Which ASX 200 company director just sold $545,000 in shares?

We also reveal what brokers are saying about this ASX 200 financials stock.

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An ASX 200 company director has just sold more than half a million dollars worth of shares.

A notice lodged with the ASX reveals Hamish McLennan, the deputy chair and non-executive director of ASX 200 financials firm Magellan Financial Group Ltd (ASX: MFG), has sold almost $545,000 worth of shares.

The sale of these indirect holdings took place on-market on 7 June. McLennan sold 63,948 Magellan shares at an average price of $8.515 per share. The consideration was $544,517.

The sale represents a more than 60% sell-down in McLennan's indirect holdings of ordinary fully paid Magellan shares. He retains 41,300 ordinary fully paid shares in the ASX 200 funds manager.

Among his other holdings are 13,157 Magellan Financial Group Ltd options (ASX: MFGO).

He also has 41,116 units in the Magellan High Conviction Trust (ASX: MHHT) and 118,026 units in the Magellan Global Fund (Closed Class) (ASX: MGF).

When an ASX 200 director sells a large personal stake, companies sometimes issue official statements explaining why the sale took place. In this case, no such statement was lodged with the ASX.

McLennan sits on several other ASX company boards.

He is the chair of the board at ASX 200 communications behemoth REA Group Ltd (ASX: REA) and an independent director of United States gaming company Light & Wonder Inc. CDI (ASX: LNW).

He is also the chair of the board for ASX micro-cap ARN Media Ltd (ASX: A1N).

Meantime, another Magellan director, Cathy Kovacs, invested $100,000 in the ASX 200 funds manager late last month.

This was the first parcel of Magellan shares she has bought since joining the board in November last year.

What's the latest news on this ASX 200 financials share?

The ASX 200 funds manager released its latest funds under management (FUM) statement on 6 June.

In May, Magellan experienced net outflows of $0.1 billion, which included net retail outflows of $0.2 billion and net institutional inflows of $0.1 billion.

FUM as of 31 May totalled $36.7 billion, up slightly from $36.3 billion on 30 April.

The Magellan share price is $8.23 at the time of writing, up 1.17%.

What are the brokers saying about Magellan shares?

To say the reviews are mixed would be an understatement.

Macquarie has an underperform rating on Magellan shares with a 12-month share price target of $8.40.

Morgans has a hold rating on the ASX 200 fund manager with a price target of $9.67.

UBS has a buy rating on Magellan shares with a share price target of $10.25.

Motley Fool contributor Bronwyn Allen has positions in Macquarie Group and Magellan Financial Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Light & Wonder, Macquarie Group, and REA Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Light & Wonder and REA Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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