Insider Selling: Magellan Health Services CFO Unloads 13,041 Shares of Stock (MGLN)
Magellan Health Services (NASDAQ:MGLN) CFO Jonathan N. Rubin unloaded 13,041 shares of the company’s stock on the open market in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $62.18, for a total value of $810,889.38. Following the sale, the chief financial officer now directly owns 16,382 shares of the company’s stock, valued at approximately $1,018,633. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Magellan Health Services (NASDAQ:MGLN) traded up 1.22% on Wednesday, hitting $63.06. 361,567 shares of the company’s stock traded hands. Magellan Health Services has a 52 week low of $53.01 and a 52 week high of $62.62. The stock’s 50-day moving average is $59.25 and its 200-day moving average is $58.93. The company has a market cap of $1.738 billion and a P/E ratio of 14.04.
Magellan Health Services (NASDAQ:MGLN) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.92 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.75 by $0.17. The company had revenue of $966.50 million for the quarter, compared to the consensus estimate of $1,000.00 million. During the same quarter last year, the company posted $1.01 earnings per share. Magellan Health Services’s revenue was up 17.6% compared to the same quarter last year. On average, analysts predict that Magellan Health Services will post $2.40 earnings per share for the current fiscal year.
MGLN has been the subject of a number of recent research reports. Analysts at TheStreet upgraded shares of Magellan Health Services from a “hold” rating to a “buy” rating in a research note on Monday. Separately, analysts at Jefferies Group raised their price target on shares of Magellan Health Services from $56.00 to $58.00 in a research note on Wednesday, April 30th. They now have a “hold” rating on the stock. Finally, analysts at Ned Davis Research upgraded shares of Magellan Health Services from a “neutral” rating to a “buy” rating in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $60.82.
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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