Magellan Health Inc (MGLN) reported quarterly earnings results on Thursday, May-5-2016. The company said it had a profit of $0.79 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.09. Analysts had a consensus of $0.70. The company posted revenue of $1117.00 million in the period, compared to analysts expectations of $1038.07 million. The company’s revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS.
Many Wall Street Analysts have commented on Magellan Health Inc. Company shares were Reiterated by Barclays on Mar 1, 2016 to “Underweight”, Firm has raised the Price Target to $ 64 from a previous price target of $61 .
Magellan Health Inc closed down -1.91 points or -2.73% at $67.96 with 2,48,847 shares getting traded on Wednesday. Post opening the session at $69.7, the shares hit an intraday low of $67.92 and an intraday high of $70.97 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.
In a different news, on Jan 19, 2016, Jeffrey N West (SVP & Controller) purchased 105 shares at $52.41 per share price. According to the SEC, on Jun 25, 2015, Jonathan N Rubin (Chief Financial Officer) sold 324 shares at $73.00 per share price. On Apr 1, 2015, Tina Blasi (CEO, National Imaging Assoc.) sold 10,527 shares at $70.02 per share price, according to the Form-4 filing with the securities and exchange commission.
Magellan Health Inc. (Magellan) formerly Magellan Health Services Inc. is engaged in the healthcare management business. The Company provides services to health plans managed care organizations (MCOs) employers labor unions military and governmental agencies third party administrators consultants and brokers. Its business is divided into five segments which include managed healthcare specialty solutions and pharmacy management. Two of its segments are in the managed healthcare business. The Managed Healthcare business consists of management of behavioral healthcare services and the management of physical and behavioral healthcare for special populations. The Specialty Solutions business consists of delivery of diagnostic imaging and a variety of other specialty areas. The Pharmacy Management business comprises products and solutions that provide clinical and financial management of drugs paid under medical and pharmacy benefit programs.