Zacks Investment Research Upgrades Mallinckrodt PLC (MNK) to Hold
Mallinckrodt PLC (NYSE:MNK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Mallinckrodt is focused on reshaping its product portfolio through strategic acquisitions and non-core asset divestitures to transform the portfolio. The company sold its Nuclear Imaging business and Intrathecal Therapy business. 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 company's 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 U.S. District Court recently invalidated 11 patents covering its second-largest product Inomax.”
Several other research firms have also issued reports on MNK. Deutsche Bank AG set a $56.00 price target on Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Piper Jaffray Companies set a $67.00 price target on Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Saturday, October 21st. Jefferies Group LLC reiterated a “buy” rating and set a $60.00 target price on shares of Mallinckrodt PLC in a report on Friday, October 6th. Oppenheimer Holdings, Inc. set a $70.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a report on Friday, July 28th. Finally, UBS AG set a $70.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a report on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $60.04.
Shares of Mallinckrodt PLC (MNK) traded up 3.15% during midday trading on Tuesday, hitting $31.79. The stock had a trading volume of 1,010,739 shares. Mallinckrodt PLC has a 52 week low of $30.15 and a 52 week high of $68.12. The stock has a 50 day moving average price of $34.37 and a 200-day moving average price of $40.40. The stock’s market capitalization is $3.09 billion.
Mallinckrodt PLC (NYSE:MNK) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.73 by $0.12. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. The business had revenue of $824.50 million for the quarter, compared to analyst estimates of $829.56 million. During the same period last year, the company earned $2.03 EPS. The firm’s revenue was down 4.9% on a year-over-year basis. Equities research analysts anticipate that Mallinckrodt PLC will post $7.36 earnings per share for the current year.
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In other Mallinckrodt PLC news, insider Meredith B. Fischer purchased 1,280 shares of the stock in a transaction on Wednesday, August 30th. The shares were purchased at an average price of $39.63 per share, with a total value of $50,726.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is owned by insiders.
Several large investors have recently modified their holdings of MNK. OppenheimerFunds Inc. boosted its holdings in shares of Mallinckrodt PLC by 23.1% during the first quarter. OppenheimerFunds Inc. now owns 8,887 shares of the company’s stock worth $396,000 after acquiring an additional 1,666 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Mallinckrodt PLC by 0.4% during the first quarter. Principal Financial Group Inc. now owns 164,395 shares of the company’s stock worth $7,328,000 after acquiring an additional 699 shares during the period. Wellington Management Group LLP bought a new stake in shares of Mallinckrodt PLC during the first quarter worth approximately $373,000. Teachers Advisors LLC boosted its holdings in shares of Mallinckrodt PLC by 4.3% during the first quarter. Teachers Advisors LLC now owns 187,286 shares of the company’s stock worth $8,347,000 after acquiring an additional 7,753 shares during the period. Finally, Amalgamated Bank boosted its holdings in shares of Mallinckrodt PLC by 6.2% during the first quarter. Amalgamated Bank now owns 7,625 shares of the company’s stock worth $340,000 after acquiring an additional 447 shares during the period. Institutional investors own 97.65% 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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