Mallinckrodt PLC (MNK) Bond Prices Fall 1%
An issue of Mallinckrodt PLC (NYSE:MNK) debt fell 1% as a percentage of its face value during trading on Tuesday. The debt issue has a 5.75% coupon and is set to mature on August 1, 2022. The bonds in the issue are now trading at $97.75. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.
MNK has been the topic of several analyst reports. Zacks Investment Research raised shares of Mallinckrodt PLC from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a research note on Tuesday, July 5th. TheStreet raised shares of Mallinckrodt PLC from a “hold” rating to a “buy” rating in a research note on Friday, June 17th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Mallinckrodt PLC in a research note on Friday, June 10th. Mizuho reaffirmed a “buy” rating on shares of Mallinckrodt PLC in a research note on Monday, June 6th. Finally, Vetr downgraded shares of Mallinckrodt PLC from a “strong-buy” rating to a “buy” rating and set a $72.20 target price on the stock. in a research note on Wednesday, July 20th. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $94.66.
Mallinckrodt PLC (NYSE:MNK) opened at 74.10 on Wednesday. The company has a market cap of $7.98 billion, a PE ratio of 13.97 and a beta of 1.52. The company has a 50-day moving average of $77.24 and a 200-day moving average of $65.66. Mallinckrodt PLC has a 52 week low of $50.90 and a 52 week high of $85.83.
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Mallinckrodt PLC (NYSE:MNK) last released its earnings results on Tuesday, August 2nd. The company reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.20. Mallinckrodt PLC had a return on equity of 17.78% and a net margin of 16.39%. The business had revenue of $970.60 million for the quarter, compared to analyst estimates of $920.35 million. During the same quarter last year, the firm posted $2.05 earnings per share. The business’s revenue was up .6% compared to the same quarter last year. On average, equities analysts expect that Mallinckrodt PLC will post $7.68 EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in MNK. Mizuho Asset Management Co. Ltd. raised its stake in Mallinckrodt PLC by 125.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,771 shares of the company’s stock worth $108,000 after buying an additional 984 shares during the last quarter. Rational Advisors LLC acquired a new stake in Mallinckrodt PLC during the second quarter worth $137,000. Advisor Group Inc. acquired a new stake in Mallinckrodt PLC during the second quarter worth $196,000. Thrivent Financial for Lutherans acquired a new stake in Mallinckrodt PLC during the second quarter worth $201,000. Finally, Laurel Wealth Advisors Inc. raised its stake in Mallinckrodt PLC by 0.5% in the second quarter. Laurel Wealth Advisors Inc. now owns 3,427 shares of the company’s stock worth $208,000 after buying an additional 16 shares during the last quarter. Institutional investors and hedge funds own 94.74% of the company’s stock.
Mallinckrodt PLC Company Profile
Mallinckrodt public limited company (Mallinckrodt) is engaged in the specialty pharmaceuticals and nuclear imaging business. The Company develops, manufactures, markets and distributes specialty pharmaceutical and biopharmaceutical products, and nuclear imaging agents. The Company’s segments include Specialty Brands, Specialty Generics and Nuclear Imaging.
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