Zacks: Analysts Expect Magellan Health Inc (MGLN) Will Post Quarterly Sales of $1.74 Billion

Wall Street brokerages expect that Magellan Health Inc (NASDAQ:MGLN) will post sales of $1.74 billion for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Magellan Health’s earnings. The highest sales estimate is $1.76 billion and the lowest is $1.72 billion. Magellan Health reported sales of $1.81 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 3.9%. The firm is scheduled to issue its next earnings results on Thursday, April 25th.

On average, analysts expect that Magellan Health will report full year sales of $7.21 billion for the current financial year, with estimates ranging from $7.20 billion to $7.21 billion. For the next fiscal year, analysts expect that the business will post sales of $7.39 billion, with estimates ranging from $7.37 billion to $7.42 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Magellan Health.

Magellan Health (NASDAQ:MGLN) last released its quarterly earnings data on Thursday, February 28th. The company reported ($0.77) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.19 by ($1.96). Magellan Health had a net margin of 0.33% and a return on equity of 4.67%.



MGLN has been the subject of a number of recent analyst reports. Bank of America initiated coverage on Magellan Health in a research report on Friday, February 22nd. They issued a “buy” rating and a $84.00 price objective for the company. ValuEngine raised Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, December 11th. Stephens initiated coverage on Magellan Health in a research report on Monday, January 14th. They issued an “equal weight” rating and a $68.00 price objective for the company. BidaskClub raised Magellan Health from a “buy” rating to a “strong-buy” rating in a research report on Thursday, January 31st. Finally, Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Tuesday, February 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $74.80.

A number of large investors have recently added to or reduced their stakes in MGLN. Bank of New York Mellon Corp lifted its holdings in Magellan Health by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 311,426 shares of the company’s stock worth $29,882,000 after purchasing an additional 1,547 shares during the last quarter. First Trust Advisors LP increased its stake in Magellan Health by 45.3% during the 3rd quarter. First Trust Advisors LP now owns 18,829 shares of the company’s stock worth $1,357,000 after acquiring an additional 5,873 shares during the period. Piermont Capital Management Inc. bought a new position in Magellan Health during the 3rd quarter worth $1,409,000. Systematic Financial Management LP increased its stake in Magellan Health by 18.6% during the 3rd quarter. Systematic Financial Management LP now owns 18,855 shares of the company’s stock worth $1,359,000 after acquiring an additional 2,960 shares during the period. Finally, SG Americas Securities LLC increased its stake in Magellan Health by 490.0% during the 3rd quarter. SG Americas Securities LLC now owns 83,837 shares of the company’s stock worth $6,040,000 after acquiring an additional 69,627 shares during the period. 96.70% of the stock is owned by institutional investors and hedge funds.

Shares of MGLN traded down $1.56 during mid-day trading on Wednesday, reaching $65.01. The company’s stock had a trading volume of 171,369 shares, compared to its average volume of 323,017. Magellan Health has a 1-year low of $51.88 and a 1-year high of $112.25. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 26.64, a PEG ratio of 2.42 and a beta of 0.48. The company has a quick ratio of 1.68, a current ratio of 1.72 and a debt-to-equity ratio of 0.57.

Magellan Health Company Profile

Magellan Health, Inc provides healthcare management services in the United States. It 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 for health plans, care organizations, and employers.

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