Magellan Health’s (MGLN) Buy Rating Reaffirmed at KeyCorp
Several other equities research analysts also recently issued reports on MGLN. BidaskClub upgraded Magellan Health from a sell rating to a hold rating in a research report on Tuesday, June 13th. ValuEngine upgraded Magellan Health from a hold rating to a buy rating in a research report on Friday, September 1st. Zacks Investment Research upgraded Magellan Health from a hold rating to a buy rating and set a $90.00 target price on the stock in a research report on Tuesday, July 18th. Finally, Leerink Swann restated an outperform rating and set a $73.00 target price (up previously from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $81.80.
Magellan Health (MGLN) traded up 1.22% during mid-day trading on Friday, hitting $83.00. The stock had a trading volume of 101,878 shares. The firm’s 50-day moving average price is $78.85 and its 200-day moving average price is $72.93. The stock has a market cap of $1.97 billion, a PE ratio of 23.63 and a beta of 0.57. Magellan Health has a 1-year low of $49.50 and a 1-year high of $84.71.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings data on Friday, July 28th. The company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.48). Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the company posted $0.58 EPS. Magellan Health’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, equities analysts expect that Magellan Health will post $5.13 earnings per share for the current year.
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In other news, CEO Mostafa Kamal sold 604 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $83.00, for a total value of $50,132.00. Following the transaction, the chief executive officer now owns 19 shares of the company’s stock, valued at $1,577. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel Daniel N. Gregoire sold 20,465 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $83.05, for a total transaction of $1,699,618.25. Following the completion of the transaction, the general counsel now directly owns 31,520 shares in the company, valued at approximately $2,617,736. The disclosure for this sale can be found here. In the last ninety days, insiders sold 147,596 shares of company stock worth $11,959,347. Insiders own 3.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Alpha Windward LLC increased its holdings in shares of Magellan Health by 7.8% in the second quarter. Alpha Windward LLC now owns 6,600 shares of the company’s stock worth $481,000 after purchasing an additional 480 shares during the period. Geode Capital Management LLC increased its holdings in shares of Magellan Health by 6.1% in the first quarter. Geode Capital Management LLC now owns 305,624 shares of the company’s stock worth $21,103,000 after purchasing an additional 17,460 shares during the period. Great West Life Assurance Co. Can increased its holdings in shares of Magellan Health by 3.4% in the second quarter. Great West Life Assurance Co. Can now owns 33,815 shares of the company’s stock worth $2,463,000 after purchasing an additional 1,100 shares during the period. State of Tennessee Treasury Department increased its holdings in shares of Magellan Health by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 21,809 shares of the company’s stock worth $1,506,000 after purchasing an additional 3,291 shares during the period. Finally, State Street Corp increased its holdings in shares of Magellan Health by 5.1% in the first quarter. State Street Corp now owns 674,286 shares of the company’s stock worth $46,563,000 after purchasing an additional 32,723 shares during the period. 93.54% of the stock is currently owned by hedge funds and other institutional investors.
Magellan Health 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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