Magellan Health (NASDAQ:MGLN) Lowered to “Sell” at BidaskClub

BidaskClub downgraded shares of Magellan Health (NASDAQ:MGLN) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning, BidAskClub reports.

Other research analysts have also issued research reports about the company. Zacks Investment Research upgraded Magellan Health from a hold rating to a buy rating and set a $80.00 target price on the stock in a research report on Tuesday, February 26th. Bank of America started coverage on Magellan Health in a research report on Friday, February 22nd. They set a buy rating and a $84.00 target price on the stock. Finally, ValuEngine upgraded Magellan Health from a sell rating to a hold rating in a research report on Wednesday, February 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $74.80.

Shares of NASDAQ:MGLN opened at $65.25 on Tuesday. Magellan Health has a 1 year low of $51.88 and a 1 year high of $99.90. The company has a market cap of $1.58 billion, a PE ratio of 26.74, a price-to-earnings-growth ratio of 0.70 and a beta of 0.52. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.62 and a current ratio of 1.67.

Magellan Health (NASDAQ:MGLN) last announced its earnings results on Thursday, May 2nd. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.06. Magellan Health had a return on equity of 3.83% and a net margin of 0.18%. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the firm posted $0.81 EPS. The business’s revenue was down 3.6% on a year-over-year basis. Sell-side analysts expect that Magellan Health will post 3.92 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in MGLN. Bank of Montreal Can lifted its holdings in Magellan Health by 12.1% during the fourth quarter. Bank of Montreal Can now owns 4,960 shares of the company’s stock valued at $283,000 after purchasing an additional 537 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Magellan Health by 22.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,831 shares of the company’s stock valued at $104,000 after purchasing an additional 332 shares in the last quarter. Arizona State Retirement System lifted its holdings in Magellan Health by 4.9% during the fourth quarter. Arizona State Retirement System now owns 37,352 shares of the company’s stock valued at $2,125,000 after purchasing an additional 1,732 shares in the last quarter. Crossmark Global Holdings Inc. lifted its holdings in Magellan Health by 12.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 7,856 shares of the company’s stock valued at $447,000 after purchasing an additional 840 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in Magellan Health by 18.1% during the fourth quarter. Rhumbline Advisers now owns 73,631 shares of the company’s stock valued at $4,189,000 after purchasing an additional 11,295 shares in the last quarter. Institutional investors own 98.38% 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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