Worth Watching: Time to Reconsider Magellan Health Inc After Making 52-Week High?

Worth Watching: Time to Reconsider Magellan Health Inc After Making 52 Week High?

The stock of Magellan Health Inc (NASDAQ:MGLN) hit a new 52-week high and has $74.83 target or 4.00% above today’s $71.95 share price. The 6 months bullish chart indicates low risk for the $1.67B company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $74.83 price target is reached, the company will be worth $66.80M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 182,817 shares traded hands. Magellan Health Inc (NASDAQ:MGLN) has risen 3.62% since April 28, 2016 and is uptrending. It has underperformed by 2.31% the S&P500.

Analysts await Magellan Health Inc (NASDAQ:MGLN) to report earnings on March, 6. They expect $1.17 EPS, up 4.46% or $0.05 from last year’s $1.12 per share. MGLN’s profit will be $27.16M for 15.37 P/E if the $1.17 EPS becomes a reality. After $1.25 actual EPS reported by Magellan Health Inc for the previous quarter, Wall Street now forecasts -6.40% negative EPS growth.

Magellan Health Inc (NASDAQ:MGLN) Ratings Coverage

Out of 3 analysts covering Magellan Health (NASDAQ:MGLN), 1 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 33% are positive. $86 is the highest target while $10 is the lowest. The $43 average target is -40.24% below today’s ($71.95) stock price. Magellan Health has been the topic of 11 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Scotia Capital maintained Magellan Health Inc (NASDAQ:MGLN) rating on Tuesday, August 11. Scotia Capital has “Sector Perform” rating and $10 price target. The firm earned “Underweight” rating on Wednesday, January 6 by Barclays Capital. The firm has “Underweight” rating by Barclays Capital given on Wednesday, November 23. As per Friday, May 20, the company rating was maintained by Jefferies. The stock of Magellan Health Inc (NASDAQ:MGLN) earned “Buy” rating by Jefferies on Monday, September 26.

According to Zacks Investment Research, “Magellan Health Services is the country’s leading behavioral managed care organization. Its customers include health plans, corporations and government agencies.”

Insitutional Activity: The institutional sentiment decreased to 0.91 in Q2 2016. Its down 0.42, from 1.33 in 2016Q1. The ratio dropped, as 14 funds sold all Magellan Health Inc shares owned while 59 reduced positions. 27 funds bought stakes while 70 increased positions. They now own 22.15 million shares or 19.49% less from 27.51 million shares in 2016Q1.
Oak Ltd Oh accumulated 0.05% or 6,885 shares. Blackrock Institutional Na last reported 616,798 shares in the company. Citigroup, a New York-based fund reported 18,399 shares. Brandywine Inv Llc last reported 103,927 shares in the company. Bnp Paribas Arbitrage accumulated 0% or 12,083 shares. Victory has invested 0.1% of its portfolio in Magellan Health Inc (NASDAQ:MGLN). Marshall Wace Llp owns 3,922 shares or 0% of their US portfolio. Blackrock Fund Advsrs, a California-based fund reported 1.66M shares. Pacad Invest Limited has 7,600 shares for 0.07% of their US portfolio. Landscape Management Limited Liability Corporation has 6,800 shares for 0.06% of their US portfolio. Ahl Partners Llp accumulated 0.29% or 82,122 shares. Cubist Systematic Strategies Ltd Liability holds 0.03% or 7,095 shares in its portfolio. Gemmer Asset Management Limited Com has invested 0% of its portfolio in Magellan Health Inc (NASDAQ:MGLN). Euclidean Techs Limited Liability Com owns 8,716 shares or 0.61% of their US portfolio. Convergence Ltd Company accumulated 26,429 shares or 0.24% of the stock.

Insider Transactions: Since November 29, 2016, the stock had 0 insider buys, and 1 sale for $524,011 net activity. Another trade for 7,177 shares valued at $524,011 was made by Rubin Jonathan N on Tuesday, November 29.

More recent Magellan Health Inc (NASDAQ:MGLN) news were published by: Businesswire.com which released: “Magellan Health to Expand Experience in Special Population Management with the …” on May 16, 2016. Also Businesswire.com published the news titled: “Magellan Health to Acquire Veridicus Holdings, LLC” on November 21, 2016. Businesswire.com‘s news article titled: “Magellan Health to Expand Capabilities Related to Long-Term Services and Supports” with publication date: February 09, 2016 was also an interesting one.

MGLN Company Profile

Magellan Health, Inc., incorporated on August 11, 1969, is engaged in the healthcare management business. The Company’s divisions include Healthcare, Pharmacy Management and Corporate. The Firm is focused on managing special populations, complete pharmacy benefits and other specialty areas of healthcare. The Firm provides services to health plans and other managed care organizations (MCOs), employers, labor unions, various military and governmental agencies and third party administrators (TPAs).

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