Magellan Health Services Inc. (NASDAQ:MGLN) was down 4.4% on Tuesday . The company traded as low as $61.72 and last traded at $62.85, with a volume of 337,819 shares changing hands. The stock had previously closed at $65.72.

A number of equities research analysts have recently weighed in on MGLN shares. Barclays PLC downgraded Magellan Health Services from an “equal weight” rating to an “underweight” rating and set a $61.00 price target for the company. in a report on Wednesday, June 1st. Zacks Investment Research upgraded Magellan Health Services from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a research report on Tuesday, May 10th. Jefferies Group restated a “buy” rating and set a $83.00 price objective (up previously from $77.00) on shares of Magellan Health Services in a research report on Friday, May 6th. KeyCorp started coverage on Magellan Health Services in a research report on Thursday, June 30th. They set an “equal weight” rating for the company. Finally, Leerink Swann restated a “hold” rating on shares of Magellan Health Services in a research report on Saturday, June 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $68.50.

The stock has a 50-day moving average price of $66.99 and a 200 day moving average price of $64.83. The firm has a market capitalization of $1.54 billion and a P/E ratio of 42.60.

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

A number of hedge funds have made changes to their positions in the stock. Matarin Capital Management LLC acquired a new stake in shares of Magellan Health Services during the fourth quarter valued at $7,252,000. Dimensional Fund Advisors LP increased its stake 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 during the last quarter. Victory Capital Management Inc. increased its stake 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 during the last quarter. Bank of Montreal Can increased its stake 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 during the last quarter. Finally, Robeco Institutional Asset Management B.V. acquired a new stake in shares of Magellan Health Services during the fourth quarter valued at $2,224,000.

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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