BidaskClub Upgrades Mallinckrodt PLC (MNK) to “Sell”

Mallinckrodt PLC (NYSE:MNK) was upgraded by stock analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued to investors on Friday.

MNK has been the topic of several other research reports. Zacks Investment Research lowered Mallinckrodt PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Jefferies Group LLC reaffirmed a “buy” rating and set a $70.00 price objective on shares of Mallinckrodt PLC in a research report on Thursday, August 3rd. Canaccord Genuity set a $87.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a research report on Monday, July 17th. UBS AG set a $70.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a research report on Wednesday, August 9th. Finally, Deutsche Bank AG set a $68.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a research report on Wednesday, May 31st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the stock. Mallinckrodt PLC has an average rating of “Buy” and a consensus target price of $68.99.

Mallinckrodt PLC (NYSE:MNK) opened at 39.01 on Friday. Mallinckrodt PLC has a 52 week low of $35.04 and a 52 week high of $77.42. The stock’s 50 day moving average price is $41.61 and its 200-day moving average price is $44.76. The stock’s market capitalization is $3.79 billion.

Mallinckrodt PLC (NYSE:MNK) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.73 by $0.12. The firm had revenue of $824.50 million for the quarter, compared to analyst estimates of $829.56 million. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.03 earnings per share. Equities research analysts expect that Mallinckrodt PLC will post $7.46 earnings per share for the current year.

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In related news, VP Steven J. Romano acquired 1,000 shares of the stock in a transaction on Friday, June 9th. The shares were bought at an average price of $39.88 per share, with a total value of $39,880.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Coleman N. Lannum III acquired 1,350 shares of the stock in a transaction on Friday, June 2nd. The shares were bought at an average cost of $42.89 per share, for a total transaction of $57,901.50. Following the purchase, the vice president now directly owns 30,955 shares of the company’s stock, valued at approximately $1,327,659.95. The disclosure for this purchase can be found here. Insiders bought 3,850 shares of company stock worth $157,687 over the last ninety days. Corporate insiders own 0.77% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Retirement Systems of Alabama raised its position in shares of Mallinckrodt PLC by 20.9% in the first quarter. Retirement Systems of Alabama now owns 139,082 shares of the company’s stock valued at $6,199,000 after buying an additional 24,051 shares during the period. Korea Investment CORP raised its position in shares of Mallinckrodt PLC by 45.5% in the first quarter. Korea Investment CORP now owns 91,800 shares of the company’s stock valued at $4,092,000 after buying an additional 28,700 shares during the period. Profund Advisors LLC raised its position in shares of Mallinckrodt PLC by 3.6% in the first quarter. Profund Advisors LLC now owns 6,399 shares of the company’s stock valued at $285,000 after buying an additional 220 shares during the period. ProShare Advisors LLC increased its stake in Mallinckrodt PLC by 3.9% in the first quarter. ProShare Advisors LLC now owns 33,133 shares of the company’s stock valued at $1,477,000 after buying an additional 1,259 shares in the last quarter. Finally, Acadian Asset Management LLC increased its stake in Mallinckrodt PLC by 48.9% in the first quarter. Acadian Asset Management LLC now owns 723,612 shares of the company’s stock valued at $32,252,000 after buying an additional 237,728 shares in the last quarter. 94.65% of the stock is currently owned by institutional investors and hedge funds.

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.