Magellan Health, Inc. (NASDAQ:MGLN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Magellan Health Services is the country’s leading behavioral managed care organization. Its customers include health plans, corporations and government agencies. “

Several other equities research analysts also recently weighed in on MGLN. KeyCorp reaffirmed a “buy” rating and issued a $89.00 target price on shares of Magellan Health in a research report on Friday, September 22nd. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, Leerink Swann reiterated an “outperform” rating and set a $73.00 target price (up from $68.00) on shares of Magellan Health in a report on Sunday, June 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $81.80.

Shares of Magellan Health (MGLN) opened at 88.00 on Wednesday. Magellan Health has a 12 month low of $49.50 and a 12 month 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 0.58. The firm has a 50 day moving average of $81.23 and a 200-day moving average of $74.14.

Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings results on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.48). Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the company posted $0.58 earnings per share. The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. Analysts forecast that Magellan Health will post $5.13 earnings per share for the current year.

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In other news, SVP Jeffrey N. West sold 19,007 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $86.22, for a total transaction of $1,638,783.54. Following the completion of the sale, the senior vice president now directly owns 26,962 shares in the company, valued at $2,324,663.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mostafa Kamal sold 2,190 shares of Magellan Health stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $81.07, for a total value of $177,543.30. Following the sale, the chief executive officer now directly owns 157 shares in the company, valued at $12,727.99. The disclosure for this sale can be found here. Insiders sold a total of 289,983 shares of company stock worth $24,150,826 in the last quarter. 3.60% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in MGLN. BlackRock Inc. boosted its holdings in 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 purchasing an additional 3,007,275 shares during the last quarter. Vanguard Group Inc. increased its holdings in Magellan Health by 3.3% during the 2nd quarter. Vanguard Group Inc. now owns 2,189,293 shares of the company’s stock worth $159,600,000 after purchasing an additional 70,806 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Magellan Health by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,075,475 shares of the company’s stock worth $127,975,000 after purchasing an additional 86,344 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Magellan Health by 11.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock worth $83,764,000 after purchasing an additional 122,999 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Magellan Health by 163.7% during the 3rd quarter. Victory Capital Management Inc. now owns 1,029,042 shares of the company’s stock worth $55,290,000 after purchasing an additional 638,753 shares during the last quarter. Institutional investors and hedge funds own 93.54% of the company’s stock.

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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