Mallinckrodt PLC (MNK) Given Buy Rating at Deutsche Bank AG
Mallinckrodt PLC (NYSE:MNK)‘s stock had its “buy” rating restated by stock analysts at Deutsche Bank AG in a note issued to investors on Thursday. They currently have a $45.00 price target on the stock, down from their previous price target of $56.00. Deutsche Bank AG’s target price indicates a potential upside of 26.26% from the stock’s previous close.
Other equities analysts have also issued research reports about the company. UBS AG reissued a “buy” rating and issued 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. BidaskClub lowered Mallinckrodt PLC from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Citigroup Inc. decreased their target price on Mallinckrodt PLC to $45.00 and set a “buy” rating for the company in a research report on Thursday. Mizuho reissued a “buy” rating and issued a $73.00 target price on shares of Mallinckrodt PLC in a research report on Wednesday, May 31st. Finally, Wells Fargo & Company reissued an “outperform” rating and issued a $83.50 target price on shares of Mallinckrodt PLC in a research report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $65.10.
Shares of Mallinckrodt PLC (MNK) traded down 1.23% during trading on Thursday, reaching $35.20. 2,200,031 shares of the company’s stock were exchanged. The firm’s market cap is $3.42 billion. The stock has a 50-day moving average price of $39.34 and a 200 day moving average price of $43.53. Mallinckrodt PLC has a 12 month low of $34.51 and a 12 month high of $77.25.
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 Zacks’ 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 during the quarter, compared to analyst estimates of $829.56 million. During the same quarter in the previous year, the firm earned $2.03 EPS. Mallinckrodt PLC’s revenue was down 4.9% on a year-over-year basis. On average, analysts forecast that Mallinckrodt PLC will post $7.43 EPS for the current year.
In other news, insider Meredith B. Fischer bought 1,280 shares of the stock in a transaction dated Wednesday, August 30th. The stock was purchased at an average cost of $39.63 per share, for a total transaction of $50,726.40. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.77% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of MNK. BlackRock Inc. boosted its position in shares of Mallinckrodt PLC by 4,060.7% during the 1st quarter. BlackRock Inc. now owns 8,734,709 shares of the company’s stock valued at $389,307,000 after acquiring an additional 8,524,773 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Mallinckrodt PLC by 1,455.5% during the 1st quarter. Alliancebernstein L.P. now owns 2,900,796 shares of the company’s stock valued at $129,288,000 after acquiring an additional 2,714,313 shares during the last quarter. HealthCor Management L.P. bought a new position in shares of Mallinckrodt PLC during the 2nd quarter valued at approximately $107,649,000. Janus Henderson Group PLC boosted its position in shares of Mallinckrodt PLC by 6,828.1% during the 2nd quarter. Janus Henderson Group PLC now owns 1,396,780 shares of the company’s stock valued at $62,590,000 after acquiring an additional 1,376,619 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Mallinckrodt PLC by 117.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,937,444 shares of the company’s stock valued at $86,815,000 after acquiring an additional 1,045,757 shares during the last quarter. Hedge funds and other institutional investors own 97.48% of the company’s stock.
About Mallinckrodt PLC
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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