Magellan Health, Inc. (NASDAQ:MGLN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $90.00 target price on the stock. Zacks Investment Research‘s target price indicates a potential upside of 13.49% from the stock’s current price.
According to Zacks, “Magellan Health Services is the country’s leading behavioral managed care organization. Its customers include health plans, corporations and government agencies. “
Other equities analysts have also recently issued reports about the company. BidaskClub raised Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Leerink Swann reaffirmed an “outperform” rating and issued a $73.00 target price (up from $68.00) on shares of Magellan Health in a report on Sunday, June 25th. Finally, KeyCorp raised Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 target price on the stock in a report on Thursday, July 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. Magellan Health currently has a consensus rating of “Buy” and an average price target of $82.20.
Shares of Magellan Health (MGLN) opened at 79.30 on Tuesday. The firm has a 50-day moving average price of $70.98 and a 200-day moving average price of $72.02. The stock has a market capitalization of $1.88 billion, a P/E ratio of 23.15 and a beta of 0.59. Magellan Health has a 52-week low of $49.50 and a 52-week high of $84.71.
Magellan Health (NASDAQ:MGLN) last announced its earnings results on Wednesday, April 26th. The company reported $0.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. Magellan Health had a return on equity of 9.05% and a net margin of 1.64%. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the firm earned $0.79 EPS. Magellan Health’s revenue for the quarter was up 16.9% compared to the same quarter last year. On average, analysts predict that Magellan Health will post $5.44 EPS for the current year.
In other news, General Counsel Daniel N. Gregoire sold 14,114 shares of the firm’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $80.11, for a total transaction of $1,130,672.54. Following the completion of the transaction, the general counsel now owns 27,573 shares in the company, valued at $2,208,873.03. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 3.60% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System raised its position in shares of Magellan Health by 12.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 17,844 shares of the company’s stock worth $1,232,000 after buying an additional 1,974 shares during the last quarter. Great West Life Assurance Co. Can raised its position in shares of Magellan Health by 8.7% in the first quarter. Great West Life Assurance Co. Can now owns 32,715 shares of the company’s stock worth $2,256,000 after buying an additional 2,611 shares during the last quarter. Bowling Portfolio Management LLC purchased a new position in shares of Magellan Health during the first quarter worth $723,000. Strs Ohio raised its position in shares of Magellan Health by 2.0% in the first quarter. Strs Ohio now owns 15,100 shares of the company’s stock worth $1,042,000 after buying an additional 300 shares during the last quarter. Finally, Nationwide Fund Advisors raised its position in shares of Magellan Health by 121.6% in the first quarter. Nationwide Fund Advisors now owns 95,559 shares of the company’s stock worth $6,598,000 after buying an additional 52,431 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.
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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