Magellan Health Inc (MGLN) Expected to Post Earnings of $2.30 Per Share

Wall Street brokerages predict that Magellan Health Inc (NASDAQ:MGLN) will post $2.30 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Magellan Health’s earnings, with the lowest EPS estimate coming in at $2.25 and the highest estimate coming in at $2.33. Magellan Health reported earnings of $1.80 per share in the same quarter last year, which would indicate a positive year over year growth rate of 27.8%. The company is expected to announce its next earnings results on Friday, February 23rd.

According to Zacks, analysts expect that Magellan Health will report full year earnings of $5.62 per share for the current financial year, with EPS estimates ranging from $5.57 to $5.65. For the next year, analysts expect that the company will report earnings of $6.01 per share, with EPS estimates ranging from $5.97 to $6.08. Zacks’ earnings per share averages are a mean average based on a survey of sell-side analysts that that provide coverage for Magellan Health.

Magellan Health (NASDAQ:MGLN) last released its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.24. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.49 billion. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. Magellan Health’s revenue was up 9.9% compared to the same quarter last year. During the same period last year, the business earned $1.39 EPS.

MGLN has been the subject of a number of research analyst reports. ValuEngine upgraded shares of Magellan Health from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. BidaskClub lowered shares of Magellan Health from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 19th. KeyCorp set a $105.00 price target on shares of Magellan Health and gave the stock a “buy” rating in a research note on Friday, December 1st. Jefferies Group reiterated a “buy” rating and issued a $94.00 price target on shares of Magellan Health in a research note on Friday, October 13th. Finally, Raymond James Financial reiterated a “hold” rating on shares of Magellan Health in a research note on Saturday, December 2nd. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $96.00.

Shares of Magellan Health (MGLN) traded up $2.65 during mid-day trading on Friday, hitting $100.80. 113,050 shares of the stock were exchanged, compared to its average volume of 91,935. Magellan Health has a 52-week low of $64.05 and a 52-week high of $100.85. The company has a market capitalization of $2,359.75, a price-to-earnings ratio of 26.60, a PEG ratio of 1.15 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, CEO Barry M. Smith sold 13,367 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $95.94, for a total value of $1,282,429.98. Following the transaction, the chief executive officer now owns 42,799 shares of the company’s stock, valued at $4,106,136.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jonathan N. Rubin sold 17,443 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $96.07, for a total transaction of $1,675,749.01. Following the completion of the transaction, the chief financial officer now directly owns 43,890 shares in the company, valued at approximately $4,216,512.30. The disclosure for this sale can be found here. Insiders sold 111,101 shares of company stock valued at $10,412,588 over the last quarter. Company insiders own 3.60% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of MGLN. Hood River Capital Management LLC purchased a new position in shares of Magellan Health in the second quarter worth approximately $25,387,000. Wells Fargo & Company MN boosted its holdings 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 worth $11,894,000 after buying an additional 104,045 shares during the last quarter. Hillcrest Asset Management LLC purchased a new position in shares of Magellan Health in the third quarter worth approximately $8,822,000. ClariVest Asset Management LLC purchased a new position in shares of Magellan Health in the third quarter worth approximately $8,690,000. Finally, Nordea Investment Management AB purchased a new position in shares of Magellan Health in the third quarter worth approximately $6,800,000. 94.94% of the stock is currently owned by institutional investors.

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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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