Magellan Health, Inc. (MGLN) Expected to Announce Earnings of $1.42 Per Share
Brokerages expect Magellan Health, Inc. (NASDAQ:MGLN) to announce earnings per share (EPS) of $1.42 for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Magellan Health’s earnings, with estimates ranging from $1.26 to $1.51. Magellan Health posted earnings of $1.39 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 2.2%. The firm is expected to report its next quarterly earnings report before the market opens on Wednesday, November 1st.
On average, analysts expect that Magellan Health will report full year earnings of $5.13 per share for the current financial year, with EPS estimates ranging from $5.08 to $5.21. For the next fiscal year, analysts anticipate 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 averages are an average based on a survey of research firms that follow Magellan Health.
Magellan Health (NASDAQ:MGLN) last posted 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 business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.58 EPS.
A number of equities analysts have recently issued reports on the company. Jefferies Group LLC reaffirmed a “buy” rating and set a $94.00 price target on shares of Magellan Health in a research report on Friday, October 13th. Zacks Investment Research downgraded Magellan Health from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. KeyCorp reaffirmed a “buy” rating and set a $89.00 price target on shares of Magellan Health in a research report on Friday, September 22nd. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, BidaskClub raised Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $83.00.
In related news, General Counsel Daniel N. Gregoire sold 4,559 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $80.68, for a total value of $367,820.12. Following the transaction, the general counsel now directly owns 18,016 shares of the company’s stock, valued at approximately $1,453,530.88. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Daniel N. Gregoire sold 12,475 shares of the company’s stock in a transaction 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. Over the last three months, insiders sold 272,669 shares of company stock worth $23,080,685. 3.60% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Shell Asset Management Co. increased its position in shares of Magellan Health by 131.0% in the 3rd quarter. Shell Asset Management Co. now owns 30,457 shares of the company’s stock valued at $1,667,000 after acquiring an additional 17,270 shares during the period. Eqis Capital Management Inc. increased its position in shares of Magellan Health by 133.3% in the 3rd 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 shares of Magellan Health in the 2nd quarter valued at $165,000. Piedmont Investment Advisors LLC acquired a new position in shares of Magellan Health in the 2nd quarter valued at $374,000. Finally, Dean Capital Management increased its position in shares of Magellan Health by 23.2% in the 2nd 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. 93.55% of the stock is currently owned by hedge funds and other institutional investors.
Magellan Health (NASDAQ:MGLN) traded up 0.81% during mid-day trading on Friday, hitting $86.95. The company’s stock had a trading volume of 107,202 shares. The firm’s 50-day moving average is $84.03 and its 200-day moving average is $75.81. The company has a market cap of $2.06 billion, a P/E ratio of 24.76 and a beta of 0.58. Magellan Health has a 12-month low of $49.50 and a 12-month high of $88.10.
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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