Mallinckrodt (MNK) Coverage Initiated by Analysts at Leerink Swann

Research analysts at Leerink Swann began coverage on shares of Mallinckrodt (NYSE:MNK) in a research note issued to investors on Tuesday, The Fly reports. The firm set a “market perform” rating on the stock.

Several other equities analysts have also recently issued reports on MNK. ValuEngine upgraded Mallinckrodt from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Cantor Fitzgerald set a $52.00 price objective on Mallinckrodt and gave the company a “buy” rating in a research note on Monday, October 2nd. Canaccord Genuity cut Mallinckrodt from a “buy” rating to a “hold” rating and decreased their price objective for the company from $77.00 to $40.00 in a research note on Wednesday, October 4th. Piper Jaffray Companies reiterated a “buy” rating and issued a $67.00 price objective on shares of Mallinckrodt in a research note on Thursday, October 5th. Finally, Mizuho cut Mallinckrodt from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $70.00 to $40.00 in a research note on Wednesday, September 13th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $47.64.

Shares of Mallinckrodt (MNK) traded down $0.24 during trading hours on Tuesday, hitting $22.56. The company had a trading volume of 2,201,500 shares, compared to its average volume of 2,619,516. The company has a quick ratio of 1.05, a current ratio of 1.38 and a debt-to-equity ratio of 1.08. The firm has a market cap of $2,143.31, a P/E ratio of 6.10, a price-to-earnings-growth ratio of 0.41 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 announced its earnings results on Tuesday, November 7th. The company reported $1.97 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $808.93 million. During the same period last year, the business posted $2.04 EPS. Mallinckrodt’s revenue for the quarter was down 10.5% on a year-over-year basis. sell-side analysts expect that Mallinckrodt will post 7.2 EPS for the current year.

In other news, VP Steven J. Romano bought 2,000 shares of the firm’s stock in a transaction 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David R. Carlucci bought 10,000 shares of the firm’s stock in a transaction on Thursday, November 9th. The shares were purchased at an average price of $21.83 per share, for a total transaction of $218,300.00. Following the completion of the transaction, the director now owns 26,020 shares of the company’s stock, valued at approximately $568,016.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 30,460 shares of company stock worth $659,486. Company insiders own 0.53% of the company’s stock.

Several large investors have recently modified their holdings of the company. Alliancebernstein L.P. lifted its position in shares of Mallinckrodt by 15.4% in the second quarter. Alliancebernstein L.P. now owns 3,348,807 shares of the company’s stock valued at $150,060,000 after acquiring an additional 448,011 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Mallinckrodt by 16.7% in the third quarter. Dimensional Fund Advisors LP now owns 2,522,330 shares of the company’s stock valued at $94,255,000 after purchasing an additional 360,516 shares during the last quarter. HealthCor Management L.P. acquired a new position in Mallinckrodt in the second quarter valued at $107,649,000. Ameriprise Financial Inc. increased its stake in Mallinckrodt by 2.6% in the third quarter. Ameriprise Financial Inc. now owns 1,987,196 shares of the company’s stock valued at $74,260,000 after purchasing an additional 49,752 shares during the last quarter. Finally, Alyeska Investment Group L.P. increased its stake 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 valued at $57,385,000 after purchasing an additional 482,591 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

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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.

The Fly

Analyst Recommendations for Mallinckrodt (NYSE:MNK)