Shares of Magellan Health (NASDAQ:MGLN) reached a new 52-week high and low during trading on Friday . The company traded as low as $110.10 and last traded at $107.45, with a volume of 42992 shares traded. The stock had previously closed at $109.70.
MGLN has been the subject of a number of recent research reports. Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “strong-buy” rating and set a $112.00 price objective for the company in a research report on Wednesday, December 13th. BidaskClub cut Magellan Health from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 19th. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Leerink Swann upgraded Magellan Health from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 15th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Magellan Health has a consensus rating of “Buy” and an average target price of $97.50.
The company has a quick ratio of 1.62, a current ratio of 1.66 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $2,668.36, a PE ratio of 19.46, a PEG ratio of 1.16 and a beta of 0.50.
In other Magellan Health news, CEO Barry M. Smith sold 13,375 shares of the firm’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $101.20, for a total value of $1,353,550.00. Following the sale, the chief executive officer now directly owns 42,807 shares of the company’s stock, valued at approximately $4,332,068.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Daniel N. Gregoire sold 22,875 shares of the firm’s stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $99.05, for a total value of $2,265,768.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,428 shares of company stock worth $7,858,688. 3.60% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the business. Gotham Asset Management LLC acquired a new stake in Magellan Health in the 4th quarter worth about $201,000. Shelton Capital Management acquired a new stake in Magellan Health in the 4th quarter worth about $205,000. Xact Kapitalforvaltning AB acquired a new position in shares of Magellan Health in the 4th quarter valued at about $275,000. CIBC Asset Management Inc acquired a new position in shares of Magellan Health in the 4th quarter valued at about $291,000. Finally, Meadow Creek Investment Management LLC lifted its stake in shares of Magellan Health by 20.8% in the 4th quarter. Meadow Creek Investment Management LLC now owns 3,416 shares of the company’s stock valued at $330,000 after purchasing an additional 588 shares in the last quarter. 97.32% of the stock is currently owned by hedge funds and other institutional investors.
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Magellan Health Company Profile
Magellan Health, Inc provides healthcare management services in the United States. It 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 for health plans, care organizations, and employers.
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