Mallinckrodt PLC Trading 2.5% Higher After Insider Buying Activity (MNK)
Mallinckrodt PLC (NYSE:MNK) shares traded up 2.5% on Friday following insider buying activity, American Banking News.com reports. The stock traded as high as $75.55 and last traded at $72.67, with a volume of 3,813,010 shares trading hands. The stock had previously closed at $70.88.
Specifically, major shareholder Paulson & Co Inc purchased 132,100 shares of Mallinckrodt PLC stock on the open market in a transaction dated Wednesday, August 13th. The stock was purchased at an average cost of $69.80 per share, with a total value of $9,220,580.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.
A number of research firms have recently commented on MNK. Analysts at Leerink Swann cut their price target on shares of Mallinckrodt PLC from $90.00 to $77.00 in a research note on Friday, August 8th. Separately, analysts at Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Mallinckrodt PLC in a research note on Friday, August 8th. They now have a $77.00 price target on the stock, down previously from $90.00. Finally, analysts at Bank of America raised their price target on shares of Mallinckrodt PLC to $97.00 in a research note on Tuesday, July 29th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $85.78.
The stock has a 50-day moving average of $74.15 and a 200-day moving average of $70.45. The company has a market cap of $4.197 billion and a P/E ratio of 62.67. Mallinckrodt PLC also was the recipient of some unusual options trading on Wednesday. Traders bought 9,776 put options on the stock. This is an increase of approximately 384% compared to the average daily volume of 2,018 put options.
Mallinckrodt PLC (NYSE:MNK) last issued its quarterly earnings data on Thursday, August 7th. The company reported $1.20 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.87 by $0.33. The company had revenue of $653.10 million for the quarter, compared to the consensus estimate of $278.80 million. During the same quarter last year, the company posted $0.49 earnings per share. Mallinckrodt PLC’s revenue was up 14.6% compared to the same quarter last year. On average, analysts predict that Mallinckrodt PLC will post $4.34 earnings per share for the current fiscal year.
Mallinckrodt public limited company (NYSE:MNK) is a global specialty pharmaceuticals company.
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