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4-Traders Homepage  >  Equities  >  Nasdaq  >  Magellan Health Inc    MGLN

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Magellan Health : Blue Cross and Blue Shield of Minnesota cutting 50 jobs

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02/20/2017 | 08:08pm CET

Feb. 20--Blue Cross and Blue Shield of Minnesota has announced 50 job cuts including 27 layoffs tied to the health insurer's decision to outsource management of behavioral health.

Eagan-based Blue Cross announced the job cuts earlier this month. Beginning April 1, all behavioral health services will be managed by Magellan Health, which is based in Arizona.

"Magellan Health is widely recognized as an industry leader in behavioral managed care," Jim McManus, a Blue Cross spokesman, said in a statement. "This agreement will immediately enhance our abilities to more effectively treat and manage some of the most complex and increasingly challenging areas of health care, including mental illness and substance abuse."

Thirteen of the job cuts come in information technology, and were announced back in 2015 as part of a mult-year plan to decommission an old IT system. The remainder of job reductions announced this month are "part of our normal course of business administration adjustments," McManus said in a statement.

"There are no additional job reductions scheduled at this time," he said.

In 2015, Blue Cross reported a net operating loss of $178.1 million on $10.6 billion in revenue. The company is one of the state's largest health insurers with about 3,900 employees.

Magellan Health is a publicly-traded company with 2015 net income of $31.4 million on revenue of about $4.6 billion.

Twitter: @chrissnowbeck

___

(c)2017 the Star Tribune (Minneapolis)

Visit the Star Tribune (Minneapolis) at www.startribune.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2016 4 901 M
EBIT 2016 157 M
Net income 2016 74,9 M
Debt 2016 313 M
Yield 2016 -
P/E ratio 2016 25,21
P/E ratio 2017 18,24
EV / Sales 2016 0,44x
EV / Sales 2017 0,25x
Capitalization 1 822 M
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Mean consensus HOLD
Number of Analysts 5
Average target price 78,7 $
Spread / Average Target 0,34%
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Barry M. Smith Chairman & Chief Executive Officer
Jonathan N. Rubin Chief Financial Officer & Executive Vice President
Gary D. Anderson Chief Information Officer
Karen Amstutz Chief Medical Officer
Srinivas Koushik Chief Technology Officer
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