Zacks Investment Research downgraded shares of Magellan Health, Inc. (NASDAQ:MGLN) from a buy rating to a hold rating in a research report released on Wednesday.

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 issued reports about the company. KeyCorp raised Magellan Health from a sector weight rating to an overweight rating and set a $91.00 price target on the stock in a research note on Thursday, July 13th. BidaskClub raised Magellan Health from a sell rating to a hold rating in a research note on Tuesday, June 13th. Leerink Swann reissued an outperform rating and issued a $73.00 price target (up from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th. Finally, ValuEngine raised Magellan Health from a hold rating to a buy rating in a research note on Friday, September 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $81.80.

Shares of Magellan Health (MGLN) traded down 1.65% during mid-day trading on Wednesday, reaching $86.45. 119,549 shares of the company traded hands. The company’s 50 day moving average is $81.50 and its 200 day moving average is $74.24. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of 24.62 and a beta of 0.58. Magellan Health has a 52-week low of $49.50 and a 52-week high of $88.10.

Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings results on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.48). Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the business posted $0.58 earnings per share. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. On average, equities analysts forecast that Magellan Health will post $5.13 earnings per share for the current year.

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In other news, General Counsel Daniel N. Gregoire sold 12,475 shares of the firm’s stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $88.02, for a total value of $1,098,049.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Jeffrey N. West sold 28,514 shares of the firm’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $80.07, for a total value of $2,283,115.98. Following the completion of the transaction, the senior vice president now owns 17,085 shares in the company, valued at $1,367,995.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 332,479 shares of company stock worth $27,870,009. Company insiders own 3.60% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its holdings in shares of Magellan Health by 1.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,733 shares of the company’s stock worth $258,000 after purchasing an additional 54 shares during the period. Suntrust Banks Inc. raised its holdings in shares of Magellan Health by 2.1% in the 2nd quarter. Suntrust Banks Inc. now owns 4,018 shares of the company’s stock worth $292,000 after purchasing an additional 84 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of Magellan Health by 0.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 20,210 shares of the company’s stock worth $1,473,000 after purchasing an additional 100 shares during the period. Louisiana State Employees Retirement System raised its holdings in shares of Magellan Health by 1.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the company’s stock worth $707,000 after purchasing an additional 100 shares during the period. Finally, Arizona State Retirement System raised its holdings in shares of Magellan Health by 0.8% in the 2nd quarter. Arizona State Retirement System now owns 12,412 shares of the company’s stock worth $905,000 after purchasing an additional 100 shares during the period. Institutional investors own 93.54% of the company’s stock.

Magellan Health 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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