Magellan Health, Inc. (MGLN) Expected to Announce Earnings of $1.46 Per Share
Analysts predict that Magellan Health, Inc. (NASDAQ:MGLN) will announce earnings per share (EPS) of $1.46 for the current quarter, according to Zacks. Four analysts have made estimates for Magellan Health’s earnings. The lowest EPS estimate is $1.26 and the highest is $1.63. Magellan Health posted earnings per share of $1.39 during the same quarter last year, which indicates a positive year-over-year growth rate of 5%. The company is scheduled to report its next quarterly earnings results before the market opens on Wednesday, November 1st.
According to Zacks, analysts expect that Magellan Health will report full-year earnings of $5.13 per share for the current fiscal year, with EPS estimates ranging from $5.08 to $5.21. For the next fiscal year, analysts expect that the company will report earnings of $5.90 per share, with EPS estimates ranging from $5.55 to $6.22. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover Magellan Health.
Magellan Health (NASDAQ:MGLN) last released its earnings results on Friday, July 28th. The company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.48). Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the business posted $0.58 EPS. Magellan Health’s revenue was up 21.9% on a year-over-year basis.
A number of brokerages have weighed in on MGLN. KeyCorp upgraded shares of Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price objective for the company in a research report on Thursday, July 13th. BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Tuesday, July 18th. Finally, Leerink Swann restated an “outperform” rating and issued a $73.00 price target (up previously from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. Magellan Health has an average rating of “Buy” and a consensus target price of $81.80.
Magellan Health (NASDAQ MGLN) traded up 1.56% on Tuesday, reaching $88.00. The company had a trading volume of 270,605 shares. Magellan Health has a 1-year low of $49.50 and a 1-year high of $88.05. The stock has a market capitalization of $2.08 billion, a P/E ratio of 25.06 and a beta of 0.57. The stock’s 50 day moving average is $80.98 and its 200-day moving average is $74.00.
In other Magellan Health news, SVP Jeffrey N. West sold 1,109 shares of the stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $80.01, for a total transaction of $88,731.09. Following the completion of the transaction, the senior vice president now owns 15,040 shares of the company’s stock, valued at $1,203,350.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jeffrey N. West sold 28,514 shares of the stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $80.07, for a total value of $2,283,115.98. Following the transaction, the senior vice president now directly owns 17,085 shares of the company’s stock, valued at approximately $1,367,995.95. The disclosure for this sale can be found here. Insiders have sold 252,465 shares of company stock valued at $20,916,765 over the last 90 days. 3.60% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. acquired a new stake in shares of Magellan Health in the first quarter worth approximately $136,000. Advisory Services Network LLC purchased a new stake in shares of Magellan Health during the second quarter worth approximately $165,000. Eqis Capital Management Inc. acquired a new position in Magellan Health in the 2nd quarter valued at $210,000. HighTower Advisors LLC acquired a new position in Magellan Health in the 2nd quarter valued at $210,000. Finally, Pacad Investment Ltd. raised its stake in Magellan Health by 34.8% in the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock valued at $226,000 after purchasing an additional 800 shares during the last quarter. Institutional investors and hedge funds own 93.54% of the company’s stock.
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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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