Piper Jaffray Companies Reaffirms Buy Rating for Mallinckrodt PLC (MNK)
Mallinckrodt PLC (NYSE:MNK)‘s stock had its “buy” rating reiterated by stock analysts at Piper Jaffray Companies in a research note issued to investors on Friday. They presently have a $67.00 price target on the stock. Piper Jaffray Companies’ target price points to a potential upside of 95.51% from the stock’s current price.
A number of other research firms have also recently issued reports on MNK. 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. Zacks Investment Research upgraded Mallinckrodt PLC from a “sell” rating to a “hold” rating in a report on Thursday, July 27th. BMO Capital Markets restated a “buy” rating and set a $69.00 price objective on shares of Mallinckrodt PLC in a report on Friday, July 28th. Canaccord Genuity set a $87.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a report on Monday, July 17th. Finally, UBS AG restated a “buy” rating and set a $70.00 price objective (down previously from $100.00) on shares of Mallinckrodt PLC in a report on Thursday, June 29th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $64.15.
Shares of Mallinckrodt PLC (MNK) traded down 2.67% during trading on Friday, hitting $34.27. The company had a trading volume of 2,631,123 shares. The stock’s 50-day moving average price is $38.68 and its 200 day moving average price is $43.41. The company’s market capitalization is $3.33 billion. Mallinckrodt PLC has a 52 week low of $34.17 and a 52 week high of $77.25.
Mallinckrodt PLC (NYSE:MNK) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $1.85 earnings per share (EPS) for the quarter, beating 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 company had revenue of $824.50 million during the quarter, compared to analysts’ expectations of $829.56 million. During the same quarter in the previous year, the business earned $2.03 EPS. Mallinckrodt PLC’s revenue was down 4.9% compared to the same quarter last year. On average, equities research analysts forecast that Mallinckrodt PLC will post $7.43 earnings per share for the current year.
In related news, insider Meredith B. Fischer purchased 1,280 shares of Mallinckrodt PLC stock in a transaction dated Wednesday, August 30th. The stock was purchased at an average cost of $39.63 per share, with a total value of $50,726.40. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.77% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Denali Advisors LLC acquired a new position in Mallinckrodt PLC during the 2nd quarter valued at about $112,000. Ameritas Investment Partners Inc. acquired a new position in Mallinckrodt PLC during the 1st quarter valued at about $115,000. Daiwa Securities Group Inc. increased its position in Mallinckrodt PLC by 18.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 3,200 shares of the company’s stock valued at $143,000 after buying an additional 500 shares in the last quarter. O Shaughnessy Asset Management LLC increased its position in Mallinckrodt PLC by 335.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,373 shares of the company’s stock valued at $150,000 after buying an additional 2,599 shares in the last quarter. Finally, Sterling Capital Management LLC acquired a new position in Mallinckrodt PLC during the 2nd quarter valued at about $204,000. 97.48% of the stock is currently owned by institutional investors.
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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