FY2017 Earnings Forecast for Mallinckrodt PLC Issued By Jefferies Group (MNK)
Mallinckrodt PLC (NYSE:MNK) – Equities researchers at Jefferies Group lowered their FY2017 EPS estimates for shares of Mallinckrodt PLC in a report issued on Tuesday. Jefferies Group analyst A. Petrone now expects that the company will earn $7.25 per share for the year, down from their prior estimate of $7.40. Jefferies Group has a “Buy” rating and a $30.00 price objective on the stock. Jefferies Group also issued estimates for Mallinckrodt PLC’s Q1 2018 earnings at $1.55 EPS and Q2 2018 earnings at $1.66 EPS.
Mallinckrodt PLC (NYSE:MNK) last released its quarterly earnings data on Tuesday, November 7th. The company reported $1.97 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.17. The company had revenue of $793.90 million for the quarter, compared to analysts’ expectations of $808.93 million. Mallinckrodt PLC had a net margin of 11.43% and a return on equity of 14.79%. The firm’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter last year, the company earned $2.04 earnings per share. COPYRIGHT VIOLATION WARNING: “FY2017 Earnings Forecast for Mallinckrodt PLC Issued By Jefferies Group (MNK)” was originally reported by American Banking News and is the sole property of of American Banking News. If you are accessing this piece on another publication, it was copied illegally and republished in violation of U.S. & international trademark & copyright legislation. The original version of this piece can be read at https://www.americanbankingnews.com/2017/11/09/fy2017-earnings-forecast-for-mallinckrodt-plc-issued-by-jefferies-group-mnk.html.
Several other equities research analysts have also commented on the stock. Cantor Fitzgerald restated a “buy” rating and set a $52.00 target price on shares of Mallinckrodt PLC in a research report on Thursday, November 2nd. Morgan Stanley decreased their price objective on shares of Mallinckrodt PLC from $40.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Barclays PLC downgraded shares of Mallinckrodt PLC from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $65.00 to $23.00 in a research note on Wednesday. BMO Capital Markets cut their target price on shares of Mallinckrodt PLC to $38.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, BidaskClub downgraded shares of Mallinckrodt PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $50.44.
Mallinckrodt PLC (NYSE MNK) opened at $19.98 on Thursday. The company has a market cap of $1,997.86, a price-to-earnings ratio of 2.71, a PEG ratio of 0.28 and a beta of 1.46. Mallinckrodt PLC has a 1-year low of $19.00 and a 1-year high of $68.12. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.38 and a quick ratio of 0.81.
In related news, insider Meredith B. Fischer bought 1,280 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were purchased at an average cost of $39.63 per share, with a total value of $50,726.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 the business. Meeder Asset Management Inc. increased its position in Mallinckrodt PLC by 1.3% in the second quarter. Meeder Asset Management Inc. now owns 15,900 shares of the company’s stock worth $712,000 after buying an additional 209 shares during the period. Xact Kapitalforvaltning AB increased its position in Mallinckrodt PLC by 4.6% in the second quarter. Xact Kapitalforvaltning AB now owns 8,525 shares of the company’s stock worth $382,000 after buying an additional 374 shares during the period. Amalgamated Bank increased its position in Mallinckrodt PLC by 6.2% in the first quarter. Amalgamated Bank now owns 7,625 shares of the company’s stock worth $340,000 after buying an additional 447 shares during the period. Principal Financial Group Inc. increased its position in Mallinckrodt PLC by 0.4% in the first quarter. Principal Financial Group Inc. now owns 164,395 shares of the company’s stock worth $7,328,000 after buying an additional 699 shares during the period. Finally, Sentry Investment Management LLC increased its position in Mallinckrodt PLC by 1.6% in the second quarter. Sentry Investment Management LLC now owns 52,676 shares of the company’s stock worth $2,360,000 after buying an additional 817 shares during the period. 97.96% of the stock is currently owned by hedge funds and other institutional investors.
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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