Shares of Magellan Health Inc (NASDAQ:MGLN) have earned a consensus recommendation of “Buy” from the seven brokerages that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $90.67.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research cut Magellan Health from a “buy” rating to a “hold” rating in a research note on Wednesday, February 7th. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. BidaskClub cut Magellan Health from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 19th. Raymond James Financial reaffirmed a “hold” rating on shares of Magellan Health in a research note on Saturday, December 2nd. Finally, KeyCorp set a $105.00 price objective on Magellan Health and gave the company a “buy” rating in a research note on Friday, December 1st.
In other news, insider Clapper Caskie Lewis sold 59,313 shares of Magellan Health stock in a transaction on Monday, December 4th. The stock was sold at an average price of $93.99, for a total value of $5,574,828.87. Following the completion of the sale, the insider now directly owns 48,474 shares of the company’s stock, valued at $4,556,071.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mostafa Kamal sold 2,180 shares of Magellan Health stock in a transaction on Monday, December 4th. The shares were sold at an average price of $92.00, for a total value of $200,560.00. Following the completion of the sale, the chief executive officer now directly owns 2,180 shares of the company’s stock, valued at $200,560. The disclosure for this sale can be found here. Insiders sold 113,953 shares of company stock valued at $10,797,505 over the last ninety days. Insiders own 5.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. ClariVest Asset Management LLC acquired a new position in Magellan Health during the 3rd quarter worth $8,690,000. Cubist Systematic Strategies LLC grew its stake in Magellan Health by 54.8% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 6,766 shares of the company’s stock worth $584,000 after purchasing an additional 2,395 shares in the last quarter. Hillcrest Asset Management LLC acquired a new position in Magellan Health during the 3rd quarter worth $8,822,000. Schwab Charles Investment Management Inc. grew its stake in Magellan Health by 3.5% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 157,097 shares of the company’s stock worth $13,558,000 after purchasing an additional 5,378 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan grew its stake in Magellan Health by 18.8% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 20,810 shares of the company’s stock worth $1,796,000 after purchasing an additional 3,300 shares in the last quarter. 96.38% of the stock is owned by institutional investors and hedge funds.
Magellan Health (NASDAQ:MGLN) traded up $1.55 during trading hours on Wednesday, reaching $97.60. The company’s stock had a trading volume of 103,300 shares, compared to its average volume of 132,015. Magellan Health has a 12 month low of $64.05 and a 12 month high of $102.70. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.28 and a quick ratio of 2.21. The stock has a market capitalization of $2,346.53, a P/E ratio of 22.23, a P/E/G ratio of 1.14 and a beta of 0.52.
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Magellan Health Company Profile
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).
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