Bessemer Group Inc. Reduces Position in Magellan Health, Inc. (MGLN)

Bessemer Group Inc. lowered its stake in Magellan Health, Inc. (NASDAQ:MGLN) by 7.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,800 shares of the company’s stock after selling 700 shares during the period. Bessemer Group Inc.’s holdings in Magellan Health were worth $642,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGLN. Suntrust Banks Inc. raised its position in Magellan Health by 0.7% in the first quarter. Suntrust Banks Inc. now owns 3,934 shares of the company’s stock valued at $271,000 after buying an additional 27 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Magellan Health by 1.5% in the first quarter. Envestnet Asset Management Inc. now owns 3,733 shares of the company’s stock valued at $258,000 after buying an additional 54 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Magellan Health by 0.5% in the second quarter. Nisa Investment Advisors LLC now owns 20,210 shares of the company’s stock valued at $1,473,000 after buying an additional 100 shares during the last quarter. Louisiana State Employees Retirement System raised its position in Magellan Health by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the company’s stock valued at $707,000 after buying an additional 100 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in Magellan Health by 4.4% in the first quarter. State of Alaska Department of Revenue now owns 2,620 shares of the company’s stock valued at $180,000 after buying an additional 110 shares during the last quarter. Hedge funds and other institutional investors own 92.28% of the company’s stock.

Magellan Health, Inc. (NASDAQ:MGLN) opened at 77.90 on Friday. The firm’s 50-day moving average is $76.53 and its 200 day moving average is $72.19. The company has a market cap of $1.84 billion, a price-to-earnings ratio of 22.18 and a beta of 0.59. Magellan Health, Inc. has a 12-month low of $49.50 and a 12-month high of $84.71.

Magellan Health (NASDAQ:MGLN) last released its quarterly earnings data on Friday, July 28th. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by $0.48. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period last year, the company posted $0.58 EPS. On average, equities analysts expect that Magellan Health, Inc. will post $5.13 earnings per share for the current fiscal year.

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Several research firms have issued reports on MGLN. KeyCorp upgraded shares of Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price target for the company in a report on Thursday, July 13th. Zacks Investment Research upgraded shares of Magellan Health from a “sell” rating to a “hold” rating in a report on Thursday, April 27th. BidaskClub upgraded shares of Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Finally, Leerink Swann restated an “outperform” rating and set a $73.00 price target (up previously from $68.00) on shares of Magellan Health in a report on Sunday, June 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $82.20.

In other news, SVP Jeffrey N. West sold 28,514 shares of the stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $80.07, for a total transaction of $2,283,115.98. Following the completion of the sale, the senior vice president now owns 17,085 shares of the company’s stock, valued at $1,367,995.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Daniel N. Gregoire sold 33,574 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $80.11, for a total value of $2,689,613.14. Following the sale, the general counsel now directly owns 14,633 shares of the company’s stock, valued at approximately $1,172,249.63. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,943 shares of company stock valued at $7,846,757. Insiders own 3.60% of the company’s stock.

Magellan Health Company Profile

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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Institutional Ownership by Quarter for Magellan Health (NASDAQ:MGLN)

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