Magellan Health Inc (MGLN) Expected to Announce Quarterly Sales of $1.62 Billion

Brokerages expect Magellan Health Inc (NASDAQ:MGLN) to announce $1.62 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Magellan Health’s earnings. The lowest sales estimate is $1.61 billion and the highest is $1.63 billion. Magellan Health reported sales of $1.26 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 28.6%. The firm is scheduled to announce its next earnings results on Friday, February 23rd.

According to Zacks, analysts expect that Magellan Health will report full-year sales of $1.62 billion for the current financial year, with estimates ranging from $5.75 billion to $5.78 billion. For the next fiscal year, analysts forecast that the business will post sales of $7.60 billion per share, with estimates ranging from $7.52 billion to $7.65 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Magellan Health.

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 Thomson Reuters’ 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 business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the prior year, the business earned $1.39 EPS. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year.

MGLN has been the subject of a number of analyst reports. BidaskClub upgraded Magellan Health from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Jefferies Group restated a “buy” rating and set a $94.00 price objective on shares of Magellan Health in a research note on Friday, October 13th. Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “strong-buy” rating and set a $112.00 price objective for the company in a research note on Wednesday, December 13th. KeyCorp set a $105.00 price objective on Magellan Health and gave the stock a “buy” rating in a research note on Friday, December 1st. Finally, Raymond James Financial restated a “hold” rating on shares of Magellan Health in a research note on Saturday, December 2nd. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $96.00.

Shares of Magellan Health (NASDAQ MGLN) opened at $97.50 on Friday. Magellan Health has a 1-year low of $64.05 and a 1-year high of $99.80. The firm has a market capitalization of $2,344.12, a price-to-earnings ratio of 25.73, a price-to-earnings-growth ratio of 1.14 and a beta of 0.53. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.28 and a quick ratio of 2.21.

In related news, General Counsel Daniel N. Gregoire sold 8,275 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $89.08, for a total transaction of $737,137.00. Following the transaction, the general counsel now directly owns 16,690 shares of the company’s stock, valued at approximately $1,486,745.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Daniel N. Gregoire sold 9,369 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $89.20, for a total value of $835,714.80. Following the transaction, the general counsel now directly owns 22,826 shares in the company, valued at $2,036,079.20. The disclosure for this sale can be found here. Insiders have sold a total of 111,101 shares of company stock worth $10,412,588 over the last ninety days. 3.60% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. ClariVest Asset Management LLC acquired a new position in shares of Magellan Health in the third quarter valued at about $8,690,000. Hillcrest Asset Management LLC acquired a new position in shares of Magellan Health in the third quarter valued at about $8,822,000. LSV Asset Management acquired a new position in shares of Magellan Health in the second quarter valued at about $44,282,000. Legal & General Group Plc increased its holdings in shares of Magellan Health by 4.5% in the second quarter. Legal & General Group Plc now owns 68,542 shares of the company’s stock valued at $4,998,000 after purchasing an additional 2,962 shares during the period. Finally, Municipal Employees Retirement System of Michigan increased its holdings in shares of Magellan Health by 18.8% in the third quarter. Municipal Employees Retirement System of Michigan now owns 20,810 shares of the company’s stock valued at $1,796,000 after purchasing an additional 3,300 shares during the period. 94.94% of the stock is currently owned by institutional investors and hedge funds.

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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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