Magellan Health Services Price Target Cut to $66.00 (MGLN)
Stock analysts at Barclays decreased their price target on shares of Magellan Health Services (NASDAQ:MGLN) from $70.00 to $66.00 in a report issued on Friday, Analyst Ratings News reports. The firm currently has an “overweight” rating on the stock. Barclays’ price objective would suggest a potential upside of 12.99% from the company’s current price.
Magellan Health Services (NASDAQ:MGLN) traded up 2.53% during mid-day trading on Friday, hitting $59.89. The stock had a trading volume of 198,412 shares. Magellan Health Services has a one year low of $46.00 and a one year high of $60.54. The stock has a 50-day moving average of $57.60 and a 200-day moving average of $54.32. The company has a market cap of $1.608 billion and a price-to-earnings ratio of 9.94.
Magellan Health Services (NASDAQ:MGLN) last announced its earnings results on Thursday, October 24th. The company reported $1.70 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.01 by $0.69. The company had revenue of $873.60 million for the quarter, compared to the consensus estimate of $875.26 million. During the same quarter in the prior year, the company posted $1.12 earnings per share. The company’s quarterly revenue was up 9.4% on a year-over-year basis.
A number of other firms have also recently commented on MGLN. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Magellan Health Services in a research note to investors on Thursday, October 10th. They now have a $65.00 price target on the stock. Analysts at Citigroup Inc. downgraded shares of Magellan Health Services from a “neutral” rating to a “sell” rating in a research note to investors on Tuesday, July 30th. They now have a $52.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Magellan Health Services has an average rating of “Hold” and an average price target of $59.75.
Magellan Health Services Inc, is engaged in the specialty managed healthcare business. The Company provides services to health plans, insurance companies, employers, labor unions and various governmental agencies.
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