Magellan Health Services Inc. (NASDAQ:MGLN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Magellan Health Services is the country’s leading behavioral managed care organization. Its customers include health plans, corporations and government agencies. “
Several other analysts also recently commented on MGLN. Jefferies Group reiterated a “buy” rating on shares of Magellan Health Services in a research note on Wednesday, June 8th. KeyCorp initiated coverage on Magellan Health Services in a research note on Thursday, June 30th. They set an “equal weight” rating on the stock. Leerink Swann reiterated a “hold” rating on shares of Magellan Health Services in a research note on Friday, August 12th. Finally, TheStreet downgraded Magellan Health Services from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. Magellan Health Services currently has an average rating of “Hold” and a consensus target price of $71.33.
Magellan Health Services (NASDAQ:MGLN) traded up 0.68% during trading on Tuesday, reaching $54.48. The company had a trading volume of 168,099 shares. Magellan Health Services has a one year low of $45.40 and a one year high of $72.31. The firm’s 50-day moving average price is $54.86 and its 200 day moving average price is $63.59. The firm has a market capitalization of $1.34 billion, a P/E ratio of 37.06 and a beta of 0.49.
Magellan Health Services (NASDAQ:MGLN) last issued its earnings results on Friday, July 29th. The company reported $0.58 EPS for the quarter, missing the consensus estimate of $0.62 by $0.04. Magellan Health Services had a net margin of 0.77% and a return on equity of 6.33%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the business posted $0.56 earnings per share. The business’s revenue for the quarter was up .5% on a year-over-year basis. Equities analysts forecast that Magellan Health Services will post $2.38 earnings per share for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in MGLN. Acrospire Investment Management LLC purchased a new position in Magellan Health Services during the first quarter valued at $147,000. Fuller & Thaler Asset Management Inc. boosted its position in shares of Magellan Health Services by 275.0% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 3,000 shares of the company’s stock worth $197,000 after buying an additional 2,200 shares in the last quarter. PineBridge Investments L.P. boosted its position in shares of Magellan Health Services by 3.9% in the second quarter. PineBridge Investments L.P. now owns 3,122 shares of the company’s stock worth $205,000 after buying an additional 116 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Magellan Health Services by 9.4% in the second quarter. Teacher Retirement System of Texas now owns 3,364 shares of the company’s stock worth $221,000 after buying an additional 288 shares in the last quarter. Finally, BlackRock Inc. boosted its position in shares of Magellan Health Services by 134.8% in the second quarter. BlackRock Inc. now owns 3,473 shares of the company’s stock worth $228,000 after buying an additional 1,994 shares in the last quarter. 93.53% of the stock is currently owned by hedge funds and other institutional investors.
About Magellan Health Services
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).