Magellan Health (NASDAQ:MGLN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm currently has a $118.00 price objective on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.44% from the company’s current price.
According to Zacks, “Magellan Health Inc. is an American for-profit managed health care company, focused on behavioral healthcare. As a specialty health care manager, they focus on some of today’s most complex and costly health care services. The depth and breadth of experience in managing behavioral health care, diagnostic imaging, specialty pharmaceutical services and providing pharmacy benefits administration enables us to deliver invaluable insights and innovative solutions that positively impact both the quality and the cost of some of the nation’s fastest growing areas of health care. Maintaining the highest level of integrity and clinical and quality excellence have long been Magellan hallmarks. By working together with health plans, employers, government agencies, consumers, service providers, fellow employees and many other stakeholders, they get a full perspective of the situation and are able to leverage these partnerships to deliver effective and innovative solutions. “
A number of other brokerages also recently issued reports on MGLN. BidaskClub raised shares of Magellan Health from a “buy” rating to a “strong-buy” rating in a research report on Thursday, December 7th. Leerink Swann raised shares of Magellan Health from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 15th. KeyCorp set a $105.00 price objective on shares of 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. Finally, ValuEngine downgraded shares of Magellan Health from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 7th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Magellan Health has an average rating of “Buy” and an average price target of $97.50.
Shares of Magellan Health stock opened at $106.85 on Thursday. The company has a current ratio of 1.66, a quick ratio of 1.62 and a debt-to-equity ratio of 0.58. The company has a market cap of $2,625.79, a PE ratio of 23.96, a PEG ratio of 1.22 and a beta of 0.49. Magellan Health has a 52-week low of $64.05 and a 52-week high of $109.80.
Magellan Health (NASDAQ:MGLN) last posted its earnings results on Tuesday, February 27th. The company reported $2.55 EPS for the quarter, topping the consensus estimate of $2.29 by $0.26. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.62 billion. Magellan Health had a net margin of 1.89% and a return on equity of 10.86%. The firm’s revenue for the quarter was up 34.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.80 earnings per share. research analysts anticipate that Magellan Health will post 5.89 EPS for the current year.
In other Magellan Health news, CEO Barry M. Smith sold 13,367 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $95.94, for a total value of $1,282,429.98. Following the transaction, the chief executive officer now directly owns 42,799 shares in the company, valued at $4,106,136.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mostafa Kamal sold 15,428 shares of the business’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $99.04, for a total transaction of $1,527,989.12. The disclosure for this sale can be found here. Insiders sold a total of 95,863 shares of company stock valued at $9,432,287 over the last ninety days. 5.00% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Gotham Asset Management LLC purchased a new position in Magellan Health in the fourth quarter valued at about $201,000. Shelton Capital Management purchased a new position in Magellan Health in the fourth quarter valued at about $205,000. Xact Kapitalforvaltning AB purchased a new position in Magellan Health in the fourth quarter valued at about $275,000. CIBC Asset Management Inc purchased a new position in Magellan Health in the fourth quarter valued at about $291,000. Finally, Meadow Creek Investment Management LLC boosted its stake in Magellan Health by 20.8% in the fourth quarter. Meadow Creek Investment Management LLC now owns 3,416 shares of the company’s stock valued at $330,000 after acquiring an additional 588 shares during the last quarter. Hedge funds and other institutional investors own 97.32% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This piece of content was first reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this piece of content on another domain, it was illegally stolen and reposted in violation of United States and international copyright & trademark laws. The legal version of this piece of content can be read at https://www.dispatchtribunal.com/2018/03/22/magellan-health-mgln-stock-rating-upgraded-by-zacks-investment-research.html.
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).
Get a free copy of the Zacks research report on Magellan Health (MGLN)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Magellan Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Health and related companies with MarketBeat.com's FREE daily email newsletter.