Magellan Health Services Inc. (MGLN) Downgraded by Zacks Investment Research to Sell
According to Zacks, “Magellan Health Services is the country’s leading behavioral managed care organization. Its customers include health plans, corporations and government agencies. “
A number of other equities research analysts have also issued reports on the stock. Jefferies Group reaffirmed a buy rating and set a $76.00 price objective (down from $86.00) on shares of Magellan Health Services in a report on Monday, September 26th. TheStreet lowered shares of Magellan Health Services from a buy rating to a hold rating in a report on Friday, August 19th. Leerink Swann reaffirmed a hold rating on shares of Magellan Health Services in a report on Friday, August 12th. Finally, KeyCorp began coverage on shares of Magellan Health Services in a report on Thursday, June 30th. They set an equal weight rating for the company. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of Hold and an average price target of $66.00.
Magellan Health Services (NASDAQ:MGLN) opened at 52.77 on Tuesday. The company has a 50 day moving average of $55.20 and a 200 day moving average of $63.82. The stock has a market capitalization of $1.30 billion, a P/E ratio of 35.90 and a beta of 0.49. Magellan Health Services has a 52 week low of $45.40 and a 52 week high of $72.31.
Magellan Health Services (NASDAQ:MGLN) last announced its quarterly earnings data on Friday, July 29th. The company reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by $0.04. Magellan Health Services had a net margin of 0.77% and a return on equity of 6.33%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the business earned $0.56 earnings per share. The company’s quarterly revenue was up .5% compared to the same quarter last year. Equities analysts expect that Magellan Health Services will post $2.38 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Mason Street Advisors LLC acquired a new stake in Magellan Health Services during the second quarter valued at $317,000. Royal Bank of Canada increased its stake in Magellan Health Services by 47.8% in the second quarter. Royal Bank of Canada now owns 7,386 shares of the company’s stock valued at $486,000 after buying an additional 2,390 shares during the period. Sterling Capital Management LLC increased its stake in Magellan Health Services by 9.5% in the second quarter. Sterling Capital Management LLC now owns 14,137 shares of the company’s stock valued at $930,000 after buying an additional 1,223 shares during the period. Schwab Charles Investment Management Inc. increased its stake in Magellan Health Services by 29.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 185,625 shares of the company’s stock valued at $12,209,000 after buying an additional 42,660 shares during the period. Finally, Legal & General Group Plc increased its stake in Magellan Health Services by 18.5% in the second quarter. Legal & General Group Plc now owns 24,011 shares of the company’s stock valued at $1,574,000 after buying an additional 3,756 shares during the period. Institutional investors and hedge funds own 93.53% of the company’s stock.
Magellan Health Services 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).
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