Insider Selling: Magellan Health Services CFO Sells 35,896 Shares of Stock (MGLN)
Magellan Health Services (NASDAQ:MGLN) CFO Jonathan N. Rubin sold 35,896 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $62.79, for a total transaction of $2,253,909.84. Following the sale, the chief financial officer now directly owns 16,382 shares of the company’s stock, valued at approximately $1,028,626. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
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 analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Magellan Health Services has an average rating of “Hold” and an average target price of $60.82.
Shares of Magellan Health Services (NASDAQ:MGLN) traded up 0.06% during mid-day trading on Friday, hitting $63.05. The stock had a trading volume of 358,530 shares. Magellan Health Services has a one year low of $53.01 and a one year high of $63.36. The stock’s 50-day moving average is $59. and its 200-day moving average is $58.99. The company has a market cap of $1.738 billion and a P/E ratio of 14.20.
Magellan Health Services (NASDAQ:MGLN) last announced its earnings results on Tuesday, April 29th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $1.01 earnings per share. The company’s revenue for the quarter was up 17.6% on a year-over-year basis. On average, analysts predict that Magellan Health Services will post $2.40 earnings per share for the current fiscal year.
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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