Magellan Health Inc (NASDAQ:MGLN) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $68.01 and last traded at $68.82, with a volume of 3642 shares. The stock had previously closed at $70.36.
Several equities research analysts recently issued reports on MGLN shares. BidaskClub cut Magellan Health from a “strong-buy” rating to a “buy” rating in a report on Friday, August 31st. ValuEngine cut Magellan Health from a “sell” rating to a “strong sell” rating in a report on Saturday, July 28th. Zacks Investment Research upgraded Magellan Health from a “strong sell” rating to a “buy” rating and set a $108.00 price objective on the stock in a report on Wednesday, July 4th. Finally, Raymond James lowered their target price on Magellan Health from $105.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, July 30th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. Magellan Health currently has an average rating of “Hold” and a consensus target price of $98.00.
The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 12.24, a P/E/G ratio of 1.58 and a beta of 0.37. The company has a quick ratio of 1.58, a current ratio of 1.63 and a debt-to-equity ratio of 0.56.
Magellan Health (NASDAQ:MGLN) last issued its earnings results on Friday, July 27th. The company reported $0.91 earnings per share for the quarter, missing the Thomson Reuters’ 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 company’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.59 earnings per share. Research analysts forecast that Magellan Health Inc will post 4.55 EPS for the current year.
Several institutional investors have recently modified their holdings of the company. Eqis Capital Management Inc. boosted its holdings in shares of Magellan Health by 15.2% during the 2nd quarter. Eqis Capital Management Inc. now owns 5,638 shares of the company’s stock worth $541,000 after purchasing an additional 744 shares during the last quarter. GSA Capital Partners LLP lifted its holdings in Magellan Health by 16.9% in the second quarter. GSA Capital Partners LLP now owns 6,909 shares of the company’s stock valued at $663,000 after acquiring an additional 997 shares during the last quarter. Strs Ohio lifted its holdings in Magellan Health by 8.6% in the second quarter. Strs Ohio now owns 13,900 shares of the company’s stock valued at $1,333,000 after acquiring an additional 1,100 shares during the last quarter. Cubist Systematic Strategies LLC lifted its holdings in Magellan Health by 60.4% in the second quarter. Cubist Systematic Strategies LLC now owns 3,180 shares of the company’s stock valued at $305,000 after acquiring an additional 1,197 shares during the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new position in Magellan Health in the second quarter valued at approximately $131,000. Institutional investors and hedge funds own 97.90% of the company’s stock.
Magellan Health Company Profile (NASDAQ:MGLN)
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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