Magellan Health (MGLN) Sets New 12-Month High and Low at $110.10

Shares of Magellan Health (NASDAQ:MGLN) reached a new 52-week high and low during trading on Friday . The company traded as low as $110.10 and last traded at $107.45, with a volume of 42992 shares traded. The stock had previously closed at $109.70.

MGLN has been the subject of a number of recent research reports. Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “strong-buy” rating and set a $112.00 price objective for the company in a research report on Wednesday, December 13th. BidaskClub cut Magellan Health from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 19th. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Leerink Swann upgraded Magellan Health from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 15th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Magellan Health has a consensus rating of “Buy” and an average target price of $97.50.

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The company has a quick ratio of 1.62, a current ratio of 1.66 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $2,668.36, a PE ratio of 19.46, a PEG ratio of 1.16 and a beta of 0.50.

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

In other Magellan Health news, CEO Barry M. Smith sold 13,375 shares of the firm’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $101.20, for a total value of $1,353,550.00. Following the sale, the chief executive officer now directly owns 42,807 shares of the company’s stock, valued at approximately $4,332,068.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Daniel N. Gregoire sold 22,875 shares of the firm’s stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $99.05, for a total value of $2,265,768.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,428 shares of company stock worth $7,858,688. 3.60% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the business. Gotham Asset Management LLC acquired a new stake in Magellan Health in the 4th quarter worth about $201,000. Shelton Capital Management acquired a new stake in Magellan Health in the 4th quarter worth about $205,000. Xact Kapitalforvaltning AB acquired a new position in shares of Magellan Health in the 4th quarter valued at about $275,000. CIBC Asset Management Inc acquired a new position in shares of Magellan Health in the 4th quarter valued at about $291,000. Finally, Meadow Creek Investment Management LLC lifted its stake 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 valued at $330,000 after purchasing an additional 588 shares in the last quarter. 97.32% of the stock is currently owned by hedge funds and other institutional investors.

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Magellan Health Company Profile

Magellan Health, Inc provides healthcare management services in the United States. It operates in Healthcare and Pharmacy Management segments. The Healthcare segment offers carve-out management services for behavioral health; employee assistance plans (EAP); and other areas of specialty healthcare, including diagnostic imaging, musculoskeletal management, cardiac, and physical medicine for health plans, care organizations, and employers.

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