Magellan Health, Inc. (MGLN) Receives “Buy” Rating from KeyCorp
Several other equities analysts have also weighed in on the company. ValuEngine raised Magellan Health from a hold rating to a buy rating in a research note on Friday, September 1st. BidaskClub raised Magellan Health from a sell rating to a hold rating in a research note on Tuesday, August 8th. Zacks Investment Research raised Magellan Health from a hold rating to a buy rating and set a $90.00 target price on the stock in a research note on Tuesday, July 18th. Finally, Leerink Swann reissued an outperform rating and issued a $73.00 target price (up previously from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $81.80.
Shares of Magellan Health (NASDAQ:MGLN) opened at 83.15 on Friday. The firm’s 50-day moving average price is $78.85 and its 200 day moving average price is $72.93. The firm has a market cap of $1.97 billion, a P/E ratio of 23.68 and a beta of 0.57. Magellan Health has a 12-month low of $49.50 and a 12-month high of $84.71.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings results on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.48). The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. Magellan Health’s revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.58 EPS. On average, equities analysts expect that Magellan Health will post $5.13 earnings per share for the current fiscal year.
In other Magellan Health news, CEO Mostafa Kamal sold 2,961 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $84.00, for a total value of $248,724.00. Following the transaction, the chief executive officer now owns 2,961 shares of the company’s stock, valued at $248,724. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Daniel N. Gregoire sold 14,114 shares of the stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $80.11, for a total value of $1,130,672.54. Following the completion of the transaction, the general counsel now directly owns 27,573 shares in the company, valued at approximately $2,208,873.03. The disclosure for this sale can be found here. Insiders sold 147,596 shares of company stock worth $11,959,347 in the last three months. Insiders own 3.60% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Magellan Health by 53,778.2% during the first quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock worth $208,038,000 after purchasing an additional 3,007,275 shares during the period. Vanguard Group Inc. raised its position in shares of Magellan Health by 3.3% during the second quarter. Vanguard Group Inc. now owns 2,189,293 shares of the company’s stock worth $159,600,000 after purchasing an additional 70,806 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Magellan Health by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,991,351 shares of the company’s stock worth $145,170,000 after purchasing an additional 6,046 shares during the period. Renaissance Technologies LLC raised its position in shares of Magellan Health by 11.3% during the first quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock worth $83,764,000 after purchasing an additional 122,999 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Magellan Health by 5.2% during the first quarter. JPMorgan Chase & Co. now owns 893,272 shares of the company’s stock worth $61,680,000 after purchasing an additional 43,827 shares during the period. 93.54% of the stock is currently owned by institutional investors.
About Magellan Health
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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