Magellan Health Services Inc. (NASDAQ:MGLN) had its target price upped by Barclays PLC from $61.00 to $69.00 in a research note issued to investors on Wednesday morning. The brokerage currently has an underweight rating on the stock.
A number of other research firms have also recently issued reports on MGLN. Jefferies Group set a $76.00 price objective on Magellan Health Services and gave the company a buy rating in a report on Saturday, October 15th. Leerink Swann restated a hold rating on shares of Magellan Health Services in a report on Friday, August 12th. Zacks Investment Research upgraded Magellan Health Services from a sell rating to a strong-buy rating and set a $75.00 price objective for the company in a report on Saturday, November 12th. Finally, TheStreet cut Magellan Health Services from a buy rating to a hold rating in a report on Friday, August 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $75.00.
Shares of Magellan Health Services (NASDAQ:MGLN) opened at 71.95 on Wednesday. The stock has a market capitalization of $1.67 billion, a PE ratio of 25.15 and a beta of 0.48. The stock has a 50 day moving average price of $58.43 and a 200-day moving average price of $60.87. Magellan Health Services has a 1-year low of $49.50 and a 1-year high of $72.85.
Magellan Health Services (NASDAQ:MGLN) last announced its earnings results on Wednesday, November 9th. The company reported $1.39 EPS for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.72. The firm earned $1.29 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Magellan Health Services had a return on equity of 7.96% and a net margin of 1.45%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.76 EPS. On average, analysts forecast that Magellan Health Services will post $3.11 earnings per share for the current year.
A number of large investors have recently modified their holdings of MGLN. UBS Group AG raised its stake in shares of Magellan Health Services by 35.2% in the first quarter. UBS Group AG now owns 16,709 shares of the company’s stock worth $1,135,000 after buying an additional 4,348 shares during the period. Oxford Asset Management purchased a new stake in shares of Magellan Health Services during the second quarter worth $2,114,000. Alambic Investment Management L.P. raised its stake in shares of Magellan Health Services by 248.5% in the second quarter. Alambic Investment Management L.P. now owns 24,010 shares of the company’s stock worth $1,579,000 after buying an additional 17,120 shares during the period. Bank of Montreal Can purchased a new stake in shares of Magellan Health Services during the second quarter worth $3,462,000. Finally, Vanguard Group Inc. raised its stake in shares of Magellan Health Services by 3.2% in the second quarter. Vanguard Group Inc. now owns 2,021,907 shares of the company’s stock worth $132,981,000 after buying an additional 61,913 shares during the period. 93.40% of the stock is owned by institutional investors and hedge funds.
About Magellan Health Services