Magellan Health, Inc. (MGLN) Announces Quarterly Earnings Results

Magellan Health, Inc. (NASDAQ:MGLN) issued its quarterly earnings results on Wednesday. The company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.40 by $0.24, Bloomberg Earnings reports. 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 for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the business earned $1.39 earnings per share. Magellan Health’s revenue for the quarter was up 9.9% compared to the same quarter last year. Magellan Health updated its FY17 guidance to $5.45-5.86 EPS.

Several equities research analysts have commented on MGLN shares. Jefferies Group LLC reiterated a “buy” rating and issued a $94.00 price target on shares of Magellan Health in a research report on Friday, October 13th. BidaskClub upgraded shares of Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. KeyCorp upgraded shares of Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price target on the stock in a research report on Thursday, July 13th. Zacks Investment Research cut shares of Magellan Health from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. Finally, ValuEngine upgraded shares of Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $83.00.

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In related news, CEO Mostafa Kamal sold 6,267 shares of the stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $81.53, for a total transaction of $510,948.51. Following the completion of the transaction, the chief executive officer now directly owns 6,267 shares in the company, valued at $510,948.51. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Daniel N. Gregoire sold 12,475 shares of the stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $88.02, for a total value of $1,098,049.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 234,536 shares of company stock worth $20,023,252. 3.60% of the stock is currently owned by insiders.

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).

Earnings History for Magellan Health (NASDAQ:MGLN)

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