Brokerages Anticipate Magellan Health Inc (MGLN) Will Announce Quarterly Sales of $1.62 Billion

Brokerages expect Magellan Health Inc (NASDAQ:MGLN) to report $1.62 billion in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Magellan Health’s earnings, with the lowest sales estimate coming in at $1.61 billion and the highest estimate coming in at $1.62 billion. Magellan Health posted sales of $1.26 billion in the same quarter last year, which suggests a positive year over year growth rate of 28.6%. The business is scheduled to report its next earnings report before the market opens on Tuesday, February 27th.

On average, analysts expect that Magellan Health will report full year sales of $1.62 billion for the current fiscal year, with estimates ranging from $5.75 billion to $5.77 billion. For the next fiscal year, analysts expect that the business will post sales of $7.58 billion per share, with estimates ranging from $7.52 billion to $7.65 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Magellan Health.

Magellan Health (NASDAQ:MGLN) last released its earnings results on Wednesday, November 1st. The company reported $1.64 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.49 billion. During the same quarter last year, the business posted $1.39 EPS. Magellan Health’s quarterly revenue was up 9.9% compared to the same quarter last year.

A number of research analysts have commented on the company. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. BidaskClub cut Magellan Health from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 19th. Raymond James Financial reiterated a “hold” rating on shares of Magellan Health in a research report on Saturday, December 2nd. KeyCorp set a $105.00 price target on Magellan Health and gave the stock a “buy” rating in a research report on Friday, December 1st. Finally, Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “strong-buy” rating and set a $112.00 price target on the stock in a research report on Wednesday, December 13th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $96.00.

In other news, insider Clapper Caskie Lewis sold 59,313 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $93.99, for a total transaction of $5,574,828.87. Following the sale, the insider now directly owns 48,474 shares in the company, valued at approximately $4,556,071.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Barry M. Smith sold 13,367 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $95.94, for a total value of $1,282,429.98. Following the sale, the chief executive officer now owns 42,799 shares in the company, valued at $4,106,136.06. The disclosure for this sale can be found here. Insiders have sold a total of 113,953 shares of company stock worth $10,797,505 over the last quarter. Insiders own 5.00% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Magellan Health by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 2,189,293 shares of the company’s stock valued at $159,600,000 after acquiring an additional 70,806 shares during the period. LSV Asset Management increased its position in Magellan Health by 1.4% in the 4th quarter. LSV Asset Management now owns 813,682 shares of the company’s stock valued at $78,560,000 after acquiring an additional 11,400 shares during the period. State Street Corp increased its position in Magellan Health by 2.6% in the 2nd quarter. State Street Corp now owns 691,484 shares of the company’s stock valued at $50,404,000 after acquiring an additional 17,198 shares during the period. Hood River Capital Management LLC increased its position in Magellan Health by 8.4% in the 4th quarter. Hood River Capital Management LLC now owns 549,938 shares of the company’s stock valued at $53,097,000 after acquiring an additional 42,583 shares during the period. Finally, Victory Capital Management Inc. increased its position in Magellan Health by 1.5% in the 4th quarter. Victory Capital Management Inc. now owns 461,817 shares of the company’s stock valued at $44,588,000 after acquiring an additional 6,942 shares during the period. Hedge funds and other institutional investors own 95.14% of the company’s stock.

Magellan Health (NASDAQ:MGLN) opened at $96.75 on Thursday. 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 has a 1-year low of $64.05 and a 1-year high of $102.70. The company has a market capitalization of $2,267.19, a P/E ratio of 25.53, a price-to-earnings-growth ratio of 1.11 and a beta of 0.52.

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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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