The Magellan Health Services Inc. (MGLN) Stake Decreased by BlackRock Investment Management LLC

The Magellan Health Services Inc. (MGLN) Stake Decreased by BlackRock Investment Management LLC

BlackRock Investment Management LLC cut its stake in Magellan Health Services Inc. (NASDAQ:MGLN) by 0.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 97,660 shares of the company’s stock after selling 426 shares during the period. BlackRock Investment Management LLC owned about 0.40% of Magellan Health Services worth $5,247,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Victory Capital Management Inc. boosted its position in Magellan Health Services by 163.7% in the third quarter. Victory Capital Management Inc. now owns 1,029,042 shares of the company’s stock valued at $55,290,000 after buying an additional 638,753 shares in the last quarter. Numeric Investors LLC boosted its position in Magellan Health Services by 40.4% in the second quarter. Numeric Investors LLC now owns 516,410 shares of the company’s stock valued at $33,964,000 after buying an additional 148,542 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Magellan Health Services by 15.9% in the third quarter. JPMorgan Chase & Co. now owns 752,744 shares of the company’s stock valued at $40,445,000 after buying an additional 103,451 shares in the last quarter. AHL Partners LLP boosted its position in Magellan Health Services by 378.2% in the second quarter. AHL Partners LLP now owns 82,122 shares of the company’s stock valued at $5,402,000 after buying an additional 64,950 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Magellan Health Services by 3.2% in the second quarter. Vanguard Group Inc. now owns 2,021,907 shares of the company’s stock valued at $132,981,000 after buying an additional 61,913 shares in the last quarter. Hedge funds and other institutional investors own 91.36% of the company’s stock.

Shares of Magellan Health Services Inc. (NASDAQ:MGLN) opened at 75.95 on Friday. Magellan Health Services Inc. has a 52-week low of $49.50 and a 52-week high of $79.20. The stock has a market cap of $1.77 billion, a PE ratio of 26.55 and a beta of 0.67. The company’s 50-day moving average price is $75.75 and its 200-day moving average price is $63.47.

Magellan Health Services (NASDAQ:MGLN) last released its quarterly earnings data on Wednesday, November 9th. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $0.67 by $0.72. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.22 billion. Magellan Health Services had a return on equity of 7.96% and a net margin of 1.45%. Magellan Health Services’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the business posted $0.76 EPS. On average, equities research analysts forecast that Magellan Health Services Inc. will post $3.10 earnings per share for the current fiscal year.

Several research analysts have recently weighed in on MGLN shares. Jefferies Group restated a “buy” rating and issued a $78.00 price target on shares of Magellan Health Services in a research note on Friday, November 18th. Zacks Investment Research cut Magellan Health Services from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Barclays PLC boosted their price target on Magellan Health Services from $61.00 to $69.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 23rd. Leerink Swann restated a “market perform” rating and issued a $78.00 price target (up previously from $60.00) on shares of Magellan Health Services in a research note on Monday, November 28th. Finally, TheStreet upgraded Magellan Health Services from a “hold” rating to a “buy” rating in a research note on Thursday, December 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $77.75.

In other Magellan Health Services news, CFO Jonathan N. Rubin sold 7,620 shares of the stock in a transaction on Wednesday, November 30th. The stock was sold at an average price of $73.01, for a total transaction of $556,336.20. Following the sale, the chief financial officer now owns 27,741 shares of the company’s stock, valued at approximately $2,025,370.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Clapper Caskie Lewis sold 55,590 shares of the stock in a transaction on Thursday, December 8th. The shares were sold at an average price of $74.43, for a total value of $4,137,563.70. Following the sale, the insider now directly owns 33,029 shares in the company, valued at approximately $2,458,348.47. The disclosure for this sale can be found here. Insiders have sold a total of 116,103 shares of company stock worth $8,567,106 over the last 90 days. 3.60% of the stock is currently owned by company insiders.

Magellan Health Services 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).

Want to see what other hedge funds are holding MGLN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Health Services Inc. (NASDAQ:MGLN).

Related posts

Leave a Comment