Shares of Magellan Health, Inc. (NASDAQ:MGLN) have been assigned a consensus recommendation of “Buy” from the eight brokerages that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $82.20.

Several analysts have recently commented on MGLN shares. Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a report on Tuesday, July 18th. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, September 1st. BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Leerink Swann reiterated an “outperform” rating and set a $73.00 price objective (up previously from $68.00) on shares of Magellan Health in a report on Sunday, June 25th. Finally, KeyCorp upgraded Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price objective for the company in a report on Thursday, July 13th.

In related news, General Counsel Daniel N. Gregoire sold 14,114 shares of the company’s stock in a transaction on Friday, July 14th. The stock was sold at an average price of $80.11, for a total value of $1,130,672.54. Following the transaction, the general counsel now directly owns 27,573 shares of the company’s stock, valued at approximately $2,208,873.03. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Mostafa Kamal sold 2,961 shares of the company’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $84.00, for a total value of $248,724.00. Following the completion of the transaction, the chief executive officer now directly owns 2,961 shares in the company, valued at $248,724. The disclosure for this sale can be found here. Over the last three months, insiders sold 147,596 shares of company stock worth $11,959,347. 3.60% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in shares of Magellan Health by 53,778.2% in the 1st quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock valued at $208,038,000 after acquiring an additional 3,007,275 shares during the period. Vanguard Group Inc. increased its position in shares of Magellan Health by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 2,189,293 shares of the company’s stock valued at $159,600,000 after acquiring an additional 70,806 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Magellan Health by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,991,351 shares of the company’s stock valued at $145,170,000 after acquiring an additional 6,046 shares during the period. Renaissance Technologies LLC increased its position in shares of Magellan Health by 11.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock valued at $83,764,000 after acquiring an additional 122,999 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Magellan Health by 5.2% in the 1st quarter. JPMorgan Chase & Co. now owns 893,272 shares of the company’s stock valued at $61,680,000 after acquiring an additional 43,827 shares during the period. 93.54% of the stock is currently owned by hedge funds and other institutional investors.

Magellan Health (NASDAQ MGLN) traded up 0.37% on Friday, reaching $81.00. The company had a trading volume of 251,268 shares. The company has a market capitalization of $1.92 billion, a P/E ratio of 23.06 and a beta of 0.57. Magellan Health has a 52 week low of $49.50 and a 52 week high of $84.71. The stock’s 50-day moving average is $78.85 and its 200-day moving average is $72.93.

Magellan Health (NASDAQ:MGLN) last posted its earnings results on Friday, July 28th. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.48). The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.58 EPS. Equities research analysts forecast that Magellan Health will post $5.13 EPS for the current fiscal year.

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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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