Magellan Health, Inc. (MGLN) Stock Rating Reaffirmed by Leerink Swann
Magellan Health, Inc. (NASDAQ:MGLN)‘s stock had its “outperform” rating reiterated by equities research analysts at Leerink Swann in a note issued to investors on Sunday. They currently have a $73.00 price objective on the stock, up from their previous price objective of $68.00. Leerink Swann’s price target points to a potential upside of 0.48% from the company’s current price.
MGLN has been the topic of a number of other research reports. Zacks Investment Research raised shares of Magellan Health from a “sell” rating to a “hold” rating in a report on Thursday, April 27th. BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $76.25.
Shares of Magellan Health (MGLN) traded down 1.69% during trading on Friday, hitting $72.65. The stock had a trading volume of 222,771 shares. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 21.21 and a beta of 0.63. The company’s 50 day moving average price is $70.50 and its 200 day moving average price is $72.05. Magellan Health has a 52 week low of $49.50 and a 52 week high of $84.71.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings results on Wednesday, April 26th. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.04. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Magellan Health had a net margin of 1.64% and a return on equity of 9.05%. Magellan Health’s revenue was up 16.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.79 EPS. Analysts predict that Magellan Health will post $5.44 earnings per share for the current year.
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A number of large investors have recently modified their holdings of MGLN. BlackRock Inc. boosted its stake in shares of Magellan Health by 53,778.2% in the first quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock worth $208,038,000 after buying an additional 3,007,275 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Magellan Health by 163.7% in the third quarter. Victory Capital Management Inc. now owns 1,029,042 shares of the company’s stock worth $55,290,000 after buying an additional 638,753 shares during the last quarter. Norges Bank acquired a new stake in shares of Magellan Health during the fourth quarter worth about $18,661,000. Fisher Asset Management boosted its stake in shares of Magellan Health by 56.2% in the fourth quarter. Fisher Asset Management now owns 769,436 shares of the company’s stock worth $47,443,000 after buying an additional 276,784 shares during the last quarter. Finally, Emerald Acquisition Ltd. acquired a new stake in shares of Magellan Health during the second quarter worth about $18,185,000. 94.27% of the stock is currently owned by institutional investors and hedge funds.
About Magellan Health
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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