Brokerages expect that Magellan Health, Inc. (NASDAQ:MGLN) will report sales of $1.49 billion for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Magellan Health’s earnings, with the lowest sales estimate coming in at $1.48 billion and the highest estimate coming in at $1.51 billion. Magellan Health reported sales of $1.29 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 15.5%. The company is expected to report its next quarterly earnings results before the market opens on Wednesday, November 1st.

On average, analysts expect that Magellan Health will report full-year sales of $1.49 billion for the current fiscal year, with estimates ranging from $5.79 billion to $5.80 billion. For the next year, analysts anticipate that the company will post sales of $7.14 billion per share, with estimates ranging from $6.90 billion to $7.46 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Magellan Health.

Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings results on Friday, July 28th. The company reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.94 by ($0.48). The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The business’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.58 EPS.

Several equities analysts have recently weighed in on the stock. Leerink Swann reaffirmed an “outperform” rating and set a $73.00 price target (up from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th. Zacks Investment Research raised shares of Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a research note on Tuesday, July 18th. ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. BidaskClub cut shares of Magellan Health from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, KeyCorp reaffirmed a “buy” rating and set a $89.00 price target on shares of Magellan Health in a research note on Friday, September 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. Magellan Health currently has an average rating of “Buy” and an average price target of $81.80.

Magellan Health (NASDAQ:MGLN) opened at 87.90 on Thursday. The stock has a market cap of $2.08 billion, a P/E ratio of 25.03 and a beta of 0.58. Magellan Health has a 1-year low of $49.50 and a 1-year high of $88.10. The firm’s 50-day moving average is $81.50 and its 200-day moving average is $74.24.

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In other Magellan Health news, General Counsel Daniel N. Gregoire sold 14,114 shares of the firm’s stock in a transaction 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 completion of the sale, the general counsel now owns 27,573 shares of the company’s stock, valued at approximately $2,208,873.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Daniel N. Gregoire sold 35,658 shares of the firm’s stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $85.17, for a total value of $3,036,991.86. Following the sale, the general counsel now directly owns 49,115 shares of the company’s stock, valued at approximately $4,183,124.55. The disclosure for this sale can be found here. In the last three months, insiders sold 320,004 shares of company stock valued at $26,771,960. 3.60% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the business. Alpha Windward LLC lifted its holdings in Magellan Health by 7.8% during the 2nd quarter. Alpha Windward LLC now owns 6,600 shares of the company’s stock valued at $481,000 after purchasing an additional 480 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Magellan Health by 6.1% during the 1st quarter. Geode Capital Management LLC now owns 305,624 shares of the company’s stock valued at $21,103,000 after purchasing an additional 17,460 shares during the last quarter. Great West Life Assurance Co. Can lifted its holdings in Magellan Health by 3.4% during the 2nd quarter. Great West Life Assurance Co. Can now owns 33,815 shares of the company’s stock valued at $2,463,000 after purchasing an additional 1,100 shares during the last quarter. Legal & General Group Plc lifted its holdings in Magellan Health by 4.5% during the 2nd quarter. Legal & General Group Plc now owns 68,542 shares of the company’s stock valued at $4,998,000 after purchasing an additional 2,962 shares during the last quarter. Finally, State of Tennessee Treasury Department lifted its holdings in Magellan Health by 17.8% during the 1st quarter. State of Tennessee Treasury Department now owns 21,809 shares of the company’s stock valued at $1,506,000 after purchasing an additional 3,291 shares during the last quarter. 93.54% 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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Earnings History and Estimates for Magellan Health (NASDAQ:MGLN)

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