Mallinckrodt PLC’s (MNK) Buy Rating Reiterated at Piper Jaffray Companies
Mallinckrodt PLC (NYSE:MNK)‘s stock had its “buy” rating restated by investment analysts at Piper Jaffray Companies in a research report issued on Thursday. They currently have a $67.00 price objective on the stock. Piper Jaffray Companies’ price objective would indicate a potential upside of 79.34% from the stock’s previous close.
A number of other equities research analysts also recently commented on MNK. UBS AG reaffirmed a “buy” rating and set a $70.00 price target (down previously from $100.00) on shares of Mallinckrodt PLC in a research note on Thursday, June 29th. They noted that the move was a valuation call. BidaskClub downgraded Mallinckrodt PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. BMO Capital Markets reaffirmed an “outperform” rating and set a $65.00 price target (down previously from $69.00) on shares of Mallinckrodt PLC in a research note on Wednesday, August 9th. ValuEngine raised Mallinckrodt PLC from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Deutsche Bank AG set a $56.00 price target on Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $60.04.
Mallinckrodt PLC (MNK) traded down 4.66% during mid-day trading on Thursday, reaching $35.62. The company had a trading volume of 2,069,733 shares. The stock has a 50 day moving average price of $36.63 and a 200 day moving average price of $41.90. The company’s market capitalization is $3.46 billion. Mallinckrodt PLC has a one year low of $33.61 and a one year high of $71.61.
Mallinckrodt PLC (NYSE:MNK) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.12. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. The firm had revenue of $824.50 million for the quarter, compared to analyst estimates of $829.56 million. During the same period last year, the firm posted $2.03 EPS. Mallinckrodt PLC’s quarterly revenue was down 4.9% on a year-over-year basis. On average, equities analysts expect that Mallinckrodt PLC will post $7.41 earnings per share for the current fiscal year.
In related news, insider Meredith B. Fischer purchased 1,280 shares of the firm’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 acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.77% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised 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 in the last quarter. Ameriprise Financial Inc. raised 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 in the last quarter. Icon Advisers Inc. Co. raised its position in shares of Mallinckrodt PLC by 165.6% during the 2nd quarter. Icon Advisers Inc. Co. now owns 114,200 shares of the company’s stock valued at $5,117,000 after acquiring an additional 71,200 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Mallinckrodt PLC by 15.4% during the 2nd quarter. Alliancebernstein L.P. now owns 3,348,807 shares of the company’s stock valued at $150,060,000 after acquiring an additional 448,011 shares in the last quarter. Finally, LSV Asset Management raised its position in shares of Mallinckrodt PLC by 24.4% during the 2nd quarter. LSV Asset Management now owns 1,249,612 shares of the company’s stock valued at $55,995,000 after acquiring an additional 244,753 shares in the last quarter. 97.40% of the stock is currently owned by institutional investors.
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.
Receive News & Ratings for Mallinckrodt PLC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mallinckrodt PLC and related companies with MarketBeat.com's FREE daily email newsletter.