Kennedy Capital Management Inc. cut its holdings in shares of Magellan Health Inc (NASDAQ:MGLN) by 51.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,447 shares of the company’s stock after selling 52,595 shares during the period. Kennedy Capital Management Inc.’s holdings in Magellan Health were worth $3,260,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Mason Street Advisors LLC boosted its position in shares of Magellan Health by 2.0% during the first quarter. Mason Street Advisors LLC now owns 7,684 shares of the company’s stock worth $507,000 after buying an additional 152 shares during the period. Oregon Public Employees Retirement Fund boosted its position in shares of Magellan Health by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 9,393 shares of the company’s stock worth $619,000 after buying an additional 170 shares during the period. Piedmont Investment Advisors Inc. boosted its position in shares of Magellan Health by 4.3% during the first quarter. Piedmont Investment Advisors Inc. now owns 6,029 shares of the company’s stock worth $397,000 after buying an additional 251 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Magellan Health by 22.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,831 shares of the company’s stock worth $104,000 after buying an additional 332 shares during the period. Finally, BW Gestao de Investimentos Ltda. lifted its position in Magellan Health by 4.8% in the fourth quarter. BW Gestao de Investimentos Ltda. now owns 7,426 shares of the company’s stock worth $422,000 after purchasing an additional 337 shares during the period. Institutional investors and hedge funds own 98.38% of the company’s stock.
A number of equities research analysts have weighed in on the company. BidaskClub downgraded Magellan Health from a “hold” rating to a “sell” rating in a research report on Tuesday. Zacks Investment Research downgraded Magellan Health from a “buy” rating to a “hold” rating in a research report on Wednesday, February 27th. Bank of America assumed coverage on Magellan Health in a research report on Friday, February 22nd. They issued a “buy” rating and a $84.00 target price for the company. Finally, ValuEngine upgraded Magellan Health from a “sell” rating to a “hold” rating in a research report on Wednesday, February 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $74.80.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $0.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.06. The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.75 billion. Magellan Health had a return on equity of 3.83% and a net margin of 0.18%. The firm’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 earnings per share. As a group, analysts anticipate that Magellan Health Inc will post 3.92 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.
Further Reading: Cost of Capital
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