Magellan Health (MGLN) Lifted to Buy at ValuEngine

ValuEngine upgraded shares of Magellan Health (NASDAQ:MGLN) from a hold rating to a buy rating in a research report released on Sunday morning.

A number of other equities research analysts have also weighed in on MGLN. KeyCorp reissued a buy rating and set a $89.00 price objective on shares of Magellan Health in a report on Friday, September 22nd. Zacks Investment Research lowered shares of Magellan Health from a buy rating to a hold rating in a report on Wednesday, October 4th. Jefferies Group reaffirmed a buy rating and issued a $94.00 price target on shares of Magellan Health in a report on Friday, October 13th. Raymond James Financial reaffirmed a hold rating on shares of Magellan Health in a report on Saturday, December 2nd. Finally, BidaskClub raised shares of Magellan Health from a buy rating to a strong-buy rating in a report on Thursday, December 7th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $96.00.

Shares of Magellan Health (NASDAQ MGLN) traded up $0.60 on Friday, hitting $97.50. 153,900 shares of the stock were exchanged, compared to its average volume of 172,350. The stock has a market capitalization of $2,329.70, a price-to-earnings ratio of 25.73, a PEG ratio of 1.14 and a beta of 0.53. The company has a quick ratio of 2.21, a current ratio of 2.28 and a debt-to-equity ratio of 0.62. Magellan Health has a 12-month low of $64.05 and a 12-month high of $99.80.

Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.24. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.49 billion. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.39 earnings per share. equities research analysts forecast that Magellan Health will post 5.19 EPS for the current fiscal year.

In other Magellan Health news, CEO Mostafa Kamal sold 1,154 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $92.00, for a total value of $106,168.00. Following the completion of the transaction, the chief executive officer now owns 1,154 shares in the company, valued at $106,168. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Daniel N. Gregoire sold 8,275 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $89.08, for a total transaction of $737,137.00. Following the completion of the transaction, the general counsel now owns 16,690 shares of the company’s stock, valued at approximately $1,486,745.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,101 shares of company stock worth $10,412,588. 3.60% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of the business. Suntrust Banks Inc. raised its position in shares of Magellan Health by 2.1% in the second quarter. Suntrust Banks Inc. now owns 4,018 shares of the company’s stock worth $292,000 after acquiring an additional 84 shares during the period. Ameritas Investment Partners Inc. raised its position in shares of Magellan Health by 6.1% in the second quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock worth $152,000 after acquiring an additional 120 shares during the period. Amalgamated Bank raised its position in shares of Magellan Health by 5.1% in the second quarter. Amalgamated Bank now owns 3,265 shares of the company’s stock worth $238,000 after acquiring an additional 159 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Magellan Health by 1.2% in the second quarter. The Manufacturers Life Insurance Company now owns 18,274 shares of the company’s stock worth $1,331,000 after acquiring an additional 223 shares during the period. Finally, California Public Employees Retirement System raised its position in shares of Magellan Health by 0.6% in the second quarter. California Public Employees Retirement System now owns 80,700 shares of the company’s stock worth $5,883,000 after acquiring an additional 500 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

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About Magellan Health

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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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