Magellan Health (MGLN) Downgraded to “Buy” at BidaskClub

BidaskClub downgraded shares of Magellan Health (NASDAQ:MGLN) from a strong-buy rating to a buy rating in a report released on Tuesday.

Several other equities analysts have also recently commented on MGLN. Zacks Investment Research raised Magellan Health from a hold rating to a strong-buy rating and set a $112.00 price target for the company in a report on Wednesday, December 13th. KeyCorp reaffirmed a buy rating and issued a $89.00 price target on shares of Magellan Health in a report on Friday, September 22nd. Raymond James Financial reaffirmed a hold rating on shares of Magellan Health in a report on Saturday, December 2nd. ValuEngine raised Magellan Health from a hold rating to a buy rating in a report on Friday, September 1st. Finally, 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. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $96.00.

Magellan Health (MGLN) opened at $98.60 on Tuesday. Magellan Health has a 12-month low of $64.05 and a 12-month high of $99.80. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.21 and a current ratio of 2.28. The firm has a market capitalization of $2,366.96, a PE ratio of 26.02, a P/E/G ratio of 1.31 and a beta of 0.54.

Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings results on Wednesday, November 1st. The company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.40 by $0.24. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Magellan Health had a return on equity of 9.20% and a net margin of 1.68%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.39 EPS. analysts forecast that Magellan Health will post 5.19 earnings per share for the current fiscal year.

In other news, insider Clapper Caskie Lewis sold 59,313 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $93.99, for a total value of $5,574,828.87. Following the completion of the transaction, the insider now directly owns 48,474 shares of the company’s stock, valued at approximately $4,556,071.26. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Daniel N. Gregoire sold 35,658 shares of the stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $85.17, for a total value of $3,036,991.86. Following the completion of the transaction, the general counsel now directly owns 49,115 shares of the company’s stock, valued at $4,183,124.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 265,174 shares of company stock valued at $23,365,071. Insiders own 3.60% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of MGLN. Ameritas Investment Partners Inc. raised its holdings in shares of Magellan Health by 6.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock worth $152,000 after buying an additional 120 shares in the last quarter. Advisory Services Network LLC acquired a new position in shares of Magellan Health in the 2nd quarter worth approximately $165,000. HighTower Advisors LLC acquired a new position in shares of Magellan Health in the 2nd quarter worth approximately $210,000. Pacad Investment Ltd. grew its position in Magellan Health by 34.8% during the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock worth $226,000 after acquiring an additional 800 shares during the last quarter. Finally, Amalgamated Bank grew its position in Magellan Health by 5.1% during the 2nd quarter. Amalgamated Bank now owns 3,265 shares of the company’s stock worth $238,000 after acquiring an additional 159 shares during the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

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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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