Magellan Health Inc (NASDAQ:MGLN) Shares Sold by Texas Permanent School Fund

Texas Permanent School Fund decreased its holdings in shares of Magellan Health Inc (NASDAQ:MGLN) by 9.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,781 shares of the company’s stock after selling 1,537 shares during the quarter. Texas Permanent School Fund owned about 0.06% of Magellan Health worth $918,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Parallel Advisors LLC boosted its position in shares of Magellan Health by 221.0% during the second quarter. Parallel Advisors LLC now owns 382 shares of the company’s stock worth $28,000 after buying an additional 263 shares during the period. Destination Wealth Management purchased a new position in shares of Magellan Health during the second quarter worth $45,000. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Magellan Health during the first quarter worth $73,000. Robeco Institutional Asset Management B.V. purchased a new position in shares of Magellan Health during the third quarter worth $159,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Magellan Health during the second quarter worth $178,000. 97.16% of the stock is owned by institutional investors.

Several research analysts have recently commented on MGLN shares. BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Stephens restated an “equal weight” rating and set a $67.00 price target (up from $65.00) on shares of Magellan Health in a research report on Monday. Finally, ValuEngine lowered Magellan Health from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $75.25.

Shares of MGLN traded up $1.93 during midday trading on Wednesday, hitting $71.23. 152,700 shares of the stock were exchanged, compared to its average volume of 262,078. Magellan Health Inc has a 52-week low of $51.88 and a 52-week high of $75.87. The stock has a fifty day simple moving average of $63.18 and a 200 day simple moving average of $66.42. The firm has a market cap of $1.69 billion, a P/E ratio of 29.19, a P/E/G ratio of 0.81 and a beta of 0.60. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.65 and a current ratio of 1.70.

Magellan Health (NASDAQ:MGLN) last released its quarterly earnings results on Friday, November 1st. The company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.31 by ($0.08). Magellan Health had a return on equity of 3.21% and a net margin of 0.10%. The firm had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the business earned $1.45 earnings per share. The company’s quarterly revenue was down 1.3% on a year-over-year basis. As a group, equities research analysts forecast that Magellan Health Inc will post 3.58 EPS for the current fiscal year.

Magellan Health 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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