Magellan Health Services Inc. (NASDAQ:MGLN) dropped 2.4% on Thursday . The company traded as low as $55.23 and last traded at $55.76, with a volume of 161,060 shares. The stock had previously closed at $57.12.

MGLN has been the subject of a number of research analyst reports. Zacks Investment Research downgraded Magellan Health Services from a “buy” rating to a “sell” rating in a report on Wednesday, August 3rd. Jefferies Group restated a “buy” rating and set a $86.00 price objective (up previously from $83.00) on shares of Magellan Health Services in a report on Friday, May 20th. TheStreet downgraded Magellan Health Services from a “buy” rating to a “hold” rating in a report on Friday, August 19th. Leerink Swann restated a “hold” rating on shares of Magellan Health Services in a report on Saturday, June 4th. Finally, KeyCorp initiated coverage on Magellan Health Services in a report on Thursday, June 30th. They set an “equal weight” rating for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $68.50.

The company has a market cap of $1.35 billion and a P/E ratio of 37.50. The stock’s 50-day moving average is $62.70 and its 200 day moving average is $65.07.

Magellan Health Services (NASDAQ:MGLN) last issued 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 the consensus estimate of $1.15 billion. Magellan Health Services’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.56 EPS. Equities analysts forecast that Magellan Health Services Inc. will post $2.65 EPS for the current year.

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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