Magellan Health Services Inc. (NASDAQ:MGLN) hit a new 52-week high during trading on Friday . The company traded as high as $72.31 and last traded at $68.71, with a volume of 138,901 shares trading hands. The stock had previously closed at $71.14.

A number of brokerages have recently commented on MGLN. Zacks Investment Research cut shares of Magellan Health Services from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. TheStreet raised shares of Magellan Health Services from a “hold” rating to a “buy” rating in a report on Thursday, March 31st. Jefferies Group reaffirmed a “buy” rating and issued a $83.00 target price (up from $77.00) on shares of Magellan Health Services in a report on Friday, May 6th. Barclays PLC cut shares of Magellan Health Services from an “equal weight” rating to an “underweight” rating and set a $61.00 target price for the company. in a report on Wednesday, June 1st. Finally, Leerink Swann reaffirmed a “hold” rating on shares of Magellan Health Services in a report on Saturday, June 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $68.50.

The stock has a 50-day moving average of $66.99 and a 200-day moving average of $64.61. The stock has a market capitalization of $1.70 billion and a PE ratio of 46.83.

Magellan Health Services (NASDAQ:MGLN) last released its quarterly earnings results on Friday, July 29th. The company reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.64 by $0.06. During the same period last year, the firm posted $0.56 earnings per share. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. The company’s quarterly revenue was up .5% on a year-over-year basis. Equities analysts predict that Magellan Health Services Inc. will post $2.84 EPS for the current fiscal year.

A number of hedge funds and institutional investors recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in shares of Magellan Health Services by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,075,475 shares of the company’s stock valued at $127,975,000 after buying an additional 86,344 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Magellan Health Services by 15.0% in the fourth quarter. Victory Capital Management Inc. now owns 420,237 shares of the company’s stock valued at $25,912,000 after buying an additional 54,868 shares in the last quarter. Matarin Capital Management LLC bought a new position in shares of Magellan Health Services during the fourth quarter valued at $7,252,000. Bank of Montreal Can raised its position in shares of Magellan Health Services by 259.9% in the fourth quarter. Bank of Montreal Can now owns 54,553 shares of the company’s stock valued at $3,364,000 after buying an additional 39,397 shares in the last quarter. Finally, Rhumbline Advisers raised its position in shares of Magellan Health Services by 0.9% in the fourth quarter. Rhumbline Advisers now owns 47,269 shares of the company’s stock valued at $2,915,000 after buying an additional 415 shares in the last quarter.

Magellan Health, Inc (Magellan), formerly Magellan Health Services, Inc, is engaged in the healthcare management business. The Company provides services to health plans, managed care organizations (MCOs), employers, labor unions, military and governmental agencies, third party administrators, consultants and brokers.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.