Equities analysts predict that Magellan Health Inc (NASDAQ:MGLN) will announce sales of $1.85 billion for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Magellan Health’s earnings, with estimates ranging from $1.84 billion to $1.86 billion. Magellan Health reported sales of $1.42 billion in the same quarter last year, which indicates a positive year over year growth rate of 30.3%. The business is expected to report its next earnings results on Wednesday, November 7th.
According to Zacks, analysts expect that Magellan Health will report full year sales of $7.38 billion for the current fiscal year, with estimates ranging from $7.36 billion to $7.44 billion. For the next fiscal year, analysts expect that the firm will report sales of $7.13 billion per share, with estimates ranging from $6.92 billion to $7.48 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Magellan Health.
Magellan Health (NASDAQ:MGLN) last issued its earnings results on Friday, July 27th. The company reported $0.91 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.15). The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.88 billion. Magellan Health had a net margin of 1.66% and a return on equity of 11.29%. The business’s revenue was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.59 EPS.
MGLN has been the subject of several recent research reports. Zacks Investment Research cut shares of Magellan Health from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 16th. ValuEngine cut shares of Magellan Health from a “buy” rating to a “hold” rating in a research report on Friday, July 20th. BidaskClub upgraded shares of Magellan Health from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 31st. Finally, Raymond James decreased their price target on shares of Magellan Health from $105.00 to $85.00 and set a “buy” rating for the company in a report on Monday, July 30th. Two equities research analysts have rated the stock with a sell rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $98.00.
Shares of Magellan Health stock traded down $0.15 on Friday, hitting $73.55. 2,039 shares of the company’s stock traded hands, compared to its average volume of 208,508. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of 13.39, a PEG ratio of 1.62 and a beta of 0.39. Magellan Health has a one year low of $71.03 and a one year high of $112.25. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.58 and a current ratio of 1.63.
In other news, CEO Barry M. Smith sold 13,375 shares of the business’s stock in a transaction on Monday, July 2nd. The shares were sold at an average price of $95.86, for a total value of $1,282,127.50. Following the completion of the transaction, the chief executive officer now owns 43,914 shares of the company’s stock, valued at approximately $4,209,596.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.60% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the company. Itau Unibanco Holding S.A. acquired a new position in shares of Magellan Health in the 2nd quarter valued at $131,000. Natixis acquired a new position in Magellan Health in the 1st quarter worth $213,000. Verition Fund Management LLC acquired a new position in Magellan Health in the 2nd quarter worth $248,000. Trexquant Investment LP acquired a new position in Magellan Health in the 1st quarter worth $260,000. Finally, WINTON GROUP Ltd acquired a new position in Magellan Health in the 1st quarter worth $275,000. 97.90% of the stock is owned by institutional investors.
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.
Recommended Story: Average Daily Trade Volume – What It Means In Stock Trading
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.