KeyCorp upgraded shares of Magellan Health, Inc. (NASDAQ:MGLN) from a sector weight rating to an overweight rating in a research report sent to investors on Thursday, July 13th, Marketbeat reports. The brokerage currently has $91.00 price objective on the stock.
Several other analysts have also commented on the company. Zacks Investment Research raised Magellan Health from a sell rating to a hold rating in a report on Thursday, April 27th. Leerink Swann reissued an outperform rating and set a $73.00 price target (up previously from $68.00) on shares of Magellan Health in a report on Sunday, June 25th. Finally, BidaskClub raised Magellan Health from a sell rating to a hold rating in a report on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. Magellan Health currently has a consensus rating of Buy and a consensus price target of $82.20.
Shares of Magellan Health (NASDAQ MGLN) opened at 77.40 on Thursday. The company has a market cap of $1.83 billion, a price-to-earnings ratio of 22.04 and a beta of 0.59. Magellan Health has a one year low of $49.50 and a one year high of $84.71. The firm’s 50-day moving average is $75.11 and its 200-day moving average is $72.05.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings data on Friday, July 28th. The company reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by $0.48. Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the firm earned $0.58 EPS. The business’s revenue was up 21.9% on a year-over-year basis. Analysts expect that Magellan Health will post $5.13 EPS for the current fiscal year.
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In other Magellan Health news, General Counsel Daniel N. Gregoire sold 4,559 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $80.68, for a total transaction of $367,820.12. Following the sale, the general counsel now directly owns 18,016 shares in the company, valued at $1,453,530.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Daniel N. Gregoire sold 33,574 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $80.11, for a total value of $2,689,613.14. Following the sale, the general counsel now owns 14,633 shares in the company, valued at $1,172,249.63. The disclosure for this sale can be found here. Insiders sold 97,943 shares of company stock worth $7,846,757 over the last quarter. 3.60% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Magellan Health by 53,778.2% in the first quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock worth $208,038,000 after buying an additional 3,007,275 shares in the last quarter. Norges Bank purchased a new position in shares of Magellan Health during the fourth quarter valued at about $16,634,000. Teachers Advisors LLC boosted its position in shares of Magellan Health by 411.1% in the fourth quarter. Teachers Advisors LLC now owns 257,154 shares of the company’s stock valued at $19,351,000 after buying an additional 206,838 shares during the period. Renaissance Technologies LLC boosted its position in shares of Magellan Health by 11.3% in the first quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock valued at $83,764,000 after buying an additional 122,999 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Magellan Health by 4.9% in the first quarter. Vanguard Group Inc. now owns 2,118,487 shares of the company’s stock valued at $146,282,000 after buying an additional 98,314 shares during the period. 93.48% of the stock is currently owned by hedge funds and other institutional investors.
About Magellan Health
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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