Mallinckrodt PLC (MNK) Rating Lowered to Hold at Canaccord Genuity
Mallinckrodt PLC (NYSE:MNK) was downgraded by equities research analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a research note issued on Wednesday. They presently have a $40.00 target price on the stock, down from their previous target price of $77.00. Canaccord Genuity’s target price would indicate a potential upside of 7.07% from the company’s previous close.
Several other equities research analysts also recently issued reports on MNK. BidaskClub raised Mallinckrodt PLC from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Cantor Fitzgerald started coverage on Mallinckrodt PLC in a research report on Friday, June 16th. They issued an “overweight” rating and a $52.00 price target on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $70.00 price target on shares of Mallinckrodt PLC in a research report on Tuesday, June 20th. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $83.50 price target on shares of Mallinckrodt PLC in a research report on Wednesday, June 21st. Finally, UBS AG reaffirmed a “buy” rating and issued a $70.00 price target (down 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. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $60.04.
Shares of Mallinckrodt PLC (NYSE:MNK) traded down 0.61% during midday trading on Wednesday, hitting $37.36. The stock had a trading volume of 2,054,835 shares. The firm’s market cap is $3.63 billion. Mallinckrodt PLC has a 1-year low of $33.61 and a 1-year high of $71.61. The firm has a 50-day moving average price of $36.63 and a 200-day moving average price of $41.90.
Mallinckrodt PLC (NYSE:MNK) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share (EPS) 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 the consensus estimate of $829.56 million. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. The firm’s revenue was down 4.9% compared to the same quarter last year. During the same period last year, the business posted $2.03 earnings per share. On average, equities analysts anticipate that Mallinckrodt PLC will post $7.41 EPS for the current fiscal year.
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In other Mallinckrodt PLC news, insider Meredith B. Fischer purchased 1,280 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was purchased at an average price of $39.63 per share, for a total transaction of $50,726.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in MNK. Denali Advisors LLC bought a new position in Mallinckrodt PLC during the second quarter worth about $112,000. Ameritas Investment Partners Inc. bought a new position in Mallinckrodt PLC during the first quarter worth about $115,000. O Shaughnessy Asset Management LLC lifted its stake in Mallinckrodt PLC by 335.8% during the first quarter. O Shaughnessy Asset Management LLC now owns 3,373 shares of the company’s stock worth $150,000 after purchasing an additional 2,599 shares during the period. Sterling Capital Management LLC bought a new position in Mallinckrodt PLC during the second quarter worth about $204,000. Finally, Baker Avenue Asset Management LP bought a new position in Mallinckrodt PLC during the first quarter worth about $223,000. Hedge funds and other institutional investors own 97.40% 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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