Wall Street brokerages expect Magellan Health, Inc. (NASDAQ:MGLN) to report sales of $1.49 billion for the current quarter, Zacks reports. Four analysts have made estimates for Magellan Health’s earnings, with the highest sales estimate coming in at $1.51 billion and the lowest estimate coming in at $1.48 billion. Magellan Health reported sales of $1.29 billion in the same quarter last year, which indicates a positive year over year growth rate of 15.5%. The company is scheduled to announce its next earnings results on Wednesday, November 8th.
According to Zacks, analysts expect that Magellan Health will report full-year sales of $1.49 billion for the current fiscal year, with estimates ranging from $5.79 billion to $5.80 billion. For the next fiscal year, analysts expect that the company will report sales of $7.14 billion per share, with estimates ranging from $6.90 billion to $7.46 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Magellan Health.
Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings results on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.48). Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the firm earned $0.58 EPS. The firm’s revenue for the quarter was up 21.9% on a year-over-year basis.
Several analysts have issued reports on the stock. KeyCorp raised shares of Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price objective for the company in a research note on Thursday, July 13th. BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research raised shares of Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research note on Tuesday, July 18th. Finally, Leerink Swann reissued an “outperform” rating and issued a $73.00 price objective (up previously from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $82.20.
In other news, General Counsel Daniel N. Gregoire sold 14,114 shares of Magellan Health stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $80.11, for a total transaction of $1,130,672.54. Following the completion of the sale, the general counsel now owns 27,573 shares of the company’s stock, valued at $2,208,873.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mostafa Kamal sold 604 shares of Magellan Health stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $83.00, for a total transaction of $50,132.00. Following the sale, the chief executive officer now directly owns 19 shares of the company’s stock, valued at approximately $1,577. The disclosure for this sale can be found here. In the last three months, insiders sold 147,596 shares of company stock valued at $11,959,347. 3.60% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. bought a new stake in shares of Magellan Health during the first quarter valued at approximately $136,000. Advisory Services Network LLC bought a new stake in shares of Magellan Health during the second quarter valued at approximately $165,000. HighTower Advisors LLC bought a new stake in shares of Magellan Health during the second quarter valued at approximately $210,000. Eqis Capital Management Inc. bought a new stake in shares of Magellan Health during the second quarter valued at approximately $210,000. Finally, Pacad Investment Ltd. raised its stake in shares of Magellan Health by 34.8% during the second quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock valued at $226,000 after acquiring an additional 800 shares in the last quarter. 93.54% of the stock is owned by hedge funds and other institutional investors.
Shares of Magellan Health (NASDAQ MGLN) traded down 2.60% on Friday, reaching $80.70. The company had a trading volume of 143,299 shares. Magellan Health has a 52 week low of $49.50 and a 52 week high of $84.71. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of 22.98 and a beta of 0.57. The stock’s 50 day moving average is $78.85 and its 200 day moving average is $72.93.
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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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