Magellan Health (MGLN) Raised to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Magellan Health (NASDAQ:MGLN) from a hold rating to a strong-buy rating in a research report report published on Wednesday morning. Zacks Investment Research currently has $112.00 target price on the stock.

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 equities research analysts have also recently commented on MGLN. ValuEngine upgraded Magellan Health from a hold rating to a buy rating in a research report on Friday, September 1st. KeyCorp restated a buy rating and set a $89.00 target price on shares of Magellan Health in a research report on Friday, September 22nd. Jefferies Group restated a buy rating and set a $94.00 target price on shares of Magellan Health in a research report on Friday, October 13th. Raymond James Financial restated a hold rating on shares of Magellan Health in a research report on Saturday, December 2nd. Finally, BidaskClub upgraded Magellan Health from a buy rating to a strong-buy rating in a research report on Thursday, December 7th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $96.00.

Magellan Health (NASDAQ MGLN) traded up $0.55 during trading hours on Wednesday, hitting $95.80. The stock had a trading volume of 295,328 shares, compared to its average volume of 169,879. Magellan Health has a 52-week low of $64.05 and a 52-week high of $99.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.28 and a quick ratio of 2.21. The firm has a market cap of $2,290.03, a PE ratio of 21.70, a PEG ratio of 1.27 and a beta of 0.54.

Magellan Health (NASDAQ:MGLN) last posted its earnings results on Wednesday, November 1st. The company reported $1.64 EPS for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.24. Magellan Health had a return on equity of 9.20% and a net margin of 1.68%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period last year, the firm earned $1.39 EPS. The company’s quarterly revenue was up 9.9% on a year-over-year basis. equities research analysts expect that Magellan Health will post 5.19 earnings per share for the current year.

In related news, SVP Jeffrey N. West sold 25,316 shares of the firm’s stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $85.85, for a total value of $2,173,378.60. Following the transaction, the senior vice president now directly owns 29,243 shares of the company’s stock, valued at approximately $2,510,511.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Daniel N. Gregoire sold 35,658 shares of the firm’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $85.17, for a total transaction of $3,036,991.86. Following the completion of the transaction, the general counsel now directly owns 49,115 shares in the company, valued at $4,183,124.55. The disclosure for this sale can be found here. Insiders sold a total of 265,174 shares of company stock worth $23,365,071 over the last ninety days. 3.60% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of MGLN. ClariVest Asset Management LLC purchased a new position in Magellan Health in the 3rd quarter worth approximately $8,690,000. Great West Life Assurance Co. Can lifted its stake in Magellan Health by 3.4% in the 2nd quarter. Great West Life Assurance Co. Can now owns 33,815 shares of the company’s stock worth $2,463,000 after purchasing an additional 1,100 shares in the last quarter. Hillcrest Asset Management LLC purchased a new position in Magellan Health in the 3rd quarter worth approximately $8,822,000. LSV Asset Management purchased a new position in Magellan Health in the 2nd quarter worth approximately $44,282,000. Finally, Legal & General Group Plc lifted its stake in Magellan Health by 4.5% in the 2nd quarter. Legal & General Group Plc now owns 68,542 shares of the company’s stock worth $4,998,000 after purchasing an additional 2,962 shares in the last quarter. 94.96% of the stock is currently owned by hedge funds and other institutional investors.

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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).

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