Shares of Magellan Health (NASDAQ:MGLN) have earned a consensus rating of “Buy” from the seven ratings firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $105.67.
MGLN has been the topic of several analyst reports. Zacks Investment Research raised shares of Magellan Health from a “hold” rating to a “strong-buy” rating and set a $112.00 target price on the stock in a report on Wednesday, December 13th. BidaskClub cut shares of Magellan Health from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 19th. ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Leerink Swann raised shares of Magellan Health from a “market perform” rating to an “outperform” rating in a report on Thursday, March 15th.
NASDAQ:MGLN traded up $0.95 during mid-day trading on Thursday, hitting $108.65. The stock had a trading volume of 137,015 shares, compared to its average volume of 158,357. The stock has a market cap of $2,658.14, a price-to-earnings ratio of 20.64, a price-to-earnings-growth ratio of 1.14 and a beta of 0.50. Magellan Health has a twelve month low of $67.20 and a twelve month high of $110.40. The company has a quick ratio of 1.62, a current ratio of 1.66 and a debt-to-equity ratio of 0.58.
Magellan Health (NASDAQ:MGLN) last issued its earnings results on Tuesday, February 27th. The company reported $2.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.29 by $0.26. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations 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 was up 34.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.80 earnings per share. equities analysts anticipate that Magellan Health will post 6.32 EPS for the current year.
In other Magellan Health news, General Counsel Daniel N. Gregoire sold 22,875 shares of the firm’s stock in a transaction that occurred on Monday, March 5th. The shares were 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 is available at this hyperlink. Also, CEO Barry M. Smith sold 13,375 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $101.20, for a total transaction of $1,353,550.00. Following the sale, the chief executive officer now directly owns 42,807 shares in the company, valued at approximately $4,332,068.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,428 shares of company stock worth $7,858,688. 3.60% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in MGLN. SG Americas Securities LLC increased its holdings in shares of Magellan Health by 25.2% in the 3rd quarter. SG Americas Securities LLC now owns 8,684 shares of the company’s stock valued at $749,000 after acquiring an additional 1,749 shares during the period. Macquarie Group Ltd. acquired a new position in shares of Magellan Health in the 3rd quarter valued at $768,000. American International Group Inc. increased its holdings in shares of Magellan Health by 5.7% in the 3rd quarter. American International Group Inc. now owns 18,817 shares of the company’s stock valued at $1,624,000 after acquiring an additional 1,019 shares during the period. Schroder Investment Management Group acquired a new position in shares of Magellan Health in the 3rd quarter valued at $548,000. Finally, Wells Fargo & Company MN increased its holdings in shares of Magellan Health by 308.0% in the 3rd quarter. Wells Fargo & Company MN now owns 137,829 shares of the company’s stock valued at $11,894,000 after acquiring an additional 104,045 shares during the period. 97.32% of the stock is currently owned by institutional investors and hedge funds.
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About Magellan Health
Magellan Health, Inc provides healthcare management services in the United States. It operates in Healthcare and Pharmacy Management segments. The Healthcare segment offers carve-out management services for behavioral health; employee assistance plans (EAP); and other areas of specialty healthcare, including diagnostic imaging, musculoskeletal management, cardiac, and physical medicine for health plans, care organizations, and employers.
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