Strs Ohio Cuts Holdings in Magellan Health Inc (NASDAQ:MGLN)

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Strs Ohio reduced its position in Magellan Health Inc (NASDAQ:MGLN) by 10.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,500 shares of the company’s stock after selling 1,500 shares during the quarter. Strs Ohio owned about 0.06% of Magellan Health worth $1,002,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Deutsche Bank AG raised its position in shares of Magellan Health by 46.8% in the 4th quarter. Deutsche Bank AG now owns 106,973 shares of the company’s stock worth $6,083,000 after buying an additional 34,084 shares during the period. Assenagon Asset Management S.A. purchased a new position in Magellan Health in the first quarter valued at about $6,438,000. Smith Graham & Co. Investment Advisors LP raised its position in Magellan Health by 7.4% in the first quarter. Smith Graham & Co. Investment Advisors LP now owns 169,211 shares of the company’s stock valued at $11,154,000 after purchasing an additional 11,600 shares during the period. CIBC Asset Management Inc purchased a new position in Magellan Health in the first quarter valued at about $204,000. Finally, 13D Management LLC purchased a new position in Magellan Health in the first quarter valued at about $9,879,000. 96.48% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts have commented on MGLN shares. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. BidaskClub raised Magellan Health from a “sell” rating to a “hold” rating in a research report on Saturday, July 27th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $74.80.

Shares of NASDAQ MGLN opened at $68.99 on Wednesday. Magellan Health Inc has a 1 year low of $51.88 and a 1 year high of $77.15. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 28.27, a price-to-earnings-growth ratio of 0.73 and a beta of 0.56. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.66 and a current ratio of 1.71. The stock’s 50-day simple moving average is $70.05.

Magellan Health (NASDAQ:MGLN) last announced its earnings results on Tuesday, July 30th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.06). Magellan Health had a return on equity of 3.68% and a net margin of 0.18%. The business had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.75 billion. During the same period in the previous year, the firm posted $0.92 earnings per share. The firm’s revenue was down 1.3% compared to the same quarter last year. On average, research analysts expect that Magellan Health Inc will post 3.96 EPS for the current fiscal year.

Magellan Health Company Profile

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.

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

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