Mallinckrodt PLC (NYSE:MNK) – Oppenheimer reduced their Q3 2018 earnings per share (EPS) estimates for shares of Mallinckrodt in a research note issued on Sunday. Oppenheimer analyst D. Archila now anticipates that the company will post earnings of $1.58 per share for the quarter, down from their previous estimate of $1.65. Oppenheimer has a “Market Perform” rating on the stock. Oppenheimer also issued estimates for Mallinckrodt’s Q4 2018 earnings at $1.65 EPS, FY2018 earnings at $6.21 EPS, FY2019 earnings at $6.82 EPS, FY2020 earnings at $7.13 EPS and FY2021 earnings at $5.62 EPS.
MNK has been the subject of a number of other reports. Zacks Investment Research downgraded Mallinckrodt from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Cantor Fitzgerald reiterated a “buy” rating and issued a $52.00 target price on shares of Mallinckrodt in a report on Thursday, November 2nd. UBS Group set a $70.00 target price on Mallinckrodt and gave the stock a “buy” rating in a report on Friday, October 6th. Goldman Sachs Group started coverage on Mallinckrodt in a report on Thursday, September 28th. They issued a “buy” rating and a $55.00 target price for the company. Finally, Canaccord Genuity downgraded Mallinckrodt from a “buy” rating to a “hold” rating and lowered their target price for the stock from $77.00 to $40.00 in a report on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the stock. Mallinckrodt has an average rating of “Hold” and an average price target of $44.99.
Mallinckrodt (NYSE:MNK) last issued its quarterly earnings data on Tuesday, November 7th. The company reported $1.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.80 by $0.17. Mallinckrodt had a return on equity of 14.79% and a net margin of 11.43%. The company had revenue of $793.90 million during the quarter, compared to the consensus estimate of $808.93 million. During the same period last year, the company earned $2.04 earnings per share. The firm’s revenue was down 10.5% compared to the same quarter last year.
In related news, CEO Mark Trudeau bought 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were bought at an average price of $22.28 per share, with a total value of $111,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Steven J. Romano bought 2,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were bought at an average cost of $21.96 per share, for a total transaction of $43,920.00. The disclosure for this purchase can be found here. Insiders acquired 30,460 shares of company stock valued at $659,486 in the last three months. Insiders own 0.53% of the company’s stock.
Several large investors have recently made changes to their positions in MNK. Dimensional Fund Advisors LP boosted its position in Mallinckrodt by 16.7% in the third quarter. Dimensional Fund Advisors LP now owns 2,522,330 shares of the company’s stock worth $94,255,000 after purchasing an additional 360,516 shares during the last quarter. HealthCor Management L.P. purchased a new position in Mallinckrodt in the second quarter worth $107,649,000. Ameriprise Financial Inc. boosted its position in Mallinckrodt by 2.6% in the third quarter. Ameriprise Financial Inc. now owns 1,987,196 shares of the company’s stock worth $74,260,000 after purchasing an additional 49,752 shares during the last quarter. Alyeska Investment Group L.P. boosted its position in Mallinckrodt by 45.8% in the third quarter. Alyeska Investment Group L.P. now owns 1,535,583 shares of the company’s stock worth $57,385,000 after purchasing an additional 482,591 shares during the last quarter. Finally, Orbimed Advisors LLC boosted its position in Mallinckrodt by 15.7% in the third quarter. Orbimed Advisors LLC now owns 1,472,700 shares of the company’s stock worth $55,035,000 after purchasing an additional 200,000 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.
Mallinckrodt 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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