Mallinckrodt PLC (MNK) Upgraded to Hold by Zacks Investment Research
Mallinckrodt PLC (NYSE:MNK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Mallinckrodt is currently focused on reshaping its product portfolio through strategic acquisitions and non-core asset divestitures to transform the portfolio and become a high-performing specialty pharmaceutical company. The company sold its Nuclear Imaging business and Intrathecal Therapy business to focus on its key areas. While Acthar sales continue to be strong on the back of increased formulary positions and access for appropriate patients in both the commercial and public environments, sales of Therakos is expected to decline. The generic segment continues to face weakness as various product categories are witnessing stiff competition, which is hurting both their volumes and prices. The company expects double-digit declines in revenues from this segment. Shares of the company have underperformed the industry so far in 2017.”
A number of other equities analysts also recently weighed in on MNK. 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 note on Thursday, June 29th. They noted that the move was a valuation call. Canaccord Genuity set a $87.00 price target on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Monday, July 17th. Piper Jaffray Companies set a $85.00 price target on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Sunday, July 16th. Oppenheimer Holdings, Inc. set a $70.00 price target on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Friday, July 28th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $69.00 price target on shares of Mallinckrodt PLC in a research note on Friday, July 28th. Two research 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. The stock has a consensus rating of “Buy” and a consensus target price of $60.04.
Mallinckrodt PLC (NYSE MNK) traded up 0.77% during midday trading on Wednesday, reaching $31.30. The company’s stock had a trading volume of 1,983,912 shares. Mallinckrodt PLC has a 12 month low of $30.33 and a 12 month high of $68.12. The firm’s market capitalization is $3.04 billion. The stock’s 50-day moving average price is $34.90 and its 200-day moving average price is $40.79.
Mallinckrodt PLC (NYSE:MNK) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, topping the Zacks’ 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 business 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 business posted $2.03 earnings per share. Mallinckrodt PLC’s revenue for the quarter was down 4.9% compared to the same quarter last year. Analysts predict that Mallinckrodt PLC will post $7.37 EPS for the current year.
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In other news, insider Meredith B. Fischer purchased 1,280 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was bought at an average cost of $39.63 per share, for a total transaction of $50,726.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Denali Advisors LLC bought a new stake in Mallinckrodt PLC during the second quarter valued at about $112,000. Sterling Capital Management LLC bought a new stake in Mallinckrodt PLC during the second quarter valued at about $204,000. Advisor Partners LLC bought a new stake in Mallinckrodt PLC during the second quarter valued at about $242,000. Municipal Employees Retirement System of Michigan boosted its holdings in Mallinckrodt PLC by 24.5% during the second quarter. Municipal Employees Retirement System of Michigan now owns 5,640 shares of the company’s stock valued at $253,000 after acquiring an additional 1,110 shares during the period. Finally, OMERS ADMINISTRATION Corp bought a new stake in Mallinckrodt PLC during the second quarter valued at about $260,000. Institutional investors own 97.48% 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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