Magellan Health Services Inc. (MGLN) Stock Rating Lowered by Zacks Investment Research
According to Zacks, “Magellan Health Services is the country’s leading behavioral managed care organization. Its customers include health plans, corporations and government agencies. “
A number of other brokerages have also recently weighed in on MGLN. Jefferies Group reiterated a buy rating on shares of Magellan Health Services in a research report on Wednesday, June 8th. KeyCorp assumed coverage on Magellan Health Services in a research report on Thursday, June 30th. They issued an equal weight rating on the stock. Leerink Swann reiterated a hold rating on shares of Magellan Health Services in a research report on Friday, August 12th. Finally, TheStreet cut Magellan Health Services from a buy rating to a hold rating in a research report on Friday, August 19th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. Magellan Health Services currently has a consensus rating of Hold and an average target price of $71.33.
Magellan Health Services (NASDAQ:MGLN) opened at 54.48 on Tuesday. The company has a 50-day moving average price of $54.86 and a 200-day moving average price of $63.59. The stock has a market cap of $1.34 billion, a PE ratio of 37.06 and a beta of 0.49. Magellan Health Services has a 52 week low of $45.40 and a 52 week high of $72.31.
Magellan Health Services (NASDAQ:MGLN) last announced its quarterly earnings results on Friday, July 29th. The company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by $0.04. Magellan Health Services had a net margin of 0.77% and a return on equity of 6.33%. The company earned $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the company earned $0.56 earnings per share. The business’s revenue was up .5% on a year-over-year basis. Analysts anticipate that Magellan Health Services will post $2.38 earnings per share for the current year.
Hedge funds have recently made changes to their positions in the company. AXA boosted its stake in shares of Magellan Health Services by 23.4% in the first quarter. AXA now owns 85,043 shares of the company’s stock valued at $5,777,000 after buying an additional 16,106 shares during the last quarter. UBS Group AG raised its position in shares of Magellan Health Services by 35.2% in the first quarter. UBS Group AG now owns 16,709 shares of the company’s stock valued at $1,135,000 after buying an additional 4,348 shares during the period. Prudential Financial Inc. raised its position in shares of Magellan Health Services by 355.6% in the first quarter. Prudential Financial Inc. now owns 286,037 shares of the company’s stock valued at $19,430,000 after buying an additional 223,250 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Magellan Health Services by 79.7% in the first quarter. Goldman Sachs Group Inc. now owns 119,269 shares of the company’s stock valued at $8,102,000 after buying an additional 52,916 shares during the period. Finally, Oxford Asset Management purchased a new position in shares of Magellan Health Services during the second quarter valued at about $2,114,000. Institutional investors own 93.51% of the company’s stock.
About Magellan Health Services
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Magellan Health Services Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Health Services Inc. and related companies with MarketBeat.com's FREE daily email newsletter.