Oppenheimer Holdings Brokers Decrease Earnings Estimates for Mallinckrodt PLC (MNK)
Mallinckrodt PLC (NYSE:MNK) – Investment analysts at Oppenheimer Holdings dropped their FY2018 earnings per share (EPS) estimates for shares of Mallinckrodt PLC in a report issued on Monday. Oppenheimer Holdings analyst D. Archila now expects that the company will earn $8.32 per share for the year, down from their previous forecast of $8.50. Oppenheimer Holdings also issued estimates for Mallinckrodt PLC’s FY2019 earnings at $8.72 EPS, FY2020 earnings at $9.04 EPS and FY2021 earnings at $7.59 EPS.
Mallinckrodt PLC (NYSE:MNK) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $1.85 earnings per share (EPS) 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 company had revenue of $824.50 million during the quarter, compared to the consensus estimate of $829.56 million. During the same period last year, the company earned $2.03 earnings per share. The firm’s revenue was down 4.9% compared to the same quarter last year.
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MNK has been the subject of a number of other research reports. 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 started coverage on Mallinckrodt PLC in a research report on Friday, June 16th. They set an “overweight” rating and a $52.00 price target for the company. Morgan Stanley lowered Mallinckrodt PLC from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $65.00 to $40.00 in a research report on Wednesday, September 6th. Mizuho lowered Mallinckrodt PLC from a “buy” rating to a “neutral” rating and lowered their price target for the company from $70.00 to $40.00 in a research report on Wednesday, September 13th. Finally, Zacks Investment Research raised Mallinckrodt PLC from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $62.99.
Shares of Mallinckrodt PLC (NYSE MNK) traded up 1.45% during trading on Thursday, hitting $34.99. The stock had a trading volume of 596,124 shares. The company’s market capitalization is $3.40 billion. The firm has a 50-day moving average price of $37.65 and a 200 day moving average price of $42.88. Mallinckrodt PLC has a 52 week low of $33.61 and a 52 week high of $76.81.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Mallinckrodt PLC by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 10,247,891 shares of the company’s stock valued at $456,748,000 after purchasing an additional 103,924 shares during the last quarter. BlackRock Inc. boosted its stake in 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 purchasing an additional 8,524,773 shares during the last quarter. State Street Corp boosted its stake in Mallinckrodt PLC by 5.1% during the 1st quarter. State Street Corp now owns 5,197,656 shares of the company’s stock valued at $231,654,000 after purchasing an additional 250,838 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Mallinckrodt PLC by 15.4% in the 2nd quarter. Alliancebernstein L.P. now owns 3,348,807 shares of the company’s stock worth $150,060,000 after buying an additional 448,011 shares during the last quarter. Finally, HealthCor Management L.P. purchased a new position in shares of Mallinckrodt PLC in the 2nd quarter worth $107,649,000. Institutional investors and hedge funds own 97.40% of the company’s stock.
In other Mallinckrodt PLC news, insider Meredith B. Fischer bought 1,280 shares of the business’s stock in a transaction on Wednesday, August 30th. The shares were acquired at an average cost of $39.63 per share, for a total transaction of $50,726.40. The purchase 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.
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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