Jefferies Group Weighs in on Magellan Health Services Inc.’s Q1 2017 Earnings (MGLN)
Magellan Health Services Inc. (NASDAQ:MGLN) – Stock analysts at Jefferies Group raised their Q1 2017 EPS estimates for shares of Magellan Health Services in a report issued on Tuesday. Jefferies Group analyst D. Styblo now forecasts that the brokerage will earn $0.87 per share for the quarter, up from their previous estimate of $0.76. Jefferies Group currently has a “Buy” rating and a $78.00 price target on the stock. Jefferies Group also issued estimates for Magellan Health Services’ Q2 2017 earnings at $0.90 EPS and Q3 2017 earnings at $1.05 EPS.
Magellan Health Services (NASDAQ:MGLN) last released its earnings results on Wednesday, November 9th. The company reported $1.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.72. Magellan Health Services had a return on equity of 7.96% and a net margin of 1.45%. The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the company posted $0.76 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year.
Several other research firms also recently commented on MGLN. Leerink Swann restated a “hold” rating on shares of Magellan Health Services in a report on Friday, August 12th. Barclays PLC raised their price objective on Magellan Health Services from $61.00 to $69.00 and gave the stock an “underweight” rating in a report on Wednesday. Zacks Investment Research upgraded Magellan Health Services from a “sell” rating to a “strong-buy” rating and set a $75.00 price objective on the stock in a report on Saturday, November 12th. Finally, TheStreet downgraded Magellan Health Services from a “buy” rating to a “hold” rating in a report on Friday, August 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $74.00.
Magellan Health Services (NASDAQ:MGLN) opened at 71.60 on Thursday. The stock’s 50 day moving average price is $57.30 and its 200-day moving average price is $60.88. The company has a market capitalization of $1.66 billion, a P/E ratio of 25.03 and a beta of 0.48. Magellan Health Services has a one year low of $49.50 and a one year high of $72.31.
Several hedge funds and other institutional investors have recently made changes to their positions in MGLN. Vanguard Group Inc. increased its position in shares of Magellan Health Services by 3.2% in the second quarter. Vanguard Group Inc. now owns 2,021,907 shares of the company’s stock worth $132,981,000 after buying an additional 61,913 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Magellan Health Services by 163.7% in the third quarter. Victory Capital Management Inc. now owns 1,029,042 shares of the company’s stock worth $55,290,000 after buying an additional 638,753 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Magellan Health Services by 1.2% in the third quarter. Fisher Asset Management LLC now owns 780,537 shares of the company’s stock worth $41,938,000 after buying an additional 9,429 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Magellan Health Services by 15.9% in the third quarter. JPMorgan Chase & Co. now owns 752,744 shares of the company’s stock worth $40,445,000 after buying an additional 103,451 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Magellan Health Services by 1.2% in the third quarter. Northern Trust Corp now owns 689,825 shares of the company’s stock worth $37,063,000 after buying an additional 8,204 shares in the last quarter. Institutional investors and hedge funds own 91.96% of the company’s stock.
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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