Jefferies Financial Group Raises Magellan Health (NASDAQ:MGLN) Price Target to $96.00

Magellan Health (NASDAQ:MGLN) had its price target raised by Jefferies Financial Group from $85.00 to $96.00 in a report issued on Thursday, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts also recently commented on MGLN. ValuEngine downgraded shares of Magellan Health from a hold rating to a sell rating in a research note on Tuesday, July 14th. BidaskClub raised shares of Magellan Health from a sell rating to a hold rating in a research note on Friday, July 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $81.50.

NASDAQ:MGLN traded up $0.03 on Thursday, hitting $74.17. The company had a trading volume of 193,321 shares, compared to its average volume of 99,419. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 4.73 and a beta of 1.22. The company has a current ratio of 2.05, a quick ratio of 1.71 and a debt-to-equity ratio of 0.42. The firm has a 50 day moving average of $72.02 and a two-hundred day moving average of $65.28. Magellan Health has a 52 week low of $30.60 and a 52 week high of $81.04.

Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.34. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.03 billion. Magellan Health had a net margin of 2.20% and a return on equity of 7.74%. The firm’s revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.86 EPS. As a group, equities analysts forecast that Magellan Health will post 0.88 EPS for the current year.

In other news, COO James E. Murray acquired 4,500 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was bought at an average cost of $67.63 per share, for a total transaction of $304,335.00. Following the completion of the transaction, the chief operating officer now directly owns 4,500 shares in the company, valued at approximately $304,335. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jeffrey N. West sold 1,415 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $78.50, for a total transaction of $111,077.50. Following the sale, the senior vice president now owns 24,430 shares of the company’s stock, valued at $1,917,755. The disclosure for this sale can be found here. 14.10% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Comerica Bank grew its holdings in Magellan Health by 10.1% in the second quarter. Comerica Bank now owns 25,632 shares of the company’s stock worth $1,944,000 after purchasing an additional 2,356 shares during the period. CIBC Asset Management Inc bought a new position in shares of Magellan Health in the second quarter valued at $230,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Magellan Health by 81.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,766 shares of the company’s stock valued at $202,000 after buying an additional 1,245 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Magellan Health by 2.3% in the second quarter. Nisa Investment Advisors LLC now owns 14,295 shares of the company’s stock valued at $1,043,000 after buying an additional 315 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Magellan Health by 55.3% in the second quarter. First Trust Advisors LP now owns 15,331 shares of the company’s stock valued at $1,119,000 after buying an additional 5,459 shares in the last quarter. Institutional investors own 99.29% 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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