Brokers Issue Forecasts for Magellan Health Services Inc.’s Q1 2017 Earnings (MGLN)
Magellan Health Services Inc. (NASDAQ:MGLN) – Research analysts at Jefferies Group issued their Q1 2017 EPS estimates for shares of Magellan Health Services in a report released on Wednesday. Jefferies Group analyst D. Styblo forecasts that the brokerage will post earnings per share of $0.76 for the quarter. Jefferies Group currently has a “Buy” rating and a $76.00 target price on the stock. Jefferies Group also issued estimates for Magellan Health Services’ Q2 2017 earnings at $0.79 EPS and Q3 2017 earnings at $0.91 EPS.
Magellan Health Services (NASDAQ:MGLN) last posted its earnings results on Wednesday, November 9th. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $0.67 by $0.72. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.22 billion. Magellan Health Services had a return on equity of 7.89% and a net margin of 1.45%. Magellan Health Services’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.76 earnings per share.
Other research analysts have also issued reports about the stock. Zacks Investment Research lowered shares of Magellan Health Services from a “buy” rating to a “sell” rating in a research note on Wednesday, August 3rd. TheStreet lowered shares of Magellan Health Services from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. Finally, Leerink Swann reissued a “hold” rating on shares of Magellan Health Services in a research note on Friday, August 12th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $71.33.
Magellan Health Services (NASDAQ:MGLN) opened at 64.65 on Thursday. The company has a 50-day moving average price of $53.92 and a 200 day moving average price of $61.09. Magellan Health Services has a 12-month low of $49.14 and a 12-month high of $72.31. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 43.98 and a beta of 0.48.
Hedge funds have recently modified their holdings of the company. Old Mutual Global Investors UK Ltd. bought a new stake in shares of Magellan Health Services during the second quarter worth $3,593,000. Palo Capital Inc. bought a new stake in shares of Magellan Health Services during the second quarter worth $378,000. First Quadrant L P CA raised its stake in shares of Magellan Health Services by 8.8% in the second quarter. First Quadrant L P CA now owns 57,899 shares of the company’s stock worth $3,808,000 after buying an additional 4,699 shares in the last quarter. Eqis Capital Management Inc. raised its stake in shares of Magellan Health Services by 3.3% in the second quarter. Eqis Capital Management Inc. now owns 5,865 shares of the company’s stock worth $386,000 after buying an additional 188 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Magellan Health Services by 0.7% in the second quarter. Fisher Asset Management LLC now owns 771,108 shares of the company’s stock worth $52,081,000 after buying an additional 5,326 shares in the last quarter. 89.38% of the stock is owned by institutional investors.
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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