Magellan Health Services Inc. (MGLN) Rating Increased to Strong-Buy at Zacks Investment Research
Magellan Health Services Inc. (NASDAQ:MGLN) was upgraded by Zacks Investment Research from a “sell” rating to a “strong-buy” rating in a report released on Saturday. The firm currently has a $75.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 15.74% from the company’s current price.
According to Zacks, “Magellan Health Services is the country’s leading behavioral managed care organization. Its customers include health plans, corporations and government agencies. “
Other analysts have also recently issued reports about the stock. Jefferies Group set a $76.00 target price on shares of Magellan Health Services and gave the company a “buy” rating in a research note on Saturday, October 15th. Leerink Swann reiterated a “hold” rating on shares of Magellan Health Services in a research note on Friday, August 12th. Finally, TheStreet cut shares of Magellan Health Services from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Magellan Health Services currently has a consensus rating of “Hold” and an average target price of $70.67.
Magellan Health Services (NASDAQ:MGLN) opened at 64.80 on Friday. The firm’s 50-day moving average is $54.20 and its 200 day moving average is $61.05. Magellan Health Services has a one year low of $49.50 and a one year high of $72.31. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 44.08 and a beta of 0.48.
Magellan Health Services (NASDAQ:MGLN) last posted its earnings results on Wednesday, November 9th. The company reported $1.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.72. The firm earned $1.29 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Magellan Health Services had a net margin of 1.45% and a return on equity of 7.89%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.76 earnings per share. Analysts forecast that Magellan Health Services will post $2.38 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC boosted its position in Magellan Health Services by 18.5% in the second quarter. Acrospire Investment Management LLC now owns 2,568 shares of the company’s stock valued at $169,000 after buying an additional 400 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in Magellan Health Services by 275.0% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 3,000 shares of the company’s stock valued at $197,000 after buying an additional 2,200 shares during the last quarter. PineBridge Investments L.P. boosted its position in Magellan Health Services by 3.9% in the second quarter. PineBridge Investments L.P. now owns 3,122 shares of the company’s stock valued at $205,000 after buying an additional 116 shares during the last quarter. Quadrature Capital Ltd bought a new position in Magellan Health Services during the third quarter valued at approximately $208,000. Finally, Teacher Retirement System of Texas boosted its position in Magellan Health Services by 9.4% in the second quarter. Teacher Retirement System of Texas now owns 3,364 shares of the company’s stock valued at $221,000 after buying an additional 288 shares during the last quarter. Hedge funds and other institutional investors own 89.38% 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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