Mallinckrodt PLC to Post FY2018 Earnings of $7.86 Per Share, Cantor Fitzgerald Forecasts (MNK)
Mallinckrodt PLC (NYSE:MNK) – Investment analysts at Cantor Fitzgerald decreased their FY2018 EPS estimates for shares of Mallinckrodt PLC in a report issued on Friday. Cantor Fitzgerald analyst L. Chen now anticipates that the company will earn $7.86 per share for the year, down from their previous forecast of $8.04. Cantor Fitzgerald currently has a “Overweight” rating and a $52.00 target price on the stock.
Mallinckrodt PLC (NYSE:MNK) last released its earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.73 by $0.12. The company had revenue of $824.50 million for the quarter, compared to analysts’ expectations of $829.56 million. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.03 EPS. TRADEMARK VIOLATION WARNING: This story was posted by American Banking News and is owned by of American Banking News. If you are reading this story on another publication, it was copied illegally and reposted in violation of US and international copyright legislation. The legal version of this story can be read at https://www.americanbankingnews.com/2017/08/14/mallinckrodt-plc-to-post-fy2018-earnings-of-7-86-per-share-cantor-fitzgerald-forecasts-mnk.html.
A number of other research firms have also recently issued reports on MNK. Deutsche Bank AG set a $56.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a research report on Wednesday, August 9th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Mallinckrodt PLC in a report on Friday, April 21st. Piper Jaffray Companies set a $85.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a report on Monday, August 7th. Oppenheimer Holdings, Inc. set a $70.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a report on Friday, July 28th. Finally, Raymond James Financial, Inc. decreased their price target on Mallinckrodt PLC from $65.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. Mallinckrodt PLC has an average rating of “Buy” and an average price target of $71.25.
Shares of Mallinckrodt PLC (NYSE:MNK) opened at 36.52 on Monday. The stock’s 50 day moving average price is $43.88 and its 200 day moving average price is $45.56. Mallinckrodt PLC has a one year low of $36.02 and a one year high of $85.83. The firm’s market capitalization is $3.55 billion.
In other Mallinckrodt PLC news, VP Coleman N. Lannum III bought 1,350 shares of Mallinckrodt PLC stock in a transaction dated Friday, June 2nd. The stock was bought at an average cost of $42.89 per share, with a total value of $57,901.50. Following the completion of the acquisition, the vice president now directly owns 30,955 shares in the company, valued at approximately $1,327,659.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Steven J. Romano bought 1,000 shares of Mallinckrodt PLC stock in a transaction dated Friday, June 9th. The stock was acquired 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 have acquired a total of 3,850 shares of company stock valued at $157,687 over the last three months. Corporate insiders own 0.53% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Ontario Teachers Pension Plan Board raised its position in Mallinckrodt PLC by 13.3% in the second quarter. Ontario Teachers Pension Plan Board now owns 170,000 shares of the company’s stock valued at $7,618,000 after buying an additional 20,000 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Mallinckrodt PLC by 33.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,161,814 shares of the company’s stock valued at $96,868,000 after buying an additional 547,249 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in Mallinckrodt PLC by 29.8% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 199,439 shares of the company’s stock valued at $8,937,000 after buying an additional 45,750 shares in the last quarter. Baker Avenue Asset Management LP raised its position in Mallinckrodt PLC by 407.6% in the second quarter. Baker Avenue Asset Management LP now owns 25,381 shares of the company’s stock valued at $1,137,000 after buying an additional 20,381 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in Mallinckrodt PLC by 104.3% in the second quarter. Parametric Portfolio Associates LLC now owns 328,110 shares of the company’s stock valued at $14,703,000 after buying an additional 167,482 shares in the last quarter. 94.65% of the stock is owned by institutional investors.
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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