Raymond James Financial Reaffirms Hold Rating for Magellan Health (MGLN)

Raymond James Financial reissued their hold rating on shares of Magellan Health (NASDAQ:MGLN) in a research report released on Saturday morning.

Several other equities research analysts have also recently issued reports on the stock. Jefferies Group reiterated a buy rating and set a $94.00 price objective on shares of Magellan Health in a research report on Friday, October 13th. ValuEngine upgraded shares of Magellan Health from a hold rating to a buy rating in a research report on Friday, September 1st. BidaskClub upgraded shares of Magellan Health from a sell rating to a hold rating in a research report on Tuesday, August 8th. KeyCorp restated a buy rating and issued a $89.00 price target on shares of Magellan Health in a research report on Friday, September 22nd. Finally, Zacks Investment Research cut shares of Magellan Health from a buy rating to a hold rating in a research report on Wednesday, October 4th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $90.50.

Shares of Magellan Health (NASDAQ MGLN) opened at $95.70 on Friday. The stock has a market cap of $2,146.98, a P/E ratio of 20.34, a PEG ratio of 1.15 and a beta of 0.54. 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 $95.90.

Magellan Health (NASDAQ:MGLN) last released its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.24. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.39 earnings per share. sell-side analysts expect that Magellan Health will post 5.19 EPS for the current year.

In related news, insider Clapper Caskie Lewis sold 59,313 shares of the business’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $93.99, for a total value of $5,574,828.87. Following the sale, the insider now owns 48,474 shares in the company, valued at $4,556,071.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mostafa Kamal sold 6,267 shares of the business’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $81.53, for a total transaction of $510,948.51. Following the completion of the sale, the chief executive officer now owns 6,267 shares in the company, valued at approximately $510,948.51. The disclosure for this sale can be found here. Insiders sold 312,647 shares of company stock worth $27,277,101 in the last 90 days. 5.00% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. boosted its stake in Magellan Health by 6.1% during the second quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock worth $152,000 after buying an additional 120 shares during the period. Advisory Services Network LLC purchased a new position in Magellan Health during the second quarter worth $165,000. Parametrica Management Ltd purchased a new position in Magellan Health during the third quarter worth $244,000. HighTower Advisors LLC purchased a new position in Magellan Health during the second quarter worth $210,000. Finally, Pacad Investment Ltd. boosted its stake in Magellan Health by 34.8% during the second quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock worth $226,000 after buying an additional 800 shares during the period. 94.96% of the stock is 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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