Mallinckrodt PLC (MNK) Bonds Trading 1% Lower
An issue of Mallinckrodt PLC (NYSE:MNK) bonds fell 1% against their face value during trading on Wednesday. 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 bonds in credit markets often anticipate parallel moves in its share price.
A number of research analysts have recently weighed in on the stock. Leerink Swann set a $91.00 price objective on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Barclays PLC raised their price objective on shares of Mallinckrodt PLC from $75.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 3rd. Vetr raised shares of Mallinckrodt PLC from a “buy” rating to a “strong-buy” rating and set a $72.20 price objective for the company in a research note on Monday, July 11th. Zacks Investment Research cut shares of Mallinckrodt PLC from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Finally, JPMorgan Chase & Co. set a $85.00 price objective on shares of Mallinckrodt PLC and gave the stock a “hold” rating in a research note on Wednesday, August 3rd. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Mallinckrodt PLC presently has an average rating of “Buy” and an average target price of $94.66.
Mallinckrodt PLC (NYSE:MNK) opened at 74.09 on Thursday. The firm has a market cap of $7.98 billion, a price-to-earnings ratio of 13.97 and a beta of 1.52. The company’s 50 day moving average is $77.16 and its 200 day moving average is $65.72. Mallinckrodt PLC has a 12-month low of $50.90 and a 12-month high of $85.83.
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Mallinckrodt PLC (NYSE:MNK) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $2.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.00 by $0.20. The business earned $970.60 million during the quarter, compared to the consensus estimate of $920.35 million. Mallinckrodt PLC had a net margin of 16.39% and a return on equity of 17.78%. Mallinckrodt PLC’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.05 EPS. On average, equities analysts anticipate that Mallinckrodt PLC will post $7.67 earnings per share for the current year.
A number of hedge funds have recently modified their holdings of the stock. Canada Pension Plan Investment Board increased its stake in shares of Mallinckrodt PLC by 202.8% in the first quarter. Canada Pension Plan Investment Board now owns 19,224 shares of the company’s stock worth $1,178,000 after buying an additional 12,876 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Mallinckrodt PLC by 56.6% in the first quarter. JPMorgan Chase & Co. now owns 580,343 shares of the company’s stock worth $35,563,000 after buying an additional 209,824 shares during the period. Squarepoint Ops LLC increased its stake in shares of Mallinckrodt PLC by 406.7% in the first quarter. Squarepoint Ops LLC now owns 66,058 shares of the company’s stock worth $4,048,000 after buying an additional 53,022 shares during the period. Creative Planning increased its stake in shares of Mallinckrodt PLC by 21.0% in the second quarter. Creative Planning now owns 8,702 shares of the company’s stock worth $529,000 after buying an additional 1,512 shares during the period. Finally, Panagora Asset Management Inc. increased its stake in shares of Mallinckrodt PLC by 14.9% in the first quarter. Panagora Asset Management Inc. now owns 20,679 shares of the company’s stock worth $1,267,000 after buying an additional 2,676 shares during the period. 94.74% of the stock is owned by hedge funds and other institutional investors.
About Mallinckrodt PLC
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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