Q3 2016 Earnings Forecast for Magellan Health Services Inc. (MGLN) Issued By Leerink Swann
Magellan Health Services Inc. (NASDAQ:MGLN) – Analysts at Leerink Swann dropped their Q3 2016 earnings estimates for shares of Magellan Health Services in a report issued on Monday. Leerink Swann analyst A. Gupte now expects that the brokerage will post earnings per share of $0.68 for the quarter, down from their previous forecast of $0.81. Leerink Swann has a “Hold” rating on the stock.
Several other research analysts also recently commented on MGLN. KeyCorp started coverage on Magellan Health Services in a research note on Thursday, June 30th. They issued an “equal weight” rating on the stock. Zacks Investment Research downgraded Magellan Health Services from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 7th. TheStreet downgraded Magellan Health Services from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $76.00 price objective (down previously from $86.00) on shares of Magellan Health Services in a research note on Monday, September 26th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $71.33.
Shares of Magellan Health Services (NASDAQ:MGLN) traded down 0.23% during mid-day trading on Wednesday, reaching $55.19. The company’s stock had a trading volume of 54,762 shares. The stock has a market capitalization of $1.36 billion, a P/E ratio of 37.54 and a beta of 0.49. The company’s 50-day moving average price is $54.23 and its 200-day moving average price is $62.91. Magellan Health Services has a 12-month low of $45.40 and a 12-month high of $72.31.
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Magellan Health Services (NASDAQ:MGLN) last issued its earnings results on Friday, July 29th. The company reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by $0.04. The firm earned $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Magellan Health Services had a return on equity of 6.33% and a net margin of 0.77%. The firm’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.56 EPS.
A number of hedge funds have recently modified their holdings of the stock. Smith Graham & Co. Investment Advisors LP increased its stake in shares of Magellan Health Services by 3.0% in the third quarter. Smith Graham & Co. Investment Advisors LP now owns 148,261 shares of the company’s stock valued at $7,966,000 after buying an additional 4,320 shares during the period. Fisher Asset Management LLC increased its stake in shares of Magellan Health Services by 1.2% in the third quarter. Fisher Asset Management LLC now owns 780,537 shares of the company’s stock valued at $41,938,000 after buying an additional 9,429 shares during the period. Mason Street Advisors LLC acquired a new stake in shares of Magellan Health Services during the second quarter valued at about $317,000. Royal Bank of Canada increased its stake in shares of Magellan Health Services by 47.8% in the second quarter. Royal Bank of Canada now owns 7,386 shares of the company’s stock valued at $486,000 after buying an additional 2,390 shares during the period. Finally, Sterling Capital Management LLC increased its stake in shares of Magellan Health Services by 9.5% in the second quarter. Sterling Capital Management LLC now owns 14,137 shares of the company’s stock valued at $930,000 after buying an additional 1,223 shares during the period. 93.49% of the stock is currently owned by institutional investors.
Magellan Health Services Company Profile
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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