Magellan Health (NASDAQ:MGLN) Rating Lowered to Strong Sell at BidaskClub

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BidaskClub cut shares of Magellan Health (NASDAQ:MGLN) from a sell rating to a strong sell rating in a research report report published on Friday, BidAskClub reports.

Separately, ValuEngine upgraded shares of Magellan Health from a hold rating to a buy rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $74.80.

Shares of NASDAQ MGLN opened at $61.60 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.66 and a current ratio of 1.71. Magellan Health has a one year low of $51.88 and a one year high of $76.75. The firm has a market capitalization of $1.50 billion, a P/E ratio of 25.25, a PEG ratio of 0.65 and a beta of 0.62. The company’s fifty day moving average is $66.16 and its two-hundred day moving average is $67.31.

Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.06). Magellan Health had a net margin of 0.18% and a return on equity of 3.68%. The company had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same quarter in the prior year, the business earned $0.92 EPS. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. On average, sell-side analysts forecast that Magellan Health will post 3.96 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in Magellan Health by 160.9% in the second quarter. JPMorgan Chase & Co. now owns 500,110 shares of the company’s stock valued at $35,898,000 after purchasing an additional 308,417 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of Magellan Health in the 2nd quarter worth about $19,466,000. Omni Partners LLP grew its stake in Magellan Health by 119.3% in the 2nd quarter. Omni Partners LLP now owns 444,262 shares of the company’s stock valued at $32,978,000 after acquiring an additional 241,671 shares during the last quarter. 13D Management LLC acquired a new stake in Magellan Health in the 1st quarter valued at about $9,879,000. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Magellan Health by 208.1% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 196,077 shares of the company’s stock valued at $14,555,000 after acquiring an additional 132,444 shares in the last quarter. Institutional investors own 98.02% of the company’s stock.

About Magellan Health

Magellan Health, Inc provides healthcare management services in the United States. The company 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.

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