and a beta of 0.48. The company has a quick ratio of 1.68, a current ratio of 1.72 and a debt-to-equity ratio of 0.57.
Magellan Health (NASDAQ:MGLN) last announced its earnings results on Thursday, February 28th. The company reported ($0.77) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.19 by ($1.96). Magellan Health had a return on equity of 4.67% and a net margin of 0.33%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.89 billion. As a group, equities research analysts predict that Magellan Health Inc will post 2.78 EPS for the current 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.
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