Analysts Issue Forecasts for Mallinckrodt PLC’s Q3 2017 Earnings (MNK)
Mallinckrodt PLC (NYSE:MNK) – Analysts at Oppenheimer Holdings decreased their Q3 2017 earnings per share estimates for Mallinckrodt PLC in a research report issued on Monday. Oppenheimer Holdings analyst D. Archila now expects that the company will post earnings of $1.81 per share for the quarter, down from their previous forecast of $1.89. Oppenheimer Holdings also issued estimates for Mallinckrodt PLC’s Q4 2017 earnings at $1.95 EPS, FY2017 earnings at $7.28 EPS, Q1 2018 earnings at $1.61 EPS, Q2 2018 earnings at $2.15 EPS, Q3 2018 earnings at $2.10 EPS and Q4 2018 earnings at $2.48 EPS.
Mallinckrodt PLC (NYSE:MNK) last released its earnings results on Tuesday, August 8th. The company reported $1.85 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.73 by $0.12. The firm had revenue of $824.50 million during the quarter, compared to analysts’ expectations of $829.56 million. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. The business’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.03 EPS.
Other equities research analysts also recently issued research reports about the company. Canaccord Genuity set a $87.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a report on Monday, July 17th. ValuEngine raised Mallinckrodt PLC from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Cantor Fitzgerald started coverage on Mallinckrodt PLC in a report on Friday, June 16th. They set an “overweight” rating and a $52.00 target price for the company. Morgan Stanley downgraded Mallinckrodt PLC from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $65.00 to $40.00 in a report on Wednesday, September 6th. Finally, Mizuho downgraded Mallinckrodt PLC from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $70.00 to $40.00 in a report on Wednesday, September 13th. Two equities 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 (NYSE:MNK) opened at 35.76 on Wednesday. The firm’s market capitalization is $3.48 billion. The company’s 50-day moving average is $36.57 and its 200 day moving average is $41.65. Mallinckrodt PLC has a 1-year low of $33.61 and a 1-year high of $68.83.
In related news, insider Meredith B. Fischer purchased 1,280 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was acquired at an average price of $39.63 per share, with a total value of $50,726.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in MNK. Denali Advisors LLC bought a new position in Mallinckrodt PLC in the second quarter valued at about $112,000. Ameritas Investment Partners Inc. bought a new position in Mallinckrodt PLC in the first quarter valued at about $115,000. O Shaughnessy Asset Management LLC grew its position in Mallinckrodt PLC by 335.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 3,373 shares of the company’s stock valued at $150,000 after acquiring an additional 2,599 shares during the last quarter. Sterling Capital Management LLC bought a new position in Mallinckrodt PLC in the second quarter valued at about $204,000. Finally, Baker Avenue Asset Management LP bought a new position in Mallinckrodt PLC in the first quarter valued at about $223,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.
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.
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