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Stock Market & Financial Investment News

News Breaks
December 31, 2012
10:48 EDTMGLNMagellan Health lost Horizon contract in New Jersey, says Citigroup
Citigroup notes that this morning, Magellan Health announced loss of its contract with Horizon Blue Cross Blue Shield in New Jersey. Citi estimates contract will generate $193M in revenue in 2012, down from a peak of $243M in 2010. The firm points out the current contract does not expire until the end of 2013, so Magellan's earnings won't be pressured until 2014. Citi lowered its 2014 earnings estimate for Magellan to $4.35 from $5.00, but keeps a Buy rating on the stock with a $58 price target.
News For MGLN From The Last 14 Days
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October 24, 2014
06:42 EDTMGLNMagellan Health expects to have solid profit growth in 2015
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06:42 EDTMGLNMagellan Health raises FY14 adjusted EPS to $3.21-3.72 from $2.67-$3.32
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06:39 EDTMGLNMagellan Health board authorizes new share repurchase program of up to $200M
Year-to-date through Tuesday, October 21, 2014, the company repurchased approximately 2.8 million shares for a total cost of $161.8M, at average price of $57.54, and has completed approximately $277.7M of the current $300M authorization. The board has authorized a new share repurchase program of up to $200M over a two year period until October 22, 2016.
06:39 EDTMGLNMagellan Health reports Q3 adjusted EPS $1.30, consensus 46c
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October 21, 2014
09:03 EDTMGLNMagellan Health selects HMS unit for cost containment solutions
HMS, a wholly owned subsidiary of HMS Holdings (HMSY), announced that Magellan Health (MGLN) has selected HMS for cost containment solutions, including fraud, waste, and abuse detection and prevention across the company, as well as for insurance verification and subrogation services for Magellan Complete Care of Florida.

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