Magellan Health Services Inc. (MGLN) Stock Rating Reaffirmed by Jefferies Group
Magellan Health Services Inc. (NASDAQ:MGLN)‘s stock had its “buy” rating reaffirmed by analysts at Jefferies Group in a research report issued on Monday. They presently have a $76.00 target price on the stock, down from their prior target price of $86.00. Jefferies Group’s price objective suggests a potential upside of 40.25% from the stock’s previous close.
Several other research analysts have also commented on the company. TheStreet lowered Magellan Health Services from a “buy” rating to a “hold” rating in a research report on Friday, August 19th. Leerink Swann reaffirmed a “hold” rating on shares of Magellan Health Services in a research report on Friday, August 12th. Zacks Investment Research lowered Magellan Health Services from a “buy” rating to a “sell” rating in a research report on Wednesday, August 3rd. KeyCorp began coverage on Magellan Health Services in a research report on Thursday, June 30th. They set an “equal weight” rating on the stock. Finally, Barclays PLC lowered Magellan Health Services from an “equal weight” rating to an “underweight” rating and set a $61.00 price target on the stock. in a research report on Wednesday, June 1st. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Magellan Health Services presently has an average rating of “Hold” and a consensus target price of $66.00.
Magellan Health Services (NASDAQ:MGLN) opened at 54.19 on Monday. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 36.86 and a beta of 0.48. Magellan Health Services has a 12 month low of $45.40 and a 12 month high of $72.31. The stock’s 50 day moving average price is $55.95 and its 200-day moving average price is $64.26.
Magellan Health Services (NASDAQ:MGLN) last released its quarterly earnings results on Friday, July 29th. The company reported $0.58 EPS for the quarter, missing the consensus estimate of $0.62 by $0.04. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Magellan Health Services had a return on equity of 6.33% and a net margin of 0.77%. The company’s quarterly revenue was up .5% on a year-over-year basis. During the same period last year, the firm earned $0.56 EPS. Equities research analysts predict that Magellan Health Services will post $2.38 EPS for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGLN. AXA increased its stake in Magellan Health Services by 23.4% in the first quarter. AXA now owns 85,043 shares of the company’s stock worth $5,777,000 after buying an additional 16,106 shares during the period. UBS Group AG increased its stake in Magellan Health Services by 35.2% in the first quarter. UBS Group AG now owns 16,709 shares of the company’s stock worth $1,135,000 after buying an additional 4,348 shares during the period. Prudential Financial Inc. increased its stake in Magellan Health Services by 355.6% in the first quarter. Prudential Financial Inc. now owns 286,037 shares of the company’s stock worth $19,430,000 after buying an additional 223,250 shares during the period. Goldman Sachs Group Inc. increased its stake in Magellan Health Services by 79.7% in the first quarter. Goldman Sachs Group Inc. now owns 119,269 shares of the company’s stock worth $8,102,000 after buying an additional 52,916 shares during the period. Finally, Oxford Asset Management acquired a new stake in Magellan Health Services during the second quarter worth $2,114,000. 93.53% of the stock is currently owned by institutional investors and hedge funds.
About Magellan Health Services
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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