Pacad Investment Ltd. Has $226,000 Stake in Magellan Health, Inc. (MGLN)

Pacad Investment Ltd. increased its stake in shares of Magellan Health, Inc. (NASDAQ:MGLN) by 34.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,100 shares of the company’s stock after purchasing an additional 800 shares during the quarter. Pacad Investment Ltd.’s holdings in Magellan Health were worth $226,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MGLN. BlackRock Inc. increased its position in shares of Magellan Health by 53,778.2% during the 1st quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock valued at $208,038,000 after purchasing an additional 3,007,275 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Magellan Health by 11.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock valued at $83,764,000 after purchasing an additional 122,999 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Magellan Health by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 2,118,487 shares of the company’s stock valued at $146,282,000 after purchasing an additional 98,314 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Magellan Health by 1,594.8% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 102,622 shares of the company’s stock valued at $7,481,000 after purchasing an additional 96,567 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Magellan Health by 11.2% during the 1st quarter. Victory Capital Management Inc. now owns 663,705 shares of the company’s stock valued at $45,829,000 after purchasing an additional 66,819 shares during the last quarter. 93.54% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts have recently weighed in on MGLN shares. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. BidaskClub downgraded Magellan Health from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Leerink Swann reissued an “outperform” rating and set a $73.00 target price (up previously from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Tuesday, July 18th. Finally, KeyCorp raised Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 target price on the stock in a research report on Thursday, July 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. Magellan Health has a consensus rating of “Buy” and an average price target of $82.20.

Magellan Health, Inc. (NASDAQ:MGLN) opened at 82.90 on Wednesday. The company’s 50-day moving average price is $78.12 and its 200-day moving average price is $72.39. The stock has a market cap of $1.96 billion, a PE ratio of 23.60 and a beta of 0.57. Magellan Health, Inc. has a 12-month low of $49.50 and a 12-month high of $84.71.

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

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In other Magellan Health news, General Counsel Daniel N. Gregoire sold 14,114 shares of the firm’s stock in a transaction on Friday, July 14th. The stock was sold at an average price of $80.11, for a total transaction of $1,130,672.54. Following the completion of the sale, the general counsel now owns 27,573 shares of the company’s stock, valued at $2,208,873.03. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Mostafa Kamal sold 670 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $83.00, for a total value of $55,610.00. Following the sale, the chief executive officer now directly owns 670 shares of the company’s stock, valued at approximately $55,610. The disclosure for this sale can be found here. In the last three months, insiders have sold 109,470 shares of company stock valued at $8,790,059. 3.60% of the stock is owned by insiders.

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).

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

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