Magellan Health Inc (MGLN) Short Interest Update
Magellan Health Inc (NASDAQ:MGLN) was the recipient of a significant decrease in short interest in the month of August. As of August 15th, there was short interest totalling 340,938 shares, a decrease of 39.1% from the July 31st total of 559,442 shares. Currently, 1.4% of the shares of the stock are sold short. Based on an average daily volume of 234,416 shares, the days-to-cover ratio is currently 1.5 days.
NASDAQ MGLN opened at $75.10 on Wednesday. The company has a quick ratio of 1.58, a current ratio of 1.63 and a debt-to-equity ratio of 0.56. Magellan Health has a 12-month low of $71.03 and a 12-month high of $112.25. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 1.65 and a beta of 0.40.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings results on Friday, July 27th. The company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.15). Magellan Health had a net margin of 1.66% and a return on equity of 11.29%. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the previous year, the company earned $0.59 earnings per share. The business’s quarterly revenue was up 27.6% on a year-over-year basis. sell-side analysts predict that Magellan Health will post 4.55 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of MGLN. Principal Financial Group Inc. boosted its holdings in shares of Magellan Health by 3.6% during the first quarter. Principal Financial Group Inc. now owns 199,504 shares of the company’s stock worth $21,367,000 after purchasing an additional 6,850 shares during the period. Citigroup Inc. boosted its holdings in shares of Magellan Health by 161.0% during the first quarter. Citigroup Inc. now owns 47,668 shares of the company’s stock worth $5,106,000 after purchasing an additional 29,407 shares during the period. Systematic Financial Management LP boosted its holdings in shares of Magellan Health by 19.3% during the second quarter. Systematic Financial Management LP now owns 15,895 shares of the company’s stock worth $1,525,000 after purchasing an additional 2,575 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Magellan Health by 0.3% during the first quarter. JPMorgan Chase & Co. now owns 693,237 shares of the company’s stock worth $74,246,000 after purchasing an additional 2,301 shares during the period. Finally, Swiss National Bank boosted its holdings in shares of Magellan Health by 2.7% during the first quarter. Swiss National Bank now owns 41,400 shares of the company’s stock worth $4,434,000 after purchasing an additional 1,100 shares during the period. Institutional investors and hedge funds own 97.90% of the company’s stock.
MGLN has been the subject of several research reports. Zacks Investment Research lowered shares of Magellan Health from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 16th. ValuEngine lowered shares of Magellan Health from a “buy” rating to a “hold” rating in a research report on Friday, July 20th. Raymond James upgraded shares of Magellan Health from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 1st. Finally, BidaskClub upgraded shares of Magellan Health from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 31st. Two analysts have rated the stock with a sell rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $98.00.
Magellan Health Company Profile
Magellan Health, Inc provides healthcare management services in the United States. It operates in Healthcare and Pharmacy Management segments. The Healthcare segment offers carve-out management services for behavioral health; employee assistance plans (EAP); and other areas of specialty healthcare, including diagnostic imaging, musculoskeletal management, cardiac, and physical medicine for health plans, care organizations, and employers.
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