Magellan Health (MGLN) Upgraded to “Strong-Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Magellan Health (NASDAQ:MGLN) from a hold rating to a strong-buy rating in a research note published on Wednesday morning. They currently have $112.00 target price on the stock.
According to Zacks, “Magellan Health Inc. is an American for-profit managed health care company, focused on behavioral healthcare. As a specialty health care manager, they focus on some of today’s most complex and costly health care services. The depth and breadth of experience in managing behavioral health care, diagnostic imaging, specialty pharmaceutical services and providing pharmacy benefits administration enables us to deliver invaluable insights and innovative solutions that positively impact both the quality and the cost of some of the nation’s fastest growing areas of health care. Maintaining the highest level of integrity and clinical and quality excellence have long been Magellan hallmarks. By working together with health plans, employers, government agencies, consumers, service providers, fellow employees and many other stakeholders, they get a full perspective of the situation and are able to leverage these partnerships to deliver effective and innovative solutions. “
A number of other brokerages have also weighed in on MGLN. BidaskClub raised shares of Magellan Health from a buy rating to a strong-buy rating in a research note on Thursday, December 7th. Raymond James Financial reaffirmed a hold rating on shares of Magellan Health in a research note on Saturday, December 2nd. KeyCorp set a $105.00 target price on shares of Magellan Health and gave the company a buy rating in a research note on Friday, December 1st. Jefferies Group reaffirmed a buy rating and set a $94.00 target price on shares of Magellan Health in a research note on Friday, October 13th. Finally, ValuEngine raised shares of Magellan Health from a hold rating to a buy rating in a research note on Friday, September 1st. One analyst has rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $96.00.
Magellan Health (NASDAQ:MGLN) last released its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.24. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the company earned $1.39 earnings per share. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. research analysts expect that Magellan Health will post 5.19 EPS for the current fiscal year.
In related news, General Counsel Daniel N. Gregoire sold 20,465 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $83.05, for a total transaction of $1,699,618.25. Following the sale, the general counsel now owns 31,520 shares of the company’s stock, valued at $2,617,736. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Clapper Caskie Lewis sold 59,313 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $93.99, for a total transaction of $5,574,828.87. Following the sale, the insider now directly owns 48,474 shares in the company, valued at approximately $4,556,071.26. The disclosure for this sale can be found here. Insiders have sold a total of 288,600 shares of company stock worth $25,313,413 in the last ninety days. Insiders own 3.60% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. California Public Employees Retirement System boosted its stake in Magellan Health by 1.3% during the third quarter. California Public Employees Retirement System now owns 81,744 shares of the company’s stock worth $7,055,000 after acquiring an additional 1,044 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in Magellan Health by 54.8% during the third quarter. Cubist Systematic Strategies LLC now owns 6,766 shares of the company’s stock worth $584,000 after acquiring an additional 2,395 shares in the last quarter. Cornerstone Capital Management Holdings LLC. bought a new stake in Magellan Health during the third quarter worth about $870,000. KBC Group NV boosted its stake in Magellan Health by 22.0% during the third quarter. KBC Group NV now owns 26,298 shares of the company’s stock worth $2,270,000 after acquiring an additional 4,736 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its stake in Magellan Health by 7.4% during the third quarter. Hillsdale Investment Management Inc. now owns 14,500 shares of the company’s stock worth $1,251,000 after acquiring an additional 1,000 shares in the last quarter. 94.96% of the stock is currently owned by institutional investors and hedge funds.
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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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