Mallinckrodt (MNK) Given a $24.00 Price Target at Canaccord Genuity

Mallinckrodt (NYSE:MNK) has been given a $24.00 price objective by analysts at Canaccord Genuity in a research note issued to investors on Tuesday. The firm currently has a “hold” rating on the stock. Canaccord Genuity’s price objective indicates a potential upside of 6.38% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Oppenheimer reduced their price objective on Mallinckrodt from $70.00 to $48.00 in a research report on Tuesday, September 19th. Cantor Fitzgerald set a $52.00 price target on Mallinckrodt and gave the company a “buy” rating in a research report on Monday, October 2nd. Goldman Sachs Group started coverage on Mallinckrodt in a research report on Thursday, September 28th. They set a “buy” rating and a $55.00 price target for the company. Piper Jaffray Companies reissued a “buy” rating and set a $67.00 price target on shares of Mallinckrodt in a research report on Friday, September 15th. Finally, Deutsche Bank reissued a “buy” rating and set a $45.00 price target (down from $56.00) on shares of Mallinckrodt in a research report on Thursday, September 14th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $47.64.

Mallinckrodt (NYSE MNK) traded down $0.24 during trading hours on Tuesday, reaching $22.56. The company’s stock had a trading volume of 2,201,461 shares, compared to its average volume of 2,619,516. The company has a current ratio of 1.38, a quick ratio of 1.05 and a debt-to-equity ratio of 1.08. The firm has a market capitalization of $2,211.71, a PE ratio of 6.10, a price-to-earnings-growth ratio of 0.42 and a beta of 1.30. Mallinckrodt has a 1 year low of $19.00 and a 1 year high of $55.32.

Mallinckrodt (NYSE:MNK) last posted its quarterly earnings data on Tuesday, November 7th. The company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.17. The company had revenue of $793.90 million during the quarter, compared to analysts’ expectations of $808.93 million. Mallinckrodt had a return on equity of 14.79% and a net margin of 11.43%. Mallinckrodt’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.04 earnings per share. equities analysts expect that Mallinckrodt will post 7.2 earnings per share for the current year.

In other news, Director David R. Carlucci acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were bought at an average price of $21.83 per share, with a total value of $218,300.00. Following the acquisition, the director now directly owns 26,020 shares in the company, valued at approximately $568,016.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Steven J. Romano acquired 2,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were purchased 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. In the last three months, insiders have purchased 30,460 shares of company stock worth $659,486. 0.77% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sentry Investment Management LLC raised its position in Mallinckrodt by 1.6% during the 2nd quarter. Sentry Investment Management LLC now owns 52,676 shares of the company’s stock worth $2,360,000 after purchasing an additional 817 shares during the last quarter. QS Investors LLC raised its position in Mallinckrodt by 10.8% during the 2nd quarter. QS Investors LLC now owns 9,477 shares of the company’s stock worth $425,000 after purchasing an additional 923 shares during the last quarter. Accident Compensation Corp raised its position in Mallinckrodt by 2.7% during the 2nd quarter. Accident Compensation Corp now owns 38,390 shares of the company’s stock worth $1,720,000 after purchasing an additional 1,000 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its position in Mallinckrodt by 24.5% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 5,640 shares of the company’s stock worth $253,000 after purchasing an additional 1,110 shares during the last quarter. Finally, Alps Advisors Inc. raised its position in Mallinckrodt by 22.3% during the 2nd quarter. Alps Advisors Inc. now owns 6,465 shares of the company’s stock worth $290,000 after purchasing an additional 1,179 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

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About Mallinckrodt

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.

Analyst Recommendations for Mallinckrodt (NYSE:MNK)