Magellan Health, Inc. (MGLN) Receives Average Rating of “Buy” from Brokerages
Shares of Magellan Health, Inc. (NASDAQ:MGLN) have earned a consensus recommendation of “Buy” from the eight research firms that are currently covering the firm, MarketBeat Ratings reports. 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. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $81.25.
MGLN has been the topic of several research reports. KeyCorp raised 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 raised Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a report on Tuesday, July 18th. BidaskClub lowered Magellan Health from a “hold” rating to a “sell” rating in a report on Monday, July 31st. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, Jefferies Group LLC reissued a “buy” rating and set a $94.00 price objective on shares of Magellan Health in a report on Friday, October 13th.
Shares of Magellan Health (MGLN) traded down $2.40 during mid-day trading on Monday, reaching $83.00. The company’s stock had a trading volume of 111,696 shares, compared to its average volume of 138,841. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.21 and a current ratio of 2.28. Magellan Health has a 12 month low of $49.90 and a 12 month high of $92.00. The firm has a market cap of $2,053.21, a price-to-earnings ratio of 19.45, a P/E/G ratio of 1.10 and a beta of 0.55.
Magellan Health (NASDAQ:MGLN) last issued its earnings results on Wednesday, November 1st. The company reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.24. Magellan Health had a return on equity of 9.20% and a net margin of 1.68%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the firm posted $1.39 EPS. The business’s revenue was up 9.9% compared to the same quarter last year. sell-side analysts forecast that Magellan Health will post 5.2 earnings per share for the current fiscal year.
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In related news, CEO Mostafa Kamal sold 6,267 shares of the stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $81.53, for a total transaction of $510,948.51. Following the completion of the sale, the chief executive officer now owns 6,267 shares in the company, valued at approximately $510,948.51. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Daniel N. Gregoire sold 9,369 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $89.20, for a total value of $835,714.80. Following the sale, the general counsel now owns 22,826 shares of the company’s stock, valued at approximately $2,036,079.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 245,059 shares of company stock worth $20,965,135. 5.00% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the stock. Suntrust Banks Inc. boosted its stake in Magellan Health by 2.1% during the 2nd quarter. Suntrust Banks Inc. now owns 4,018 shares of the company’s stock valued at $292,000 after purchasing an additional 84 shares during the period. Nisa Investment Advisors LLC boosted its stake in Magellan Health by 0.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 20,210 shares of the company’s stock valued at $1,473,000 after purchasing an additional 100 shares during the period. Louisiana State Employees Retirement System boosted its stake in Magellan Health by 1.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the company’s stock valued at $707,000 after purchasing an additional 100 shares during the period. Arizona State Retirement System boosted its stake in Magellan Health by 0.8% during the 2nd quarter. Arizona State Retirement System now owns 12,412 shares of the company’s stock valued at $905,000 after purchasing an additional 100 shares during the period. Finally, Ameritas Investment Partners Inc. boosted its stake in Magellan Health by 6.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock valued at $152,000 after purchasing an additional 120 shares during the period. Hedge funds and other institutional investors own 93.31% 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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