Magellan Health (NASDAQ:MGLN) Upgraded to Hold at BidaskClub

BidaskClub upgraded shares of Magellan Health (NASDAQ:MGLN) from a sell rating to a hold rating in a report published on Wednesday morning, BidAskClub reports.

Separately, ValuEngine lowered Magellan Health from a buy rating to a hold rating in a research note on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $74.80.

MGLN stock traded up $1.03 during midday trading on Wednesday, hitting $69.12. 95,700 shares of the company traded hands, compared to its average volume of 263,961. The company has a quick ratio of 1.65, a current ratio of 1.70 and a debt-to-equity ratio of 0.51. The business has a 50 day simple moving average of $62.75 and a 200-day simple moving average of $66.37. Magellan Health has a twelve month low of $51.88 and a twelve month high of $75.87. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 28.33, a price-to-earnings-growth ratio of 0.79 and a beta of 0.60.

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Magellan Health (NASDAQ:MGLN) last released its quarterly earnings data on Friday, November 1st. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.31 by ($0.08). Magellan Health had a return on equity of 3.21% and a net margin of 0.10%. The company had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same quarter in the prior year, the company earned $1.45 earnings per share. The business’s revenue was down 1.3% compared to the same quarter last year. Equities research analysts forecast that Magellan Health will post 3.58 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in the business. Eqis Capital Management Inc. acquired a new position in Magellan Health during the third quarter worth $282,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of Magellan Health in the third quarter valued at $824,000. Tower Research Capital LLC TRC acquired a new stake in shares of Magellan Health in the third quarter valued at $27,000. Knuff & Co LLC acquired a new stake in shares of Magellan Health in the third quarter valued at $25,000. Finally, SG Americas Securities LLC increased its stake in shares of Magellan Health by 1,982.7% in the third quarter. SG Americas Securities LLC now owns 41,571 shares of the company’s stock valued at $2,582,000 after buying an additional 39,575 shares in the last quarter. Hedge funds and other institutional investors own 96.94% of the company’s stock.

Magellan Health Company Profile

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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