Wall Street analysts expect Magellan Health (NASDAQ:MGLN) to post $1.88 billion in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Magellan Health’s earnings. Magellan Health posted sales of $1.42 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 32.4%. The business is expected to report its next quarterly earnings results on Friday, July 27th.
According to Zacks, analysts expect that Magellan Health will report full year sales of $7.59 billion for the current financial year, with estimates ranging from $7.53 billion to $7.65 billion. For the next year, analysts anticipate that the company will post sales of $7.72 billion per share, with estimates ranging from $7.59 billion to $7.88 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that that provide coverage for Magellan Health.
Magellan Health (NASDAQ:MGLN) last released its quarterly earnings results on Thursday, April 26th. The company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.20). The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.83 billion. Magellan Health had a net margin of 1.64% and a return on equity of 10.72%. The business’s revenue was up 38.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.09 EPS.
MGLN has been the subject of several recent research reports. Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $118.00 price objective for the company in a research report on Thursday, March 22nd. BidaskClub raised Magellan Health from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 31st. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a research report on Thursday, May 17th. Raymond James raised Magellan Health from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 1st. Finally, Leerink Swann raised Magellan Health from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 15th. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $97.50.
In other news, CEO Barry M. Smith sold 13,375 shares of Magellan Health stock in a transaction dated Friday, June 1st. The stock was sold at an average price of $92.21, for a total value of $1,233,308.75. Following the completion of the transaction, the chief executive officer now owns 43,914 shares of the company’s stock, valued at approximately $4,049,309.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 40,125 shares of company stock valued at $3,768,406. 4.60% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Suntrust Banks Inc. purchased a new position in shares of Magellan Health in the 1st quarter worth about $283,000. Principal Financial Group Inc. increased its holdings in Magellan Health by 3.6% in the 1st quarter. Principal Financial Group Inc. now owns 199,504 shares of the company’s stock worth $21,367,000 after buying an additional 6,850 shares in the last quarter. WINTON GROUP Ltd bought a new stake in Magellan Health in the 1st quarter worth about $275,000. Xact Kapitalforvaltning AB increased its holdings in Magellan Health by 59.6% in the 1st quarter. Xact Kapitalforvaltning AB now owns 4,551 shares of the company’s stock worth $487,000 after buying an additional 1,700 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its holdings in Magellan Health by 21.2% in the 1st quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 42,300 shares of the company’s stock worth $4,530,000 after buying an additional 7,400 shares in the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:MGLN opened at $99.30 on Monday. The firm has a market capitalization of $2.42 billion, a P/E ratio of 18.05, a P/E/G ratio of 1.15 and a beta of 0.53. Magellan Health has a twelve month low of $70.70 and a twelve month high of $112.25. The company has a current ratio of 1.64, a quick ratio of 1.60 and a debt-to-equity ratio of 0.56.
Magellan Health Company Profile
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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