Magellan Health Services Inc. (NASDAQ:MGLN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Magellan Health Services is the country’s leading behavioral managed care organization. Its customers include health plans, corporations and government agencies. “
Other analysts have also recently issued reports about the company. KeyCorp began coverage on Magellan Health Services in a report on Thursday, June 30th. They set an “equal weight” rating for the company. Jefferies Group reissued a “buy” rating on shares of Magellan Health Services in a report on Wednesday, June 8th. Leerink Swann reissued a “hold” rating on shares of Magellan Health Services in a report on Friday, August 12th. Finally, TheStreet cut Magellan Health Services from a “buy” rating to a “hold” rating in a report on Friday, August 19th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Magellan Health Services presently has a consensus rating of “Hold” and a consensus price target of $66.00.
Magellan Health Services (NASDAQ:MGLN) opened at 53.50 on Tuesday. Magellan Health Services has a 52 week low of $45.40 and a 52 week high of $72.31. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 36.39 and a beta of 0.49. The stock’s 50 day moving average price is $55.08 and its 200 day moving average price is $63.75.
Magellan Health Services (NASDAQ:MGLN) last released its quarterly earnings results on Friday, July 29th. The company reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by $0.04. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Magellan Health Services had a return on equity of 6.33% and a net margin of 0.77%. The business’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the business posted $0.56 earnings per share. On average, equities research analysts predict that Magellan Health Services will post $2.38 EPS for the current year.
A number of institutional investors have recently made changes to their positions in the stock. Pacad Investment Ltd. boosted 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 valued at $401,000 after buying an additional 1,700 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position 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 position 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. Acrospire Investment Management LLC acquired a new position in Magellan Health Services during the first quarter worth approximately $147,000. Finally, UBS Group AG boosted its position in Magellan Health Services by 35.2% in the first quarter. UBS Group AG now owns 16,709 shares of the company’s stock worth $1,135,000 after buying an additional 4,348 shares during the period. 93.53% of the stock is owned by hedge funds and other institutional investors.
Magellan Health Services 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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