Magellan Health, Inc. (NASDAQ:MGLN) issued its quarterly earnings results on Friday. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by $0.48, Morningstar.com reports. The business 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 9.05% and a net margin of 1.64%. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.58 EPS.

Shares of Magellan Health (NASDAQ:MGLN) traded down 3.68% during trading on Friday, reaching $75.90. The company’s stock had a trading volume of 289,786 shares. Magellan Health has a 52 week low of $49.50 and a 52 week high of $84.71. The firm has a market capitalization of $1.75 billion, a P/E ratio of 21.61 and a beta of 0.59. The company has a 50 day moving average price of $75.00 and a 200 day moving average price of $72.18.

A number of equities analysts have issued reports on MGLN shares. KeyCorp upgraded 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. BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Zacks Investment Research downgraded Magellan Health from a “hold” rating to a “sell” rating in a research report on Friday, April 7th. Finally, Leerink Swann reiterated an “outperform” rating and set a $73.00 price target (up previously from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $82.20.

In other Magellan Health news, General Counsel Daniel N. Gregoire sold 14,114 shares of the business’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $80.11, for a total transaction of $1,130,672.54. Following the transaction, the general counsel now owns 27,573 shares in the company, valued at approximately $2,208,873.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Daniel N. Gregoire sold 4,559 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $80.68, for a total value of $367,820.12. Following the transaction, the general counsel now owns 18,016 shares in the company, valued at approximately $1,453,530.88. The disclosure for this sale can be found here. Insiders have sold a total of 97,943 shares of company stock worth $7,846,757 in the last quarter. 3.60% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in MGLN. Texas Permanent School Fund boosted its position in Magellan Health by 1.3% in the second quarter. Texas Permanent School Fund now owns 17,316 shares of the company’s stock valued at $1,262,000 after buying an additional 230 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in Magellan Health by 3.4% in the second quarter. Great West Life Assurance Co. Can now owns 33,815 shares of the company’s stock valued at $2,463,000 after buying an additional 1,100 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its position in Magellan Health by 20.7% in the second quarter. Municipal Employees Retirement System of Michigan now owns 17,510 shares of the company’s stock valued at $1,276,000 after buying an additional 3,000 shares during the last quarter. Aviance Capital Partners LLC boosted its position in Magellan Health by 2.9% in the second quarter. Aviance Capital Partners LLC now owns 22,662 shares of the company’s stock valued at $1,652,000 after buying an additional 637 shares during the last quarter. Finally, First Midwest Bank Trust Division boosted its position in Magellan Health by 21.4% in the second quarter. First Midwest Bank Trust Division now owns 9,763 shares of the company’s stock valued at $712,000 after buying an additional 1,720 shares during the last quarter. Institutional investors own 93.90% of the company’s stock.

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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).

Earnings History for Magellan Health (NASDAQ:MGLN)

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