Magellan Health, Inc. (MGLN) Announces Quarterly Earnings Results
Magellan Health, Inc. (NASDAQ:MGLN) released its quarterly earnings data on Wednesday. The company reported $1.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.24, Bloomberg Earnings reports. Magellan Health had a return on equity of 9.20% and a net margin of 1.68%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the firm posted $1.39 earnings per share. The firm’s revenue was up 9.9% compared to the same quarter last year. Magellan Health updated its FY17 guidance to $5.45-5.86 EPS.
Several research analysts have recently issued reports on the company. Zacks Investment Research downgraded Magellan Health from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. KeyCorp raised Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price objective for the company in a research note on Thursday, July 13th. BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Jefferies Group LLC reissued a “buy” rating and set a $94.00 target price on shares of Magellan Health in a research report on Friday, October 13th. Finally, ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $83.00.
In other Magellan Health news, General Counsel Daniel N. Gregoire sold 9,369 shares of Magellan Health stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $89.20, for a total value of $835,714.80. Following the transaction, the general counsel now directly owns 22,826 shares of the company’s stock, valued at approximately $2,036,079.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jeffrey N. West sold 25,316 shares of Magellan Health stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $85.85, for a total value of $2,173,378.60. Following the completion of the transaction, the senior vice president now directly owns 29,243 shares in the company, valued at $2,510,511.55. The disclosure for this sale can be found here. Insiders sold a total of 245,059 shares of company stock valued at $20,965,135 in the last 90 days. 3.60% of the stock is currently owned by corporate insiders.
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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).
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