New York State Teachers Retirement System lowered its position in Magellan Health Services Inc. (NASDAQ:MGLN) by 0.4% during the second quarter, Holdings Channel reports. The firm owned 66,407 shares of the company’s stock after selling 300 shares during the period. New York State Teachers Retirement System’s holdings in Magellan Health Services were worth $4,368,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC bought a new position in shares of Magellan Health Services during the first quarter worth about $147,000. Springbok Capital Management LLC increased its position in shares of Magellan Health Services by 86.2% in the first quarter. Springbok Capital Management LLC now owns 4,546 shares of the company’s stock worth $309,000 after buying an additional 2,105 shares during the last quarter. Palo Capital Inc. bought a new position in shares of Magellan Health Services during the second quarter worth about $378,000. Eqis Capital Management Inc. increased its position in shares of Magellan Health Services by 3.3% in the second quarter. Eqis Capital Management Inc. now owns 5,865 shares of the company’s stock worth $386,000 after buying an additional 188 shares during the last quarter. Finally, Pacad Investment Ltd. increased its position in shares of Magellan Health Services by 40.5% in the first quarter. Pacad Investment Ltd. now owns 5,900 shares of the company’s stock worth $401,000 after buying an additional 1,700 shares during the last quarter. 93.53% of the stock is owned by hedge funds and other institutional investors.
Shares of Magellan Health Services Inc. (NASDAQ:MGLN) traded up 1.14% during mid-day trading on Thursday, hitting $54.11. The company had a trading volume of 222,932 shares. The firm has a market capitalization of $1.33 billion, a P/E ratio of 36.81 and a beta of 0.49. Magellan Health Services Inc. has a 12 month low of $45.40 and a 12 month high of $72.31. The firm has a 50-day moving average price of $54.97 and a 200 day moving average price of $63.68.
Magellan Health Services (NASDAQ:MGLN) last issued its quarterly earnings data on Friday, July 29th. The company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by $0.04. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Magellan Health Services had a return on equity of 6.33% and a net margin of 0.77%. The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.56 earnings per share. On average, equities research analysts forecast that Magellan Health Services Inc. will post $2.38 earnings per share for the current fiscal year.
A number of analysts have recently commented on the company. Zacks Investment Research upgraded Magellan Health Services from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research report on Thursday, July 21st. Jefferies Group restated a “buy” rating on shares of Magellan Health Services in a research report on Wednesday, June 8th. KeyCorp assumed coverage on Magellan Health Services in a research report on Thursday, June 30th. They issued an “equal weight” rating for the company. Leerink Swann restated a “hold” rating on shares of Magellan Health Services in a research report on Friday, August 12th. Finally, TheStreet cut Magellan Health Services from a “buy” rating to a “hold” rating in a research report on Friday, August 19th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $66.00.
About Magellan Health Services
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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