Leerink Swann upgraded shares of Magellan Health (NASDAQ:MGLN) from a market perform rating to an outperform rating in a report published on Thursday morning, Marketbeat.com reports.
Several other research analysts also recently commented on MGLN. 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. Raymond James Financial reaffirmed a hold rating on shares of Magellan Health in a research report on Saturday, December 2nd. BidaskClub raised Magellan Health from a buy rating to a strong-buy rating in a research report on Thursday, December 7th. Zacks Investment Research raised 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. Finally, ValuEngine raised Magellan Health from a hold rating to a buy rating in a research report on Sunday, December 31st. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Magellan Health currently has an average rating of Buy and an average target price of $96.00.
Magellan Health (NASDAQ MGLN) opened at $108.25 on Thursday. The company has a quick ratio of 1.62, a current ratio of 1.66 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $2,633.07, a P/E ratio of 20.70, a price-to-earnings-growth ratio of 1.27 and a beta of 0.49. Magellan Health has a 1 year low of $64.05 and a 1 year high of $109.80.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $2.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.26. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.62 billion. Magellan Health had a return on equity of 10.86% and a net margin of 1.89%. The company’s revenue for the quarter was up 34.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.80 EPS. equities analysts anticipate that Magellan Health will post 5.89 earnings per share for the current year.
In other news, General Counsel Daniel N. Gregoire sold 22,875 shares of the business’s stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $99.05, for a total transaction of $2,265,768.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mostafa Kamal sold 15,428 shares of the business’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $99.04, for a total value of $1,527,989.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,863 shares of company stock worth $9,432,287. 3.60% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Xact Kapitalforvaltning AB bought a new stake in shares of Magellan Health during the fourth quarter valued at approximately $275,000. MetLife Investment Advisors LLC bought a new stake in shares of Magellan Health during the fourth quarter valued at approximately $1,072,000. Gotham Asset Management LLC bought a new stake in shares of Magellan Health during the fourth quarter valued at approximately $201,000. Vident Investment Advisory LLC increased its position in shares of Magellan Health by 6.5% during the fourth quarter. Vident Investment Advisory LLC now owns 27,766 shares of the company’s stock valued at $2,681,000 after purchasing an additional 1,694 shares during the period. Finally, Millennium Management LLC increased its position in shares of Magellan Health by 7.6% during the fourth quarter. Millennium Management LLC now owns 588,464 shares of the company’s stock valued at $56,816,000 after purchasing an additional 41,463 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.
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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