Shares of Magellan Health, Inc. (NASDAQ:MGLN) have received a consensus rating of “Buy” from the eight brokerages that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $81.80.
Several brokerages have recently commented on MGLN. KeyCorp restated a “buy” rating and set a $89.00 price target on shares of Magellan Health in a research note on Friday. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a research note on Tuesday, July 18th. BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Finally, Leerink Swann restated an “outperform” rating and set a $73.00 price target (up previously from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th.
Shares of Magellan Health (NASDAQ MGLN) traded up 1.22% on Friday, reaching $83.00. 101,847 shares of the company’s stock were exchanged. Magellan Health has a one year low of $49.50 and a one year high of $84.71. The company’s 50 day moving average is $78.85 and its 200-day moving average is $72.93. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of 23.63 and a beta of 0.57.
Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings results on Friday, July 28th. The company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.48). The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. The business’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.58 EPS. On average, analysts anticipate that Magellan Health will post $5.13 EPS for the current year.
In other Magellan Health news, CEO Mostafa Kamal sold 2,961 shares of Magellan Health stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $84.00, for a total value of $248,724.00. Following the transaction, the chief executive officer now owns 2,961 shares in the company, valued at $248,724. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Daniel N. Gregoire sold 14,114 shares of Magellan Health stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $80.11, for a total value of $1,130,672.54. Following the completion of the transaction, the general counsel now owns 27,573 shares in the company, valued at approximately $2,208,873.03. The disclosure for this sale can be found here. Insiders sold 147,596 shares of company stock worth $11,959,347 in the last quarter. 3.60% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of MGLN. BlackRock Inc. grew its stake in Magellan Health by 53,778.2% in the first quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock valued at $208,038,000 after purchasing an additional 3,007,275 shares during the last quarter. LSV Asset Management purchased a new position in Magellan Health in the second quarter valued at about $44,282,000. Hood River Capital Management LLC purchased a new position in Magellan Health in the second quarter valued at about $25,387,000. Renaissance Technologies LLC grew its stake in Magellan Health by 11.3% in the first quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock valued at $83,764,000 after purchasing an additional 122,999 shares during the last quarter. Finally, Thrivent Financial For Lutherans grew its stake in Magellan Health by 81.7% in the second quarter. Thrivent Financial For Lutherans now owns 228,546 shares of the company’s stock valued at $16,661,000 after purchasing an additional 102,736 shares during the last quarter. Institutional investors own 93.54% of the company’s stock.
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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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