Magellan Health Services Inc. (MGLN) Updates FY17 Earnings Guidance
Magellan Health Services Inc. (NASDAQ:MGLN) issued an update on its FY17 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $5.19-6.12 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $4.76. The company issued revenue guidance of 5.8-6.1 billion, compared to the consensus revenue estimate of $5.21 billion.
Shares of Magellan Health Services Inc. (NASDAQ:MGLN) opened at 70.60 on Wednesday. Magellan Health Services Inc. has a 12 month low of $49.50 and a 12 month high of $72.31. The stock has a 50 day moving average price of $56.77 and a 200-day moving average price of $60.81. The stock has a market cap of $1.64 billion, a P/E ratio of 24.68 and a beta of 0.48.
Magellan Health Services (NASDAQ:MGLN) last released its earnings results on Wednesday, November 9th. The company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.72. The firm earned $1.29 billion during the quarter, compared to the consensus estimate of $1.22 billion. Magellan Health Services had a return on equity of 7.96% and a net margin of 1.45%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.76 earnings per share. On average, analysts forecast that Magellan Health Services Inc. will post $2.89 EPS for the current fiscal year.
A number of equities research analysts have weighed in on MGLN shares. Zacks Investment Research downgraded Magellan Health Services from a buy rating to a sell rating in a research report on Wednesday, August 3rd. Jefferies Group set a $76.00 price objective on Magellan Health Services and gave the company a buy rating in a research report on Saturday, October 15th. TheStreet downgraded Magellan Health Services from a buy rating to a hold rating in a research report on Friday, August 19th. Finally, Leerink Swann reiterated a hold rating on shares of Magellan Health Services in a research report on Friday, August 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $71.33.
Several hedge funds have recently added to or reduced their stakes in MGLN. BlackRock Inc. raised its stake in Magellan Health Services by 134.8% in the second quarter. BlackRock Inc. now owns 3,473 shares of the company’s stock worth $228,000 after buying an additional 1,994 shares during the last quarter. Comerica Bank raised its stake in Magellan Health Services by 18.9% in the second quarter. Comerica Bank now owns 30,255 shares of the company’s stock worth $1,771,000 after buying an additional 4,806 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake in Magellan Health Services by 934.7% in the second quarter. O Shaughnessy Asset Management LLC now owns 28,424 shares of the company’s stock worth $1,869,000 after buying an additional 25,677 shares during the last quarter. Seizert Capital Partners LLC raised its stake in Magellan Health Services by 12.0% in the second quarter. Seizert Capital Partners LLC now owns 40,033 shares of the company’s stock worth $2,633,000 after buying an additional 4,305 shares during the last quarter. Finally, Pacad Investment Ltd. raised its stake in Magellan Health Services by 28.8% in the second quarter. Pacad Investment Ltd. now owns 7,600 shares of the company’s stock worth $500,000 after buying an additional 1,700 shares during the last quarter. Institutional investors own 91.96% of the company’s stock.
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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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