Mallinckrodt PLC (NYSE:MNK) Releases Earnings Results, Beats Expectations By $0.12 EPS
Mallinckrodt PLC (NYSE:MNK) posted its earnings results on Tuesday. The company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.12, Bloomberg Earnings reports. Mallinckrodt PLC had a return on equity of 16.33% and a net margin of 16.01%. The business had revenue of $824.50 million during the quarter, compared to analyst estimates of $829.56 million. During the same quarter last year, the firm earned $2.03 earnings per share. The company’s revenue for the quarter was down 4.9% compared to the same quarter last year. Mallinckrodt PLC updated its FY17 guidance to $7.40-8.00 EPS.
Shares of Mallinckrodt PLC (NYSE:MNK) traded down 5.38% on Tuesday, hitting $38.73. The stock had a trading volume of 3,232,031 shares. The stock’s market cap is $3.85 billion. The firm’s 50-day moving average is $44.74 and its 200 day moving average is $45.97. Mallinckrodt PLC has a 1-year low of $37.67 and a 1-year high of $85.83.
In other news, VP Coleman N. Lannum III acquired 1,350 shares of Mallinckrodt PLC stock in a transaction on Friday, June 2nd. The stock was acquired at an average cost of $42.89 per share, with a total value of $57,901.50. Following the transaction, the vice president now owns 30,955 shares of the company’s stock, valued at approximately $1,327,659.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Steven J. Romano acquired 1,000 shares of Mallinckrodt PLC stock in a transaction on Friday, June 9th. The stock was purchased at an average cost of $39.88 per share, with a total value of $39,880.00. The disclosure for this purchase can be found here. Insiders acquired a total of 5,818 shares of company stock valued at $248,608 over the last ninety days. 0.53% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the company. Janney Montgomery Scott LLC increased its stake in shares of Mallinckrodt PLC by 42.5% in the first quarter. Janney Montgomery Scott LLC now owns 22,320 shares of the company’s stock worth $995,000 after buying an additional 6,657 shares during the last quarter. Glen Harbor Capital Management LLC increased its stake in shares of Mallinckrodt PLC by 7.4% in the first quarter. Glen Harbor Capital Management LLC now owns 121,006 shares of the company’s stock worth $5,393,000 after buying an additional 8,296 shares during the last quarter. Acadian Asset Management LLC increased its position in Mallinckrodt PLC by 48.9% in the first quarter. Acadian Asset Management LLC now owns 723,612 shares of the company’s stock worth $32,252,000 after buying an additional 237,728 shares in the last quarter. ProShare Advisors LLC increased its position in Mallinckrodt PLC by 3.9% in the first quarter. ProShare Advisors LLC now owns 33,133 shares of the company’s stock worth $1,477,000 after buying an additional 1,259 shares in the last quarter. Finally, Profund Advisors LLC increased its position in Mallinckrodt PLC by 3.6% in the first quarter. Profund Advisors LLC now owns 6,399 shares of the company’s stock worth $285,000 after buying an additional 220 shares in the last quarter. 95.71% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on the company. Canaccord Genuity set a $87.00 target price on Mallinckrodt PLC and gave the company a “buy” rating in a research note on Monday, July 17th. Cantor Fitzgerald assumed coverage on Mallinckrodt PLC in a research note on Friday, June 16th. They issued an “overweight” rating and a $52.00 target price for the company. Zacks Investment Research upgraded Mallinckrodt PLC from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Wells Fargo & Company restated an “outperform” rating and set a $83.50 price objective on shares of Mallinckrodt PLC in a research note on Wednesday, June 21st. Finally, BidaskClub lowered Mallinckrodt PLC from a “hold” rating to a “sell” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, five have issued a hold rating and sixteen have assigned a buy rating to the company. Mallinckrodt PLC currently has a consensus rating of “Buy” and an average price target of $74.09.
Mallinckrodt PLC Company Profile
Mallinckrodt public limited company develops, manufactures, markets and distributes branded and generic specialty pharmaceutical products and therapies. The Company focuses on various therapeutic areas, such as autoimmune and rare disease specialty areas, including neurology, rheumatology, nephrology, ophthalmology and pulmonology; immunotherapy and neonatal critical care respiratory therapies; analgesics and hemostasis products, and central nervous system drugs.
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