Mallinckrodt PLC (MNK) Given a $70.00 Price Target at UBS AG
Mallinckrodt PLC (NYSE:MNK) received a $70.00 target price from equities researchers at UBS AG in a note issued to investors on Friday, www.tipranks.com reports. The brokerage presently has a “buy” rating on the stock. UBS AG’s target price points to a potential upside of 97.18% from the stock’s previous close.
A number of other equities research analysts also recently issued reports on the stock. Piper Jaffray Companies reissued a “buy” rating and issued a $67.00 price target on shares of Mallinckrodt PLC in a report on Thursday. Canaccord Genuity downgraded shares of Mallinckrodt PLC from a “buy” rating to a “hold” rating and lowered their price target for the stock from $77.00 to $40.00 in a report on Wednesday. ValuEngine raised shares of Mallinckrodt PLC from a “hold” rating to a “buy” rating in a research note on Monday. Cantor Fitzgerald set a $52.00 target price on shares of Mallinckrodt PLC and gave the company a “buy” rating in a research note on Monday. Finally, Goldman Sachs Group, Inc. (The) started coverage on shares of Mallinckrodt PLC in a research note on Thursday, September 28th. They issued a “buy” rating and a $55.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the company’s stock. Mallinckrodt PLC has an average rating of “Buy” and a consensus price target of $60.04.
Mallinckrodt PLC (NYSE:MNK) opened at 35.50 on Friday. The stock has a 50 day moving average of $36.62 and a 200 day moving average of $41.85. The firm’s market capitalization is $3.45 billion. Mallinckrodt PLC has a 12 month low of $33.61 and a 12 month high of $71.61.
Mallinckrodt PLC (NYSE:MNK) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $829.56 million. During the same period in the prior year, the firm posted $2.03 earnings per share. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, equities analysts predict that Mallinckrodt PLC will post $7.41 earnings per share for the current fiscal year.
In other Mallinckrodt PLC news, insider Meredith B. Fischer purchased 1,280 shares of Mallinckrodt PLC 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 Securities & Exchange Commission, which is available through this hyperlink. 0.77% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of MNK. BlackRock Inc. grew its position in Mallinckrodt PLC by 4,060.7% during the first 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. HealthCor Management L.P. bought a new position in Mallinckrodt PLC during the second quarter valued at approximately $107,649,000. Janus Henderson Group PLC grew its position in Mallinckrodt PLC by 6,828.1% during the second 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. Ameriprise Financial Inc. grew its position in Mallinckrodt PLC by 117.3% during the second 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. Finally, Bank of America Corp DE grew its position in Mallinckrodt PLC by 638.6% during the first quarter. Bank of America Corp DE now owns 746,838 shares of the company’s stock valued at $33,288,000 after acquiring an additional 645,718 shares during the last quarter. Institutional investors and hedge funds 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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