Geode Capital Management LLC Sells 16,949 Shares of Magellan Health Inc (MGLN)

Geode Capital Management LLC reduced its stake in Magellan Health Inc (NASDAQ:MGLN) by 5.7% during the 4th quarter, HoldingsChannel reports. The fund owned 282,247 shares of the company’s stock after selling 16,949 shares during the period. Geode Capital Management LLC’s holdings in Magellan Health were worth $27,250,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of Magellan Health by 5.2% in the fourth quarter. BlackRock Inc. now owns 3,206,577 shares of the company’s stock valued at $309,596,000 after acquiring an additional 159,726 shares in the last quarter. LSV Asset Management lifted its position in shares of Magellan Health by 1.4% in the fourth quarter. LSV Asset Management now owns 813,682 shares of the company’s stock valued at $78,560,000 after acquiring an additional 11,400 shares in the last quarter. Hood River Capital Management LLC lifted its position in shares of Magellan Health by 8.4% in the fourth quarter. Hood River Capital Management LLC now owns 549,938 shares of the company’s stock valued at $53,097,000 after acquiring an additional 42,583 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Magellan Health by 1.5% in the fourth quarter. Victory Capital Management Inc. now owns 461,817 shares of the company’s stock valued at $44,588,000 after acquiring an additional 6,942 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Magellan Health by 3.7% in the fourth quarter. Bank of New York Mellon Corp now owns 305,333 shares of the company’s stock valued at $29,479,000 after acquiring an additional 10,874 shares in the last quarter. Institutional investors and hedge funds own 97.32% of the company’s stock.

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Several brokerages have recently issued reports on MGLN. Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “buy” rating and set a $118.00 price objective on the stock in a research report on Thursday. BidaskClub upgraded Magellan Health from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 17th. Leerink Swann upgraded Magellan Health from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 15th. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Raymond James Financial reiterated a “hold” rating on shares of Magellan Health in a research report on Saturday, December 2nd. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $97.50.

Magellan Health stock opened at $104.35 on Friday. Magellan Health Inc has a 12-month low of $64.75 and a 12-month high of $109.80. The firm has a market capitalization of $2,547.95, a PE ratio of 23.40, a P/E/G ratio of 1.10 and a beta of 0.49. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.62 and a current ratio of 1.66.

Magellan Health (NASDAQ:MGLN) last released its earnings results on Tuesday, February 27th. The company reported $2.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.26. Magellan Health had a return on equity of 10.86% and a net margin of 1.89%. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the prior year, the business posted $1.80 earnings per share. The firm’s revenue for the quarter was up 34.1% compared to the same quarter last year. analysts predict that Magellan Health Inc will post 6.32 EPS for the current fiscal year.

In related news, CEO Barry M. Smith sold 13,375 shares of the stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $101.20, for a total transaction of $1,353,550.00. Following the transaction, the chief executive officer now directly owns 42,807 shares in the company, valued at $4,332,068.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Barry M. Smith sold 13,367 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $95.94, for a total value of $1,282,429.98. Following the sale, the chief executive officer now owns 42,799 shares of the company’s stock, valued at $4,106,136.06. The disclosure for this sale can be found here. Insiders have sold 95,863 shares of company stock worth $9,432,287 over the last quarter. 3.60% of the stock is currently owned by company insiders.

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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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