Magellan Health, Inc. (NASDAQ:MGLN) - Research analysts at KeyCorp raised their FY2018 earnings estimates for shares of Magellan Health in a research report issued on Thursday. KeyCorp analyst J. Gurda now anticipates that the company will post earnings of $5.20 per share for the year, up from their previous forecast of $4.87. KeyCorp has a “Overweight” rating and a $91.00 price objective on the stock.
Other analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research note on Tuesday. BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, Leerink Swann reissued an “outperform” rating and set a $73.00 target price (up from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $82.20.
Shares of Magellan Health (NASDAQ:MGLN) traded up 0.57% during midday trading on Monday, hitting $78.80. The stock had a trading volume of 21,485 shares. The company’s 50-day moving average price is $72.75 and its 200-day moving average price is $71.91. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 23.01 and a beta of 0.59. Magellan Health has a 12-month low of $49.50 and a 12-month high of $84.71.
Magellan Health (NASDAQ:MGLN) last released its quarterly earnings results on Wednesday, April 26th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.04. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.33 billion. Magellan Health had a return on equity of 9.05% and a net margin of 1.64%. Magellan Health’s revenue was up 16.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.79 earnings per share.
In related news, SVP Jeffrey N. West sold 28,514 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $80.07, for a total value of $2,283,115.98. Following the completion of the sale, the senior vice president now owns 17,085 shares in the company, valued at $1,367,995.95. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Daniel N. Gregoire sold 14,114 shares of the stock in a transaction dated 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 approximately $2,208,873.03. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in MGLN. BlackRock Inc. raised its position in Magellan Health by 53,778.2% in the first quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock valued at $208,038,000 after buying an additional 3,007,275 shares during the period. Norges Bank acquired a new position in Magellan Health during the fourth quarter valued at about $16,634,000. Teachers Advisors LLC raised its position in Magellan Health by 411.1% in the fourth quarter. Teachers Advisors LLC now owns 257,154 shares of the company’s stock valued at $19,351,000 after buying an additional 206,838 shares during the period. Renaissance Technologies LLC raised its position in Magellan Health by 11.3% in the first quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock valued at $83,764,000 after buying an additional 122,999 shares during the period. Finally, Vanguard Group Inc. raised its position in Magellan Health by 4.9% in the first quarter. Vanguard Group Inc. now owns 2,118,487 shares of the company’s stock valued at $146,282,000 after buying an additional 98,314 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.
About Magellan Health
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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