Today: Leerink Swann Reaffirmed Market Perform Rating for Magellan Health Services Inc. (MGLN)

Today: Leerink Swann Reaffirmed Market Perform Rating for Magellan Health Services Inc. (MGLN)

Magellan Health Services Inc. (NASDAQ:MGLN)‘s stock had its “market perform” rating reiterated by investment analysts at Leerink Swann in a note issued to investors on Monday. They presently have a $78.00 price objective on the stock, up from their prior price objective of $60.00. Leerink Swann’s price target indicates a potential upside of 7.73% from the company’s current price.

Other equities analysts also recently issued reports about the company. Barclays PLC lifted their price target on Magellan Health Services from $61.00 to $69.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 23rd. Jefferies Group reiterated a “buy” rating and issued a $78.00 price target on shares of Magellan Health Services in a research note on Friday, November 18th. Zacks Investment Research upgraded Magellan Health Services from a “sell” rating to a “strong-buy” rating and set a $75.00 price target for the company in a research note on Saturday, November 12th. Finally, TheStreet downgraded Magellan Health Services from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $75.00.

Shares of Magellan Health Services (NASDAQ:MGLN) opened at 72.40 on Monday. The firm’s 50-day moving average price is $57.93 and its 200 day moving average price is $60.91. Magellan Health Services has a 1-year low of $49.50 and a 1-year high of $72.40. The stock has a market capitalization of $1.68 billion, a P/E ratio of 25.31 and a beta of 0.48.

Magellan Health Services (NASDAQ:MGLN) last released its quarterly earnings data on Wednesday, November 9th. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $0.67 by $0.72. Magellan Health Services had a return on equity of 7.96% and a net margin of 1.45%. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the company posted $0.76 earnings per share. The firm’s revenue was up 8.6% compared to the same quarter last year. Analysts expect that Magellan Health Services will post $3.11 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the stock. UBS Asset Management Americas Inc. increased its position in shares of Magellan Health Services by 7.6% in the first quarter. UBS Asset Management Americas Inc. now owns 25,317 shares of the company’s stock worth $1,720,000 after buying an additional 1,786 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Magellan Health Services by 2.2% in the first quarter. Geode Capital Management LLC now owns 253,095 shares of the company’s stock worth $17,191,000 after buying an additional 5,563 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Magellan Health Services by 124.3% in the second quarter. BNP Paribas Arbitrage SA now owns 12,083 shares of the company’s stock worth $795,000 after buying an additional 6,696 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Magellan Health Services by 0.7% in the second quarter. Fisher Asset Management LLC now owns 771,108 shares of the company’s stock worth $52,081,000 after buying an additional 5,326 shares during the last quarter. Finally, Eqis Capital Management Inc. increased its position in shares of Magellan Health Services by 3.3% in the second quarter. Eqis Capital Management Inc. now owns 5,865 shares of the company’s stock worth $386,000 after buying an additional 188 shares during the last quarter. Institutional investors own 93.40% of the company’s stock.

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