Equities research analysts at Stephens assumed coverage on shares of Magellan Health (NASDAQ:MGLN) in a report issued on Monday, The Fly reports. The brokerage set an “equal weight” rating on the stock.
MGLN has been the topic of several other research reports. BidaskClub cut shares of Magellan Health from a “buy” rating to a “hold” rating in a research report on Friday, September 28th. Zacks Investment Research cut shares of Magellan Health from a “hold” rating to a “sell” rating in a report on Saturday, October 13th. Raymond James reduced their price objective on shares of Magellan Health from $85.00 to $72.00 and set a “buy” rating for the company in a research note on Monday, November 12th. Leerink Swann lowered shares of Magellan Health from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $90.00 to $70.00 in a research report on Tuesday, November 13th. Finally, TheStreet lowered shares of Magellan Health from a “b-” rating to a “c+” rating in a research report on Friday, November 9th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $83.33.
NASDAQ MGLN opened at $60.87 on Monday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.72 and a quick ratio of 1.67. Magellan Health has a fifty-two week low of $51.88 and a fifty-two week high of $112.25. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 11.07, a price-to-earnings-growth ratio of 1.84 and a beta of 0.33.
Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings results on Wednesday, November 7th. The company reported $1.45 EPS for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.28. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.85 billion. Magellan Health had a return on equity of 10.93% and a net margin of 1.49%. Magellan Health’s revenue was up 30.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.64 EPS. As a group, analysts predict that Magellan Health will post 3.61 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in MGLN. FMR LLC grew its holdings in Magellan Health by 45.9% in the second quarter. FMR LLC now owns 2,180,301 shares of the company’s stock worth $209,200,000 after purchasing an additional 685,962 shares during the period. Point72 Asset Management L.P. grew its holdings in shares of Magellan Health by 269.9% during the third quarter. Point72 Asset Management L.P. now owns 326,200 shares of the company’s stock valued at $23,503,000 after buying an additional 238,013 shares during the last quarter. Morgan Stanley grew its holdings in shares of Magellan Health by 207.6% during the third quarter. Morgan Stanley now owns 215,544 shares of the company’s stock valued at $15,531,000 after buying an additional 145,467 shares during the last quarter. Bridgeway Capital Management Inc. grew its holdings in shares of Magellan Health by 422.7% during the third quarter. Bridgeway Capital Management Inc. now owns 147,400 shares of the company’s stock valued at $10,620,000 after buying an additional 119,200 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Magellan Health by 2,618.9% during the third quarter. Assenagon Asset Management S.A. now owns 109,899 shares of the company’s stock valued at $7,918,000 after buying an additional 105,857 shares during the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.
Magellan Health Company Profile
Magellan Health, Inc provides healthcare management services in the United States. It operates in Healthcare and Pharmacy Management segments. The Healthcare segment offers carve-out management services for behavioral health; employee assistance plans (EAP); and other areas of specialty healthcare, including diagnostic imaging, musculoskeletal management, cardiac, and physical medicine for health plans, care organizations, and employers.
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