Magellan Health, Inc. (NASDAQ:MGLN) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Magellan Health, Inc. (NASDAQ:MGLN) from a hold rating to a buy rating in a research note issued to investors on Tuesday, July 18th. The firm currently has $90.00 price objective on the stock.

According to Zacks, “Magellan Health Services is the country’s leading behavioral managed care organization. Its customers include health plans, corporations and government agencies. “

Several other research firms have also recently issued reports on MGLN. KeyCorp raised Magellan Health from a sector weight rating to an overweight rating and set a $91.00 target price on the stock in a research note on Thursday, July 13th. BidaskClub raised Magellan Health from a sell rating to a hold rating in a research note on Tuesday, June 13th. Finally, Leerink Swann restated an outperform rating and set a $73.00 price target (up from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. Two equities research analysts have rated the stock with a sell rating and five have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $82.20.

Magellan Health (MGLN) opened at 75.15 on Tuesday. The firm’s 50 day moving average price is $75.03 and its 200-day moving average price is $72.02. Magellan Health has a 12-month low of $49.50 and a 12-month high of $84.71. The company has a market capitalization of $1.78 billion, a PE ratio of 21.40 and a beta of 0.59.

Magellan Health (NASDAQ:MGLN) last posted its earnings results on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 period last year, the firm posted $0.58 earnings per share. Magellan Health’s quarterly revenue was up 21.9% on a year-over-year basis. On average, equities analysts anticipate that Magellan Health will post $5.24 earnings per share for the current fiscal year.

WARNING: This story was published by [[site]] and is owned by of [[site]]. If you are reading this story on another publication, it was stolen and republished in violation of US and international copyright & trademark legislation. The correct version of this story can be read at [[permalink]].

In other Magellan Health news, SVP Jeffrey N. West sold 1,109 shares of the business’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $80.01, for a total value of $88,731.09. Following the sale, the senior vice president now directly owns 15,040 shares of the company’s stock, valued at $1,203,350.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jeffrey N. West sold 28,514 shares of the business’s stock in a transaction on Monday, July 17th. The stock was 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 directly owns 17,085 shares in the company, valued at $1,367,995.95. The disclosure for this sale can be found here. Insiders have sold 97,943 shares of company stock worth $7,846,757 over the last 90 days. 3.60% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Howe & Rusling Inc. increased its stake in Magellan Health by 27.7% in the first quarter. Howe & Rusling Inc. now owns 1,845 shares of the company’s stock valued at $127,000 after buying an additional 400 shares during the period. Ameritas Investment Partners Inc. bought a new stake in Magellan Health during the first quarter valued at approximately $136,000. Credit Agricole S A bought a new stake in Magellan Health during the fourth quarter valued at approximately $151,000. State of Alaska Department of Revenue increased its stake in Magellan Health by 4.4% in the first quarter. State of Alaska Department of Revenue now owns 2,620 shares of the company’s stock valued at $180,000 after buying an additional 110 shares during the period. Finally, Eqis Capital Management Inc. bought a new stake in Magellan Health during the second quarter valued at approximately $210,000. 93.43% of the stock is currently owned by institutional investors and hedge funds.

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).

Get a free copy of the Zacks research report on Magellan Health (MGLN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com