Magellan Health, Inc. (MGLN) Announces Earnings Results
Magellan Health, Inc. (NASDAQ:MGLN) issued its quarterly earnings results on Wednesday. The company reported $1.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.24, Bloomberg Earnings reports. 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 the consensus estimate of $1.49 billion. During the same period in the prior year, the company earned $1.39 EPS. Magellan Health’s revenue was up 9.9% on a year-over-year basis. Magellan Health updated its FY17 guidance to $5.45-5.86 EPS.
A number of brokerages have weighed in on MGLN. Jefferies Group LLC reissued a “buy” rating and issued a $94.00 price target on shares of Magellan Health in a report on Friday, October 13th. Zacks Investment Research downgraded shares of Magellan Health from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. KeyCorp reissued a “buy” rating and issued a $89.00 price target on shares of Magellan Health in a report on Friday, September 22nd. ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. One research 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. The stock presently has an average rating of “Buy” and an average target price of $83.00.
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In related news, General Counsel Daniel N. Gregoire sold 12,475 shares of Magellan Health stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $88.02, for a total value of $1,098,049.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mostafa Kamal sold 604 shares of Magellan Health stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $83.00, for a total value of $50,132.00. Following the completion of the sale, the chief executive officer now owns 19 shares of the company’s stock, valued at $1,577. The disclosure for this sale can be found here. Over the last quarter, insiders sold 234,536 shares of company stock valued at $20,023,252. Corporate insiders own 3.60% of the company’s stock.
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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