Tokio Marine Asset Management Co. Ltd. Raises Holdings in Magellan Health Inc (NASDAQ:MGLN)

Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of Magellan Health Inc (NASDAQ:MGLN) by 5.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 6,100 shares of the company’s stock after acquiring an additional 300 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Magellan Health were worth $453,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of MGLN. Destination Wealth Management purchased a new stake in shares of Magellan Health during the second quarter worth about $45,000. FNY Investment Advisers LLC purchased a new stake in shares of Magellan Health during the first quarter worth about $52,000. Amundi Pioneer Asset Management Inc. purchased a new stake in Magellan Health in the first quarter valued at approximately $73,000. CIBC Asset Management Inc purchased a new stake in Magellan Health in the first quarter valued at approximately $204,000. Finally, Everence Capital Management Inc. purchased a new stake in Magellan Health in the first quarter valued at approximately $215,000. Institutional investors and hedge funds own 98.09% of the company’s stock.

NASDAQ MGLN traded up $0.29 during trading hours on Tuesday, reaching $65.25. The stock had a trading volume of 3,728 shares, compared to its average volume of 326,017. The company’s fifty day moving average is $69.76. The stock has a market cap of $1.64 billion, a PE ratio of 26.94, a P/E/G ratio of 0.72 and a beta of 0.56. Magellan Health Inc has a 52-week low of $51.88 and a 52-week high of $77.15. The company has a current ratio of 1.71, a quick ratio of 1.66 and a debt-to-equity ratio of 0.53.

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

A number of brokerages recently commented on MGLN. BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a research report on Saturday, July 27th. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $74.80.

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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