Magellan Health, Inc. (NASDAQ:MGLN) Expected to Announce Earnings of $0.94 Per Share
Equities research analysts expect Magellan Health, Inc. (NASDAQ:MGLN) to report $0.94 earnings per share (EPS) for the current quarter, Zacks reports. Four analysts have provided estimates for Magellan Health’s earnings. The lowest EPS estimate is $0.90 and the highest is $0.97. Magellan Health reported earnings of $0.46 per share during the same quarter last year, which would suggest a positive year over year growth rate of 104.3%. The business is expected to report its next earnings results before the market opens on Friday, July 28th.
On average, analysts expect that Magellan Health will report full-year earnings of $4.45 per share for the current financial year, with EPS estimates ranging from $4.37 to $4.53. For the next financial year, analysts forecast that the firm will post earnings of $4.89 per share, with EPS estimates ranging from $4.58 to $5.20. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that cover Magellan Health.
Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings data on Wednesday, April 26th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Magellan Health had a return on equity of 9.05% and a net margin of 1.64%. Magellan Health’s revenue for the quarter was up 16.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.79 earnings per share.
A number of research firms have recently issued reports on MGLN. Zacks Investment Research upgraded shares of Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research note on Tuesday. KeyCorp raised shares of Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 target price for the company in a report on Thursday, July 13th. BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, Leerink Swann reissued an “outperform” rating and set a $73.00 price target (up from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. Magellan Health currently has a consensus rating of “Buy” and an average price target of $82.20.
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Magellan Health (NASDAQ MGLN) traded up 1.02% during trading on Wednesday, hitting $79.15. The stock had a trading volume of 49,149 shares. The company has a market cap of $1.88 billion, a PE ratio of 23.11 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 stock has a 50-day moving average price of $73.05 and a 200-day moving average price of $71.97.
In other news, SVP Jeffrey N. West sold 28,514 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $80.07, for a total transaction of $2,283,115.98. Following the completion of the sale, the senior vice president now owns 17,085 shares of the company’s stock, valued at approximately $1,367,995.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Daniel N. Gregoire sold 14,114 shares of the company’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $80.11, for a total transaction of $1,130,672.54. Following the sale, the general counsel now directly owns 27,573 shares of the company’s stock, valued at approximately $2,208,873.03. The disclosure for this sale can be found here. Corporate insiders own 3.60% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position 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 valued at $208,038,000 after buying an additional 3,007,275 shares during the last quarter. Norges Bank acquired a new position in Magellan Health during the fourth quarter valued at about $16,634,000. Teachers Advisors LLC increased its position in Magellan Health by 411.1% in the fourth quarter. Teachers Advisors LLC now owns 257,154 shares of the company’s stock valued at $19,351,000 after buying an additional 206,838 shares during the last quarter. Renaissance Technologies LLC increased its position in Magellan Health by 11.3% in the first quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock valued at $83,764,000 after buying an additional 122,999 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Magellan Health by 4.9% in the first quarter. Vanguard Group Inc. now owns 2,118,487 shares of the company’s stock valued at $146,282,000 after buying an additional 98,314 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.
Magellan Health 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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