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ValuEngine Upgrades Magellan Health (NASDAQ:MGLN) to "Hold"

Monday, June 29, 2020 | MarketBeat

Magellan Health (NASDAQ:MGLN) was upgraded by research analysts at ValuEngine from a "sell" rating to a "hold" rating in a report issued on Monday, ValuEngine reports.

Separately, BidaskClub upgraded shares of Magellan Health from a "sell" rating to a "hold" rating in a report on Friday, May 1st.

MGLN traded up $1.25 during trading on Monday, reaching $70.35. 115,085 shares of the company's stock were exchanged, compared to its average volume of 201,867. Magellan Health has a fifty-two week low of $30.60 and a fifty-two week high of $81.04. The company has a market capitalization of $1.73 billion, a P/E ratio of 23.53, a PEG ratio of 1.23 and a beta of 1.20. The business has a 50 day moving average price of $71.13 and a 200 day moving average price of $65.93. The company has a quick ratio of 1.71, a current ratio of 1.75 and a debt-to-equity ratio of 0.45.

Magellan Health (NASDAQ:MGLN) last issued its earnings results on Monday, May 11th. The company reported $1.15 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $0.72 by $0.43. Magellan Health had a net margin of 1.02% and a return on equity of 8.02%. The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the previous year, the company earned $0.40 EPS. The firm's revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, research analysts forecast that Magellan Health will post 3.1 EPS for the current year.

In related news, SVP Jeffrey N. West sold 1,415 shares of the firm's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $78.50, for a total value of $111,077.50. Following the completion of the transaction, the senior vice president now owns 24,430 shares of the company's stock, valued at $1,917,755. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO James E. Murray purchased 4,500 shares of the stock in a transaction on Friday, May 15th. The stock was acquired at an average price of $67.63 per share, for a total transaction of $304,335.00. Following the completion of the purchase, the chief operating officer now directly owns 4,500 shares in the company, valued at approximately $304,335. The disclosure for this purchase can be found here. Insiders own 14.10% of the company's stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd lifted its stake in Magellan Health by 4,800.0% in the 4th quarter. Point72 Hong Kong Ltd now owns 343 shares of the company's stock valued at $27,000 after purchasing an additional 336 shares during the last quarter. Mutual of America Capital Management LLC grew its position in Magellan Health by 21.2% during the first quarter. Mutual of America Capital Management LLC now owns 949 shares of the company's stock worth $46,000 after buying an additional 166 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new position in shares of Magellan Health in the first quarter worth $73,000. PNC Financial Services Group Inc. increased its holdings in Magellan Health by 18.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,446 shares of the company's stock valued at $114,000 after buying an additional 221 shares during the period. Finally, Marshall Wace North America L.P. bought a new stake in Magellan Health during the fourth quarter worth $167,000. Institutional investors and hedge funds own 99.32% 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.

Further Reading: How are capital gains distributions different for tax-deferred account?

To view ValuEngine's full report, visit ValuEngine's official website.

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