Brokerages expect Magellan Health Inc (NASDAQ:MGLN) to post sales of $1.85 billion for the current quarter, according to Zacks. Three analysts have issued estimates for Magellan Health’s earnings. The lowest sales estimate is $1.84 billion and the highest is $1.86 billion. Magellan Health posted sales of $1.42 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 30.3%. The company is scheduled to issue its next earnings report before the market opens on Wednesday, November 7th.
According to Zacks, analysts expect that Magellan Health will report full-year sales of $7.38 billion for the current financial year, with estimates ranging from $7.36 billion to $7.44 billion. For the next fiscal year, analysts expect that the firm will post sales of $7.13 billion, with estimates ranging from $6.92 billion to $7.48 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Magellan Health.
Magellan Health (NASDAQ:MGLN) last released its quarterly earnings data on Friday, July 27th. The company reported $0.91 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.15). The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.88 billion. Magellan Health had a return on equity of 11.29% and a net margin of 1.66%. The business’s quarterly revenue was up 27.6% on a year-over-year basis. During the same period last year, the firm posted $0.59 EPS.
A number of research firms have commented on MGLN. ValuEngine downgraded Magellan Health from a “buy” rating to a “hold” rating in a research report on Friday, July 20th. Zacks Investment Research downgraded Magellan Health from a “hold” rating to a “sell” rating in a research report on Wednesday, August 1st. BidaskClub downgraded Magellan Health from a “buy” rating to a “hold” rating in a research report on Friday, September 28th. Finally, Raymond James reduced their target price on Magellan Health from $105.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, July 30th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $98.00.
NASDAQ MGLN traded up $0.42 on Friday, reaching $67.31. 285,149 shares of the company were exchanged, compared to its average volume of 210,963. The firm has a market capitalization of $1.77 billion, a P/E ratio of 12.24, a price-to-earnings-growth ratio of 1.58 and a beta of 0.37. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.58 and a current ratio of 1.63. Magellan Health has a fifty-two week low of $66.71 and a fifty-two week high of $112.25.
Several hedge funds have recently bought and sold shares of the stock. DNB Asset Management AS raised its holdings in shares of Magellan Health by 9.2% in the 3rd quarter. DNB Asset Management AS now owns 44,000 shares of the company’s stock valued at $3,170,000 after buying an additional 3,700 shares during the period. United Services Automobile Association raised its holdings in shares of Magellan Health by 62.3% in the 2nd quarter. United Services Automobile Association now owns 52,038 shares of the company’s stock valued at $4,993,000 after buying an additional 19,978 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Magellan Health by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 311,426 shares of the company’s stock valued at $29,882,000 after buying an additional 1,547 shares during the period. WINTON GROUP Ltd raised its holdings in shares of Magellan Health by 2,426.6% in the 2nd quarter. WINTON GROUP Ltd now owns 64,934 shares of the company’s stock valued at $6,230,000 after buying an additional 62,364 shares during the period. Finally, Verition Fund Management LLC purchased a new stake in shares of Magellan Health in the 2nd quarter valued at $248,000. Hedge funds and other institutional investors own 97.90% of the company’s stock.
About Magellan Health
Magellan Health, Inc engages in the healthcare management business. It operates through the following segments: Healthcare, Pharmacy Management, and Corporate. The Healthcare segment comprises of the Commercial and Government reporting units. The Pharmacy Management segment offers products and solutions that provide clinical and financial management of pharmaceuticals paid under both the medical and the pharmacy benefit.The Corporate segment covers amounts not allocated to the Healthcare and Pharmacy Management segments.
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