Mallinckrodt PLC (MNK) Receives Consensus Rating of “Buy” from Brokerages
Mallinckrodt PLC (NYSE:MNK) has earned a consensus rating of “Buy” from the twenty-three analysts that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $58.58.
A number of research firms recently commented on MNK. Cantor Fitzgerald began coverage on shares of Mallinckrodt PLC in a 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 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 report on Wednesday, June 21st. UBS AG reaffirmed a “buy” rating and issued a $70.00 price target (down previously from $100.00) on shares of Mallinckrodt PLC in a report on Thursday, June 29th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut shares of Mallinckrodt PLC from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th.
In other news, insider Meredith B. Fischer purchased 1,280 shares of Mallinckrodt PLC stock in a transaction dated Wednesday, August 30th. The stock was purchased at an average cost of $39.63 per share, for a total transaction of $50,726.40. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 0.77% of the stock is owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew 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 purchasing an additional 8,524,773 shares in the last quarter. Ameriprise Financial Inc. grew 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 purchasing an additional 1,045,757 shares in the last quarter. Icon Advisers Inc. Co. grew 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 purchasing an additional 71,200 shares in the last quarter. Alliancebernstein L.P. grew 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 purchasing an additional 448,011 shares in the last quarter. Finally, LSV Asset Management grew 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 purchasing an additional 244,753 shares in the last quarter. Hedge funds and other institutional investors own 97.40% of the company’s stock.
Mallinckrodt PLC (NYSE MNK) opened at 35.69 on Thursday. The firm’s 50-day moving average price is $36.53 and its 200-day moving average price is $41.60. Mallinckrodt PLC has a 12 month low of $33.61 and a 12 month high of $68.43. The firm’s market cap is $3.47 billion.
Mallinckrodt PLC (NYSE:MNK) last posted its earnings results on Tuesday, August 8th. The company reported $1.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 analysts’ expectations of $829.56 million. During the same quarter last year, the firm earned $2.03 EPS. The company’s quarterly revenue was down 4.9% compared to the same quarter last year. On average, equities research analysts expect that Mallinckrodt PLC will post $7.40 EPS for the current fiscal year.
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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