Mallinckrodt PLC (NYSE:MNK) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Wednesday, MarketBeat.com reports. They currently have a $40.00 target price on the stock, down from their prior target price of $65.00. Morgan Stanley’s target price points to a potential upside of 13.22% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Canaccord Genuity cut their target price on Mallinckrodt PLC from $91.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, May 9th. UBS AG reissued a “buy” rating and set a $70.00 target price (down previously from $100.00) on shares of Mallinckrodt PLC in a research report on Thursday, June 29th. They noted that the move was a valuation call. Deutsche Bank AG set a $68.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Wednesday, May 31st. Mizuho reissued a “buy” rating and set a $73.00 target price on shares of Mallinckrodt PLC in a research report on Wednesday, May 31st. Finally, Jefferies Group LLC reissued a “buy” rating and set a $70.00 target price on shares of Mallinckrodt PLC in a research report on Wednesday, May 31st. Two research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $68.49.

Mallinckrodt PLC (NYSE:MNK) traded up 0.48% during trading on Wednesday, hitting $35.33. 1,910,832 shares of the stock traded hands. Mallinckrodt PLC has a 12 month low of $34.51 and a 12 month high of $77.25. The company’s 50 day moving average price is $39.95 and its 200 day moving average price is $43.93. The company’s market cap is $3.43 billion.

Mallinckrodt PLC (NYSE:MNK) last issued its earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.12. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. The business had revenue of $824.50 million for the quarter, compared to analyst estimates of $829.56 million. During the same quarter last year, the company earned $2.03 EPS. The business’s quarterly revenue was down 4.9% on a year-over-year basis. On average, equities research analysts anticipate that Mallinckrodt PLC will post $7.44 EPS for the current fiscal year.

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In related news, insider Meredith B. Fischer bought 1,280 shares of the stock in a transaction on Wednesday, August 30th. The shares were bought at an average cost of $39.63 per share, for a total transaction of $50,726.40. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.77% of the company’s stock.

Several hedge funds have recently made changes to their positions in MNK. BlackRock Inc. grew its stake in shares of Mallinckrodt PLC by 4,060.7% in the 1st quarter. BlackRock Inc. now owns 8,734,709 shares of the company’s stock valued at $389,307,000 after purchasing an additional 8,524,773 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Mallinckrodt PLC by 1,455.5% in the 1st quarter. Alliancebernstein L.P. now owns 2,900,796 shares of the company’s stock valued at $129,288,000 after purchasing an additional 2,714,313 shares during the last quarter. HealthCor Management L.P. purchased a new position in shares of Mallinckrodt PLC in the 2nd quarter valued at approximately $107,649,000. Janus Henderson Group PLC grew its stake in shares of Mallinckrodt PLC by 6,828.1% in the 2nd quarter. Janus Henderson Group PLC now owns 1,396,780 shares of the company’s stock valued at $62,590,000 after purchasing an additional 1,376,619 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Mallinckrodt PLC by 117.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,937,444 shares of the company’s stock valued at $86,815,000 after purchasing an additional 1,045,757 shares during the last quarter. Institutional investors own 97.48% of the company’s stock.

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.

Analyst Recommendations for Mallinckrodt PLC (NYSE:MNK)

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