Magellan Health Services Inc. (MGLN) Given a $76.00 Price Target at Jefferies Group
Magellan Health Services Inc. (NASDAQ:MGLN) has been given a $76.00 price target by research analysts at Jefferies Group in a note issued to investors on Saturday. The firm currently has a a “buy” rating on the stock. Jefferies Group’s price objective points to a potential upside of 41.98% from the company’s current price.
A number of other equities analysts have also weighed in on the company. Zacks Investment Research upgraded Magellan Health Services from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research note on Thursday, July 21st. TheStreet lowered Magellan Health Services from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. KeyCorp initiated coverage on Magellan Health Services in a research note on Thursday, June 30th. They set an “equal weight” rating for the company. Finally, Leerink Swann reiterated a “hold” rating on shares of Magellan Health Services in a research note on Friday, August 12th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $71.33.
Magellan Health Services (NASDAQ:MGLN) traded up 0.28% during midday trading on Friday, hitting $53.53. The company had a trading volume of 100,669 shares. The company has a 50 day moving average price of $54.33 and a 200 day moving average price of $63.18. The firm has a market capitalization of $1.32 billion, a P/E ratio of 36.41 and a beta of 0.49. Magellan Health Services has a 1-year low of $45.40 and a 1-year high of $72.31.
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Magellan Health Services (NASDAQ:MGLN) last released its quarterly earnings data on Friday, July 29th. The company reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by $0.04. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Magellan Health Services had a net margin of 0.77% and a return on equity of 6.33%. The business’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.56 EPS. Equities research analysts forecast that Magellan Health Services will post $2.38 earnings per share for the current fiscal year.
Several large investors have recently bought and sold shares of the stock. PineBridge Investments L.P. boosted its stake in Magellan Health Services by 3.9% in the second quarter. PineBridge Investments L.P. now owns 3,122 shares of the company’s stock worth $205,000 after buying an additional 116 shares during the period. Oak Associates Ltd. OH boosted its stake in Magellan Health Services by 2.4% in the second quarter. Oak Associates Ltd. OH now owns 6,885 shares of the company’s stock worth $453,000 after buying an additional 160 shares during the period. Eqis Capital Management Inc. boosted its stake in Magellan Health Services by 3.3% in the second quarter. Eqis Capital Management Inc. now owns 5,865 shares of the company’s stock worth $386,000 after buying an additional 188 shares during the period. Arizona State Retirement System boosted its stake in Magellan Health Services by 1.6% in the second quarter. Arizona State Retirement System now owns 12,812 shares of the company’s stock worth $843,000 after buying an additional 200 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in Magellan Health Services by 9.4% in the second quarter. Teacher Retirement System of Texas now owns 3,364 shares of the company’s stock worth $221,000 after buying an additional 288 shares during the period. Hedge funds and other institutional investors own 93.51% of the company’s stock.
About Magellan Health Services
Magellan Health, Inc is engaged in the healthcare management business. The Company’s segments include Healthcare, Pharmacy Management and Corporate. It is focused on managing special populations, complete pharmacy benefits and other specialty areas of healthcare. Its Healthcare includes its management of behavioral healthcare services and employee assistance program (EAP) services, management of other specialty areas, including diagnostic imaging and musculoskeletal management, and the integrated management of physical, behavioral and pharmaceutical healthcare for special populations, delivered through Magellan Complete Care (MCC).
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