Magellan Health Inc (MGLN) Receives Average Recommendation of “Buy” from Brokerages

Magellan Health Inc (NASDAQ:MGLN) has earned a consensus rating of “Buy” from the seven analysts that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $90.67.

A number of equities research analysts have weighed in on MGLN shares. KeyCorp set a $105.00 target price on shares of Magellan Health and gave the stock a “buy” rating in a report on Friday, December 1st. Zacks Investment Research raised shares of Magellan Health from a “hold” rating to a “strong-buy” rating and set a $112.00 target price on the stock in a report on Wednesday, December 13th. BidaskClub lowered shares of Magellan Health from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 19th. Raymond James Financial reissued a “hold” rating on shares of Magellan Health in a report on Saturday, December 2nd. Finally, ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a report on Sunday, December 31st.

In other news, General Counsel Daniel N. Gregoire sold 8,275 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $89.08, for a total value of $737,137.00. Following the transaction, the general counsel now owns 16,690 shares in the company, valued at approximately $1,486,745.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mostafa Kamal sold 2,180 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $92.00, for a total transaction of $200,560.00. Following the completion of the transaction, the chief executive officer now owns 2,180 shares in the company, valued at approximately $200,560. The disclosure for this sale can be found here. Insiders sold a total of 113,953 shares of company stock worth $10,797,505 in the last 90 days. Corporate insiders own 5.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of MGLN. ClariVest Asset Management LLC acquired a new position in shares of Magellan Health during the 3rd quarter valued at $8,690,000. Cubist Systematic Strategies LLC raised its holdings in Magellan Health by 54.8% during the third quarter. Cubist Systematic Strategies LLC now owns 6,766 shares of the company’s stock worth $584,000 after buying an additional 2,395 shares during the last quarter. Hillcrest Asset Management LLC acquired a new position in Magellan Health during the third quarter worth $8,822,000. Schwab Charles Investment Management Inc. raised its holdings in Magellan Health by 3.5% during the third quarter. Schwab Charles Investment Management Inc. now owns 157,097 shares of the company’s stock worth $13,558,000 after buying an additional 5,378 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its holdings in Magellan Health by 18.8% during the third quarter. Municipal Employees Retirement System of Michigan now owns 20,810 shares of the company’s stock worth $1,796,000 after buying an additional 3,300 shares during the last quarter. Hedge funds and other institutional investors own 94.98% of the company’s stock.

Magellan Health (MGLN) traded down $0.35 on Wednesday, reaching $94.10. 106,000 shares of the company’s stock were exchanged, compared to its average volume of 126,670. Magellan Health has a 52-week low of $64.05 and a 52-week high of $102.70. The company has a quick ratio of 2.21, a current ratio of 2.28 and a debt-to-equity ratio of 0.62. The company has a market cap of $2,270.79, a price-to-earnings ratio of 24.83, 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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