Magellan Health Services Inc. (MGLN) Stock Rating Reaffirmed by Leerink Swann
Magellan Health Services Inc. (NASDAQ:MGLN)‘s stock had its “market perform” rating reissued by equities research analysts at Leerink Swann in a research report issued to clients and investors on Monday. They currently have a $78.00 target price on the stock, up from their prior target price of $60.00. Leerink Swann’s price objective would suggest a potential upside of 7.29% from the stock’s previous close.
Several other analysts have also commented on the company. Barclays PLC raised their price objective on Magellan Health Services from $61.00 to $69.00 and gave the company an “underweight” rating in a report on Wednesday, November 23rd. Jefferies Group reissued a “buy” rating and issued a $78.00 price objective on shares of Magellan Health Services in a report on Friday, November 18th. Zacks Investment Research raised Magellan Health Services from a “sell” rating to a “strong-buy” rating and set a $75.00 price objective on the stock in a report on Saturday, November 12th. Finally, TheStreet lowered Magellan Health Services from a “buy” rating to a “hold” rating in a report on Friday, August 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $75.00.
Magellan Health Services (NASDAQ:MGLN) opened at 72.70 on Monday. The stock has a market capitalization of $1.69 billion, a PE ratio of 25.41 and a beta of 0.48. The company has a 50-day moving average price of $58.43 and a 200-day moving average price of $60.87. Magellan Health Services has a 12-month low of $49.50 and a 12-month high of $72.85.
Magellan Health Services (NASDAQ:MGLN) last posted its earnings results on Wednesday, November 9th. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $0.67 by $0.72. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.22 billion. Magellan Health Services had a return on equity of 7.96% and a net margin of 1.45%. Magellan Health Services’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the company earned $0.76 earnings per share. Analysts expect that Magellan Health Services will post $3.11 earnings per share for the current fiscal year.
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A number of hedge funds have recently modified their holdings of MGLN. Victory Capital Management Inc. raised its stake in shares of Magellan Health Services by 163.7% in the third quarter. Victory Capital Management Inc. now owns 1,029,042 shares of the company’s stock valued at $55,290,000 after buying an additional 638,753 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in Magellan Health Services during the second quarter valued at $18,185,000. Numeric Investors LLC increased its position in Magellan Health Services by 40.4% in the second quarter. Numeric Investors LLC now owns 516,410 shares of the company’s stock valued at $33,964,000 after buying an additional 148,542 shares during the period. Matarin Capital Management LLC purchased a new position in Magellan Health Services during the third quarter valued at $7,039,000. Finally, JPMorgan Chase & Co. increased its position in Magellan Health Services by 15.9% in the third quarter. JPMorgan Chase & Co. now owns 752,744 shares of the company’s stock valued at $40,445,000 after buying an additional 103,451 shares during the period. 93.40% of the stock is currently owned by institutional investors.
Magellan Health Services Company Profile
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).
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