JPMorgan Chase & Co. Boosts Stake in Magellan Health Inc (NASDAQ:MGLN)

JPMorgan Chase & Co. boosted its position in shares of Magellan Health Inc (NASDAQ:MGLN) by 18.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 191,693 shares of the company’s stock after purchasing an additional 29,412 shares during the period. JPMorgan Chase & Co. owned about 0.80% of Magellan Health worth $12,637,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Victory Capital Management Inc. grew its stake in Magellan Health by 34.6% in the 4th quarter. Victory Capital Management Inc. now owns 761,670 shares of the company’s stock worth $43,332,000 after acquiring an additional 195,658 shares in the last quarter. Prudential PLC grew its stake in Magellan Health by 13.2% in the 4th quarter. Prudential PLC now owns 440,800 shares of the company’s stock worth $25,077,000 after acquiring an additional 51,300 shares in the last quarter. Norges Bank bought a new position in Magellan Health in the 4th quarter worth about $23,196,000. D. E. Shaw & Co. Inc. grew its stake in Magellan Health by 7.7% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 371,196 shares of the company’s stock worth $21,117,000 after acquiring an additional 26,628 shares in the last quarter. Finally, Two Sigma Advisers LP grew its stake in Magellan Health by 129.8% in the 4th quarter. Two Sigma Advisers LP now owns 331,385 shares of the company’s stock worth $18,852,000 after acquiring an additional 187,200 shares in the last quarter. Institutional investors own 98.30% of the company’s stock.

Separately, BidaskClub upgraded shares of Magellan Health from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $74.80.

MGLN stock traded up $2.45 during mid-day trading on Friday, reaching $74.23. The company had a trading volume of 1,120,121 shares, compared to its average volume of 261,826. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.67 and a quick ratio of 1.62. The stock has a market cap of $1.73 billion, a P/E ratio of 30.42, a PEG ratio of 0.77 and a beta of 0.52. The business has a 50 day moving average of $67.12. Magellan Health Inc has a 12 month low of $51.88 and a 12 month high of $99.78.

Magellan Health (NASDAQ:MGLN) last issued its earnings results on Thursday, May 2nd. The company reported $0.40 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.06. Magellan Health had a net margin of 0.18% and a return on equity of 3.83%. The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.75 billion. During the same period in the prior year, the firm earned $0.81 EPS. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. Equities analysts anticipate that Magellan Health Inc will post 3.92 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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