Zacks Investment Research Upgrades Magellan Health (MGLN) to “Buy”

Magellan Health (NASDAQ:MGLN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $118.00 price objective on the stock. Zacks Investment Research‘s target price points to a potential upside of 13.08% from the stock’s previous close.

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. “

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Several other equities research analysts have also recently issued reports on MGLN. BidaskClub raised shares of Magellan Health from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 17th. Leerink Swann raised shares of Magellan Health from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 15th. ValuEngine cut shares of Magellan Health from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 7th. Raymond James Financial reissued a “hold” rating on shares of Magellan Health in a research report on Saturday, December 2nd. Finally, KeyCorp set a $105.00 price objective on shares of Magellan Health and gave the company a “buy” rating in a research report on Friday, December 1st. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $97.50.

Shares of Magellan Health stock opened at $104.35 on Thursday. The stock has a market cap of $2,547.95, a PE ratio of 23.40, a price-to-earnings-growth ratio of 1.10 and a beta of 0.49. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.66 and a quick ratio of 1.62. Magellan Health has a 52-week low of $64.75 and a 52-week high of $109.80.

Magellan Health (NASDAQ:MGLN) last released its quarterly earnings data on Tuesday, February 27th. The company reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.26. The company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.62 billion. Magellan Health had a net margin of 1.89% and a return on equity of 10.86%. The firm’s quarterly revenue was up 34.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.80 EPS. equities research analysts anticipate that Magellan Health will post 6.32 earnings per share for the current year.

In other news, CEO Barry M. Smith sold 13,367 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $95.94, for a total value of $1,282,429.98. Following the completion of the sale, the chief executive officer now owns 42,799 shares of the company’s stock, valued at approximately $4,106,136.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Barry M. Smith sold 13,375 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $99.20, for a total transaction of $1,326,800.00. Following the completion of the sale, the chief executive officer now directly owns 42,807 shares of the company’s stock, valued at approximately $4,246,454.40. The disclosure for this sale can be found here. Insiders sold a total of 95,863 shares of company stock valued at $9,432,287 in the last ninety days. Corporate insiders own 3.60% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Meadow Creek Investment Management LLC lifted its position in shares of Magellan Health by 20.8% in the 4th quarter. Meadow Creek Investment Management LLC now owns 3,416 shares of the company’s stock worth $330,000 after purchasing an additional 588 shares during the period. Louisiana State Employees Retirement System lifted its position in Magellan Health by 7.3% during the fourth quarter. Louisiana State Employees Retirement System now owns 10,300 shares of the company’s stock valued at $994,000 after acquiring an additional 700 shares during the last quarter. Rhumbline Advisers lifted its position in Magellan Health by 1.6% during the third quarter. Rhumbline Advisers now owns 50,493 shares of the company’s stock valued at $4,358,000 after acquiring an additional 773 shares during the last quarter. Campbell & CO Investment Adviser LLC lifted its position in Magellan Health by 18.7% during the third quarter. Campbell & CO Investment Adviser LLC now owns 4,906 shares of the company’s stock valued at $423,000 after acquiring an additional 774 shares during the last quarter. Finally, Hillsdale Investment Management Inc. lifted its position in Magellan Health by 7.4% during the third quarter. Hillsdale Investment Management Inc. now owns 14,500 shares of the company’s stock valued at $1,251,000 after acquiring an additional 1,000 shares during the last quarter. 97.32% of the stock is owned by hedge funds and other institutional investors.

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About Magellan Health

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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