ClariVest Asset Management LLC Invests $8.69 Million in Magellan Health, Inc. (MGLN) Stock

ClariVest Asset Management LLC purchased a new stake in shares of Magellan Health, Inc. (NASDAQ:MGLN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 100,700 shares of the company’s stock, valued at approximately $8,690,000. ClariVest Asset Management LLC owned approximately 0.42% of Magellan Health at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Suntrust Banks Inc. lifted its holdings in Magellan Health by 2.1% during the second quarter. Suntrust Banks Inc. now owns 4,018 shares of the company’s stock valued at $292,000 after purchasing an additional 84 shares in the last quarter. Louisiana State Employees Retirement System lifted its holdings in Magellan Health by 1.0% during the second quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the company’s stock valued at $707,000 after purchasing an additional 100 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Magellan Health by 0.5% during the second quarter. Nisa Investment Advisors LLC now owns 20,210 shares of the company’s stock valued at $1,473,000 after purchasing an additional 100 shares in the last quarter. Arizona State Retirement System lifted its holdings in Magellan Health by 0.8% during the second quarter. Arizona State Retirement System now owns 12,412 shares of the company’s stock valued at $905,000 after purchasing an additional 100 shares in the last quarter. Finally, Ameritas Investment Partners Inc. lifted its holdings in Magellan Health by 6.1% during the second 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 in the last quarter. 93.15% of the stock is currently owned by institutional investors and hedge funds.

Magellan Health, Inc. (NASDAQ:MGLN) traded down $0.55 during trading on Friday, reaching $82.00. 77,461 shares of the company were exchanged, compared to its average volume of 140,149. The stock has a market capitalization of $1,980.00, a P/E ratio of 19.02, a price-to-earnings-growth ratio of 1.08 and a beta of 0.55. The company has a current ratio of 2.28, a quick ratio of 2.21 and a debt-to-equity ratio of 0.62. Magellan Health, Inc. has a 52 week low of $64.05 and a 52 week high of $92.00.

Magellan Health (NASDAQ:MGLN) last released its quarterly earnings results on Wednesday, November 1st. The company reported $1.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.24. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.49 billion. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. Magellan Health’s revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.39 earnings per share. sell-side analysts anticipate that Magellan Health, Inc. will post 5.16 EPS for the current year.

In other Magellan Health news, CEO Mostafa Kamal sold 6,267 shares of the business’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $81.53, for a total transaction of $510,948.51. Following the transaction, the chief executive officer now owns 6,267 shares in the company, valued at $510,948.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Daniel N. Gregoire sold 9,369 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $89.20, for a total transaction of $835,714.80. Following the transaction, the general counsel now owns 22,826 shares in the company, valued at approximately $2,036,079.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 245,059 shares of company stock worth $20,965,135. 3.60% of the stock is owned by insiders.

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Several brokerages have weighed in on MGLN. Zacks Investment Research downgraded shares of Magellan Health from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. KeyCorp reissued a “buy” rating and issued a $89.00 target price on shares of Magellan Health in a report on Friday, September 22nd. BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $94.00 target price on shares of Magellan Health in a report on Friday, October 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $83.00.

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).

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

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