Magellan Health (MGLN) Downgraded by Zacks Investment Research to Hold
Magellan Health (NASDAQ:MGLN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Magellan Health Inc. is an American for-profit managed health care company, focused on behavioral healthcare. As a specialty health care manager, they focus on some of today’s most complex and costly health care services. The depth and breadth of experience in managing behavioral health care, diagnostic imaging, specialty pharmaceutical services and providing pharmacy benefits administration enables us to deliver invaluable insights and innovative solutions that positively impact both the quality and the cost of some of the nation’s fastest growing areas of health care. Maintaining the highest level of integrity and clinical and quality excellence have long been Magellan hallmarks. By working together with health plans, employers, government agencies, consumers, service providers, fellow employees and many other stakeholders, they get a full perspective of the situation and are able to leverage these partnerships to deliver effective and innovative solutions. “
A number of other brokerages have also commented on MGLN. BidaskClub upgraded Magellan Health from a “buy” rating to a “strong-buy” rating in a report on Thursday, December 7th. Jefferies Group restated a “buy” rating and issued a $94.00 price target on shares of Magellan Health in a report on Friday, October 13th. KeyCorp set a $105.00 price target on Magellan Health and gave the company a “buy” rating in a report on Friday, December 1st. Raymond James Financial restated a “hold” rating on shares of Magellan Health in a report on Saturday, December 2nd. Finally, ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $96.00.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings results on Wednesday, November 1st. The company reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.24. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.49 billion. Magellan Health had a return on equity of 9.20% and a net margin of 1.68%. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.39 earnings per share. equities research analysts predict that Magellan Health will post 5.19 EPS for the current year.
In other news, CEO Barry M. Smith sold 13,367 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $95.94, for a total value of $1,282,429.98. Following the sale, the chief executive officer now directly owns 42,799 shares in the company, valued at $4,106,136.06. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Barry M. Smith sold 13,375 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $99.20, for a total value of $1,326,800.00. Following the sale, the chief executive officer now owns 42,807 shares in the company, valued at approximately $4,246,454.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,953 shares of company stock worth $10,797,505. Corporate insiders own 5.00% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Magellan Health by 3.3% during the second quarter. Vanguard Group Inc. now owns 2,189,293 shares of the company’s stock worth $159,600,000 after acquiring an additional 70,806 shares in the last quarter. LSV Asset Management raised its holdings in Magellan Health by 1.4% during the fourth quarter. LSV Asset Management now owns 813,682 shares of the company’s stock worth $78,560,000 after acquiring an additional 11,400 shares in the last quarter. State Street Corp raised its holdings in Magellan Health by 2.6% during the second quarter. State Street Corp now owns 691,484 shares of the company’s stock worth $50,404,000 after acquiring an additional 17,198 shares in the last quarter. Hood River Capital Management LLC raised its holdings in Magellan Health by 45.7% during the third quarter. Hood River Capital Management LLC now owns 507,355 shares of the company’s stock worth $43,785,000 after acquiring an additional 159,110 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Magellan Health by 1.5% during the fourth quarter. Victory Capital Management Inc. now owns 461,817 shares of the company’s stock worth $44,588,000 after acquiring an additional 6,942 shares in the last quarter. Institutional investors and hedge funds own 95.14% of the company’s stock.
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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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