Magellan Health (NASDAQ:MGLN) Stock Passes Above 50 Day Moving Average of $69.11

Magellan Health Inc (NASDAQ:MGLN)’s stock price crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $69.11 and traded as high as $66.23. Magellan Health shares last traded at $64.55, with a volume of 13,715 shares.

Several research firms have weighed in on MGLN. ValuEngine lowered Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. BidaskClub lowered Zebra Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $74.80.

The company has a market capitalization of $1.68 billion, a PE ratio of 26.37, a price-to-earnings-growth ratio of 0.73 and a beta of 0.59. The company has a 50-day moving average of $69.09. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.62 and a current ratio of 1.67.

Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.06. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.75 billion. Magellan Health had a return on equity of 3.83% and a net margin of 0.18%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. Analysts predict that Magellan Health Inc will post 4.01 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Mason Street Advisors LLC boosted its stake in shares of Magellan Health by 2.0% during the 1st quarter. Mason Street Advisors LLC now owns 7,684 shares of the company’s stock worth $507,000 after acquiring an additional 152 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Magellan Health by 1.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 9,393 shares of the company’s stock worth $619,000 after acquiring an additional 170 shares during the period. Piedmont Investment Advisors Inc. boosted its stake in shares of Magellan Health by 4.3% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 6,029 shares of the company’s stock worth $397,000 after acquiring an additional 251 shares during the period. BW Gestao de Investimentos Ltda. boosted its stake in shares of Magellan Health by 4.8% during the 4th quarter. BW Gestao de Investimentos Ltda. now owns 7,426 shares of the company’s stock worth $422,000 after acquiring an additional 337 shares during the period. Finally, Texas Permanent School Fund boosted its stake in shares of Magellan Health by 2.4% during the 1st quarter. Texas Permanent School Fund now owns 16,245 shares of the company’s stock worth $1,071,000 after acquiring an additional 373 shares during the period. Institutional investors own 98.30% of the company’s stock.

Magellan Health Company Profile (NASDAQ:MGLN)

Magellan Health, Inc provides healthcare management services in the United States. The company operates in Healthcare and Pharmacy Management segments. The Healthcare segment offers carve-out management services for behavioral health; employee assistance plans (EAP); and other areas of specialty healthcare, including diagnostic imaging, musculoskeletal management, cardiac, and physical medicine.

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