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.

In other news, CEO Barry M. Smith sold 13,375 shares of the company’s stock in a transaction on Monday, July 2nd. The shares were sold at an average price of $95.86, for a total value of $1,282,127.50. Following the transaction, the chief executive officer now owns 43,914 shares of the company’s stock, valued at $4,209,596.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 4.60% of the company’s stock.

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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