BidaskClub Lowers Magellan Health (NASDAQ:MGLN) to Sell

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BidaskClub cut shares of Magellan Health (NASDAQ:MGLN) from a hold rating to a sell rating in a research report sent to investors on Thursday, BidAskClub reports.

Separately, ValuEngine upgraded Magellan Health from a hold rating to a buy rating in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. Magellan Health currently has a consensus rating of Hold and an average price target of $74.80.

Shares of NASDAQ:MGLN opened at $64.63 on Thursday. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of 34.14, a PEG ratio of 0.70 and a beta of 0.56. The company has a quick ratio of 1.66, a current ratio of 1.71 and a debt-to-equity ratio of 0.53. Magellan Health has a 12-month low of $51.88 and a 12-month high of $77.10. The business’s 50 day moving average is $69.28 and its 200 day moving average is $67.45.

Magellan Health (NASDAQ:MGLN) last announced its earnings results on Tuesday, July 30th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.06). The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.75 billion. Magellan Health had a net margin of 0.18% and a return on equity of 3.68%. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.92 EPS. As a group, equities research analysts expect that Magellan Health will post 3.96 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of the stock. Northern Trust Corp lifted its holdings in Magellan Health by 5.7% during the second quarter. Northern Trust Corp now owns 766,353 shares of the company’s stock worth $56,887,000 after acquiring an additional 41,504 shares during the period. JPMorgan Chase & Co. lifted its holdings in Magellan Health by 160.9% during the second quarter. JPMorgan Chase & Co. now owns 500,110 shares of the company’s stock worth $35,898,000 after acquiring an additional 308,417 shares during the period. Omni Partners LLP raised its stake in shares of Magellan Health by 119.3% in the second quarter. Omni Partners LLP now owns 444,262 shares of the company’s stock valued at $32,978,000 after buying an additional 241,671 shares during the period. Brown Advisory Inc. raised its stake in shares of Magellan Health by 29.1% in the second quarter. Brown Advisory Inc. now owns 386,598 shares of the company’s stock valued at $28,698,000 after buying an additional 87,049 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Magellan Health by 5.4% in the second quarter. Bank of New York Mellon Corp now owns 343,337 shares of the company’s stock valued at $25,486,000 after buying an additional 17,676 shares during the period. Institutional investors and hedge funds own 98.98% of the company’s stock.

About Magellan Health

Magellan Health, Inc provides healthcare management services in the United States. The company 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.

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