Leerink Swann Analysts Decrease Earnings Estimates for Magellan Health, Inc. (MGLN)
Magellan Health, Inc. (NASDAQ:MGLN) – Analysts at Leerink Swann cut their Q2 2017 EPS estimates for Magellan Health in a note issued to investors on Thursday. Leerink Swann analyst A. Gupte now anticipates that the company will earn $0.90 per share for the quarter, down from their prior estimate of $0.95. Leerink Swann currently has a “Outperform” rating and a $73.00 target price on the stock. Leerink Swann also issued estimates for Magellan Health’s Q4 2017 earnings at $1.61 EPS.
MGLN has been the topic of several other research reports. Zacks Investment Research cut shares of Magellan Health from a “hold” rating to a “sell” rating in a research note on Friday, April 7th. BidaskClub upgraded shares of Magellan Health from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, KeyCorp upgraded shares of Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price target on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Magellan Health presently has an average rating of “Hold” and an average price target of $79.20.
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Shares of Magellan Health (NASDAQ MGLN) opened at 80.10 on Monday. The stock has a market cap of $1.90 billion, a P/E ratio of 23.39 and a beta of 0.59. Magellan Health has a 52-week low of $49.50 and a 52-week high of $84.71. The firm’s 50 day moving average price is $70.98 and its 200 day moving average price is $72.02.
Magellan Health (NASDAQ:MGLN) last posted its earnings results on Wednesday, April 26th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.04. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.33 billion. Magellan Health had a return on equity of 9.05% and a net margin of 1.64%. The business’s quarterly revenue was up 16.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.79 earnings per share.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Howe & Rusling Inc. boosted its position in Magellan Health by 27.7% in the first quarter. Howe & Rusling Inc. now owns 1,845 shares of the company’s stock worth $127,000 after buying an additional 400 shares during the period. Ameritas Investment Partners Inc. purchased a new position in Magellan Health during the first quarter worth $136,000. Credit Agricole S A purchased a new position in Magellan Health during the fourth quarter worth $151,000. State of Alaska Department of Revenue boosted its position in Magellan Health by 4.4% in the first quarter. State of Alaska Department of Revenue now owns 2,620 shares of the company’s stock worth $180,000 after buying an additional 110 shares during the period. Finally, Eqis Capital Management Inc. purchased a new position in Magellan Health during the second quarter worth $210,000. Institutional investors own 94.27% of the company’s stock.
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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