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

Several brokerages have commented on MGLN. Zacks Investment Research lowered Magellan Health Services from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. Jefferies Group restated a “buy” rating and issued a $83.00 target price (up previously from $77.00) on shares of Magellan Health Services in a research report on Friday, May 6th. Barclays PLC downgraded Magellan Health Services from an “equal weight” rating to an “underweight” rating and set a $61.00 target price on the stock. in a research report on Wednesday, June 1st. Leerink Swann restated a “hold” rating on shares of Magellan Health Services in a research report on Saturday, June 4th. Finally, KeyCorp began coverage on Magellan Health Services in a research report on Thursday, June 30th. They issued an “equal weight” rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $68.50.

The company has a market cap of $1.70 billion and a PE ratio of 46.83. The company has a 50-day moving average price of $67.02 and a 200 day moving average price of $64.68.

Magellan Health Services (NASDAQ:MGLN) last posted its quarterly earnings data on Friday, July 29th. The company reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by $0.04. During the same period in the previous year, the company posted $0.56 earnings per share. The business earned $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. The firm’s revenue was up .5% compared to the same quarter last year. Analysts forecast that Magellan Health Services Inc. will post $2.84 EPS for the current year.

Other hedge funds recently bought and sold shares of the company. First Trust Advisors LP increased its stake in Magellan Health Services by 36.2% in the fourth quarter. First Trust Advisors LP now owns 35,110 shares of the company’s stock valued at $2,165,000 after buying an additional 9,334 shares in the last quarter. Rhumbline Advisers increased its stake in 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. New York State Common Retirement Fund increased its stake in Magellan Health Services by 7.4% in the fourth quarter. New York State Common Retirement Fund now owns 39,279 shares of the company’s stock valued at $2,422,000 after buying an additional 2,695 shares in the last quarter. Robeco Institutional Asset Management B.V. bought a new stake in Magellan Health Services during the fourth quarter valued at approximately $2,224,000. Finally, Bank of Montreal Can increased its stake in 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.

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.

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