Summit Street Capital Management Lowers stake in Magellan Health Inc (MGLN)

Magellan Health Inc (MGLN) : Summit Street Capital Management reduced its stake in Magellan Health Inc by 19.03% during the most recent quarter end. The investment management company now holds a total of 46,796 shares of Magellan Health Inc which is valued at $2,762,368 after selling 11,000 shares in Magellan Health Inc , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Magellan Health Inc makes up approximately 2.89% of Summit Street Capital Management’s portfolio.

Other Hedge Funds, Including , Caisse De Depot Et Placement Du Quebec added MGLN to its portfolio by purchasing 16,650 company shares during the most recent quarter which is valued at $982,850.New York State Common Retirement Fund boosted its stake in MGLN in the latest quarter, The investment management firm added 1,369 additional shares and now holds a total of 39,648 shares of Magellan Health Inc which is valued at $2,340,421.Dimensional Fund Advisors Lp reduced its stake in MGLN by selling 4,059 shares or 0.19% in the most recent quarter. The Hedge Fund company now holds 2,162,488 shares of MGLN which is valued at $127,067,795. Magellan Health Inc makes up approx 0.07% of Dimensional Fund Advisors Lp’s portfolio.Systematic Financial Management Lp reduced its stake in MGLN by selling 345 shares or 1.29% in the most recent quarter. The Hedge Fund company now holds 26,360 shares of MGLN which is valued at $1,548,914. Magellan Health Inc makes up approx 0.02% of Systematic Financial Management Lp’s portfolio. Old Mutual Global Investors (uk) Ltd. added MGLN to its portfolio by purchasing 54,632 company shares during the most recent quarter which is valued at $3,891,437. Magellan Health Inc makes up approx 0.07% of Old Mutual Global Investors (uk) Ltd.’s portfolio.

Magellan Health Inc closed down -2 points or -3.50% at $55.12 with 3,82,152 shares getting traded on Thursday. Post opening the session at $57.06, the shares hit an intraday low of $55.08 and an intraday high of $57.285 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Magellan Health Inc reported $0.58 EPS for the quarter, missing the analyst consensus estimate by $ -0.21 based on the information available during the earnings call on Jul 29, 2016. Analyst had a consensus of $0.79. The company had revenue of $1164.30 million for the quarter, compared to analysts expectations of $1156.47 million. The company’s revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.56 EPS.

Magellan Health Inc. (Magellan) formerly Magellan Health Services Inc. is engaged in the healthcare management business. The Company provides services to health plans managed care organizations (MCOs) employers labor unions military and governmental agencies third party administrators consultants and brokers. Its business is divided into five segments which include managed healthcare specialty solutions and pharmacy management. Two of its segments are in the managed healthcare business. The Managed Healthcare business consists of management of behavioral healthcare services and the management of physical and behavioral healthcare for special populations. The Specialty Solutions business consists of delivery of diagnostic imaging and a variety of other specialty areas. The Pharmacy Management business comprises products and solutions that provide clinical and financial management of drugs paid under medical and pharmacy benefit programs.

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