Jefferies Group restated their buy rating on shares of Magellan Health Services Inc. (NASDAQ:MGLN) in a report issued on Monday morning. They currently have a $76.00 price objective on the stock, down from their prior price objective of $86.00.
Other research analysts also recently issued reports about the stock. Leerink Swann reissued a hold rating on shares of Magellan Health Services in a research report on Saturday, June 4th. Zacks Investment Research raised shares of Magellan Health Services from a hold rating to a buy rating and set a $77.00 target price on the stock in a research report on Thursday, July 21st. KeyCorp assumed coverage on shares of Magellan Health Services in a research report on Thursday, June 30th. They issued an equal weight rating on the stock. Barclays PLC downgraded shares of Magellan Health Services from an equal weight rating to an underweight rating and set a $61.00 target price on the stock. in a research report on Wednesday, June 1st. Finally, TheStreet downgraded shares of Magellan Health Services from a buy rating to a hold rating in a research report on Friday, August 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $66.00.
Magellan Health Services (NASDAQ:MGLN) opened at 54.36 on Monday. The stock’s 50 day moving average is $55.83 and its 200-day moving average is $64.19. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of 36.98 and a beta of 0.48. Magellan Health Services has a 52 week low of $45.40 and a 52 week high of $72.31.
Magellan Health Services (NASDAQ:MGLN) last released its earnings results on Friday, July 29th. The company reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by $0.04. The business earned $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Magellan Health Services had a return on equity of 6.33% and a net margin of 0.77%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.56 earnings per share. On average, equities research analysts expect that Magellan Health Services will post $2.38 EPS for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacad Investment Ltd. increased its position in shares of Magellan Health Services by 40.5% in the first quarter. Pacad Investment Ltd. now owns 5,900 shares of the company’s stock worth $401,000 after buying an additional 1,700 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in Magellan Health Services by 4.9% in the first quarter. TIAA CREF Investment Management LLC now owns 139,064 shares of the company’s stock worth $9,447,000 after buying an additional 6,551 shares during the period. Prudential Financial Inc. boosted its stake in Magellan Health Services by 355.6% in the first quarter. Prudential Financial Inc. now owns 286,037 shares of the company’s stock worth $19,430,000 after buying an additional 223,250 shares during the period. Algert Global LLC boosted its stake in Magellan Health Services by 181.6% in the first quarter. Algert Global LLC now owns 18,419 shares of the company’s stock worth $1,251,000 after buying an additional 11,879 shares during the period. Finally, Acrospire Investment Management LLC acquired a new stake in Magellan Health Services during the first quarter worth about $147,000. 93.53% of the stock is currently owned by hedge funds and other institutional investors.
About Magellan Health Services
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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