BidaskClub cut shares of Magellan Health (NASDAQ:MGLN) from a strong-buy rating to a buy rating in a report issued on Tuesday, December 19th.
A number of other brokerages have also issued reports on MGLN. Jefferies Group reissued a buy rating and set a $94.00 target price on shares of Magellan Health in a research note on Friday, October 13th. Zacks Investment Research raised shares of Magellan Health from a hold rating to a strong-buy rating and set a $112.00 target price for the company in a research note on Wednesday, December 13th. KeyCorp set a $105.00 price objective on shares of Magellan Health and gave the company a buy rating in a research note on Friday, December 1st. Raymond James Financial reaffirmed a hold rating on shares of Magellan Health in a research note on Saturday, December 2nd. Finally, ValuEngine raised shares of Magellan Health from a hold rating to a buy rating in a research note on Friday, September 1st. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $96.00.
Magellan Health (MGLN) opened at $98.25 on Tuesday. Magellan Health has a 12-month low of $64.05 and a 12-month high of $99.80. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.28 and a quick ratio of 2.21. The stock has a market cap of $2,376.58, a P/E ratio of 25.92, a price-to-earnings-growth ratio of 1.16 and a beta of 0.53.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.24. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the company posted $1.39 EPS. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. equities analysts forecast that Magellan Health will post 5.19 EPS for the current year.
In other news, CFO Jonathan N. Rubin sold 17,443 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $96.07, for a total transaction of $1,675,749.01. Following the transaction, the chief financial officer now owns 43,890 shares in the company, valued at approximately $4,216,512.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Clapper Caskie Lewis sold 59,313 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $93.99, for a total transaction of $5,574,828.87. Following the transaction, the insider now owns 48,474 shares in the company, valued at approximately $4,556,071.26. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,101 shares of company stock valued at $10,412,588. Company insiders own 3.60% of the company’s stock.
Several large investors have recently bought and sold shares of MGLN. Ameritas Investment Partners Inc. increased its holdings in shares of Magellan Health by 6.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock worth $152,000 after purchasing an additional 120 shares during the period. Advisory Services Network LLC bought a new position in shares of Magellan Health during the 2nd quarter worth about $165,000. HighTower Advisors LLC bought a new position in shares of Magellan Health during the 2nd quarter worth about $210,000. Pacad Investment Ltd. increased its holdings in shares of Magellan Health by 34.8% during the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock worth $226,000 after purchasing an additional 800 shares during the period. Finally, Amalgamated Bank increased its holdings in shares of Magellan Health by 5.1% during the 2nd quarter. Amalgamated Bank now owns 3,265 shares of the company’s stock worth $238,000 after purchasing an additional 159 shares during the period. Institutional investors own 94.94% of the company’s stock.
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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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