Magellan Health (MGLN) Announces Earnings Results, Beats Expectations By $0.06 EPS

Magellan Health (NASDAQ:MGLN) released its quarterly earnings results on Thursday. The company reported $0.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.06, Morningstar.com reports. Magellan Health had a return on equity of 4.67% and a net margin of 0.33%. The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same period last year, the firm posted $0.81 EPS. The business’s revenue was down 3.6% on a year-over-year basis. Magellan Health updated its FY19 guidance to $3.70-4.69 EPS.

Shares of NASDAQ:MGLN traded up $0.85 during midday trading on Friday, hitting $68.22. The company had a trading volume of 251,056 shares, compared to its average volume of 316,285. Magellan Health has a 12 month low of $51.88 and a 12 month high of $99.90. The company has a quick ratio of 1.68, a current ratio of 1.72 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $1.64 billion, a P/E ratio of 27.96, a P/E/G ratio of 2.52 and a beta of 0.50.

Several equities research analysts have recently commented on the company. BidaskClub raised Magellan Health from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $80.00 target price for the company in a research note on Tuesday, February 26th. Bank of America assumed coverage on Magellan Health in a research note on Friday, February 22nd. They issued a “buy” rating and a $84.00 target price for the company. ValuEngine cut Magellan Health from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. Finally, Stephens assumed coverage on Magellan Health in a research note on Monday, January 14th. They issued an “equal weight” rating and a $68.00 target price for the company. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $74.80.

Several large investors have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its position in shares of Magellan Health by 34.6% in the 4th quarter. Victory Capital Management Inc. now owns 761,670 shares of the company’s stock worth $43,332,000 after purchasing an additional 195,658 shares during the last quarter. Prudential PLC boosted its position in shares of Magellan Health by 13.2% in the 4th quarter. Prudential PLC now owns 440,800 shares of the company’s stock worth $25,077,000 after purchasing an additional 51,300 shares during the last quarter. Norges Bank bought a new position in shares of Magellan Health in the 4th quarter worth $23,196,000. D. E. Shaw & Co. Inc. boosted its position in shares of Magellan Health by 7.7% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 371,196 shares of the company’s stock worth $21,117,000 after purchasing an additional 26,628 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its position in shares of Magellan Health by 129.8% in the 4th quarter. Two Sigma Advisers LP now owns 331,385 shares of the company’s stock worth $18,852,000 after purchasing an additional 187,200 shares during the last quarter. Institutional investors and hedge funds own 98.58% of the company’s stock.

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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.

Further Reading: Call Option

Earnings History for Magellan Health (NASDAQ:MGLN)

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