Magellan Health, Inc. (MGLN) Receives Consensus Rating of “Buy” from Analysts
Magellan Health, Inc. (NASDAQ:MGLN) has earned a consensus recommendation of “Buy” from the eight analysts that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $79.75.
MGLN has been the topic of a number of recent research reports. Leerink Swann reiterated an “outperform” rating and issued a $73.00 target price (up previously from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. KeyCorp upgraded Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 target price on the stock in a research report on Thursday, July 13th. 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. BidaskClub lowered Magellan Health from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st.
Magellan Health (MGLN) traded up 0.18% during trading on Thursday, reaching $85.80. 81,503 shares of the company’s stock traded hands. The company has a 50 day moving average of $82.62 and a 200 day moving average of $74.98. Magellan Health has a one year low of $49.50 and a one year high of $88.10. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 24.43 and a beta of 0.58.
Magellan Health (NASDAQ:MGLN) last issued its earnings results on Friday, July 28th. The company reported $0.46 EPS for the quarter, missing the Zacks’ consensus estimate of $0.94 by ($0.48). The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. Magellan Health’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.58 EPS. Equities research analysts predict that Magellan Health will post $5.13 EPS for the current year.
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In other Magellan Health news, General Counsel Daniel N. Gregoire sold 14,114 shares of the business’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 value of $1,130,672.54. Following the completion of the transaction, the general counsel now directly owns 27,573 shares of the company’s stock, valued at $2,208,873.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Daniel N. Gregoire sold 12,475 shares of the business’s stock in a transaction that occurred on Wednesday, October 4th. The shares were sold at an average price of $88.02, for a total value of $1,098,049.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 332,479 shares of company stock worth $27,870,009. 3.60% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in the business. Eqis Capital Management Inc. lifted its holdings in Magellan Health by 133.3% in the third quarter. Eqis Capital Management Inc. now owns 6,721 shares of the company’s stock valued at $580,000 after acquiring an additional 3,840 shares during the period. Advisory Services Network LLC acquired a new position in Magellan Health in the second quarter valued at approximately $165,000. Piedmont Investment Advisors LLC acquired a new position in Magellan Health in the second quarter valued at approximately $374,000. Dean Capital Management lifted its holdings in Magellan Health by 23.2% in the second quarter. Dean Capital Management now owns 60,949 shares of the company’s stock valued at $4,444,000 after acquiring an additional 11,470 shares during the period. Finally, Ameritas Investment Partners Inc. lifted its holdings in Magellan Health by 6.1% in the second quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock valued at $152,000 after acquiring an additional 120 shares during the period. 93.55% of the stock is owned by institutional investors.
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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