BidaskClub Downgrades Magellan Health (MGLN) to Buy

Magellan Health (NASDAQ:MGLN) was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

MGLN has been the topic of a number of other research reports. KeyCorp reaffirmed a “buy” rating and set a $89.00 price objective on shares of Magellan Health in a report on Friday, September 22nd. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Zacks Investment Research lowered Magellan Health from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. Raymond James Financial reissued a “hold” rating on shares of Magellan Health in a report on Saturday, December 2nd. Finally, Jefferies Group reissued a “buy” rating and issued a $94.00 target price on shares of Magellan Health in a report on Friday, October 13th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $96.00.

Magellan Health (NASDAQ:MGLN) opened at $98.15 on Tuesday. Magellan Health has a twelve month low of $64.05 and a twelve month high of $99.25. The firm has a market capitalization of $2,303.25, a price-to-earnings ratio of 21.82, a P/E/G ratio of 1.27 and a beta of 0.54. The company has a current ratio of 2.28, a quick ratio of 2.21 and a debt-to-equity ratio of 0.62.

Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 earnings per share for the quarter, topping the Zacks’ 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 firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the prior year, the company posted $1.39 earnings per share. Magellan Health’s quarterly revenue was up 9.9% on a year-over-year basis. analysts expect that Magellan Health will post 5.19 EPS for the current fiscal year.

In other news, General Counsel Daniel N. Gregoire sold 35,658 shares of the company’s stock in a transaction on Wednesday, September 27th. The stock was 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 in the company, valued at $4,183,124.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mostafa Kamal sold 2,180 shares of the company’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $92.00, for a total value of $200,560.00. Following the completion of the sale, the chief executive officer now owns 2,180 shares in the company, valued at $200,560. The disclosure for this sale can be found here. Insiders sold 265,174 shares of company stock worth $23,365,071 in the last three months. 5.00% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of MGLN. LSV Asset Management purchased a new stake in shares of Magellan Health in the second quarter valued at $44,282,000. Hood River Capital Management LLC purchased a new stake in shares of Magellan Health in the second quarter valued at $25,387,000. Wells Fargo & Company MN lifted its position in shares of Magellan Health by 308.0% in the third quarter. Wells Fargo & Company MN now owns 137,829 shares of the company’s stock valued at $11,894,000 after acquiring an additional 104,045 shares in the last quarter. Thrivent Financial For Lutherans lifted its position in shares of Magellan Health by 81.7% in the second quarter. Thrivent Financial For Lutherans now owns 228,546 shares of the company’s stock valued at $16,661,000 after acquiring an additional 102,736 shares in the last quarter. Finally, Hillcrest Asset Management LLC purchased a new stake in shares of Magellan Health in the third quarter valued at $8,822,000. Institutional investors and hedge funds own 94.94% of the company’s stock.

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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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