Mallinckrodt PLC (NYSE:MNK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, October 25th.
According to Zacks, “Mallinckrodt is currently focused on reshaping its product portfolio through strategic acquisitions and non-core asset divestitures to transform the portfolio and become a high-performing specialty pharmaceutical company. The company sold its Nuclear Imaging business and Intrathecal Therapy business to focus on its key areas. While Acthar sales continue to be strong on the back of increased formulary positions and access for appropriate patients in both the commercial and public environments, sales of Therakos is expected to decline. The generic segment continues to face weakness as various product categories are witnessing stiff competition, which is hurting both their volumes and prices. The company expects double-digit declines in revenues from this segment. Shares of the company have underperformed the industry so far in 2017.”
A number of other equities analysts have also recently issued reports on the company. Oppenheimer Holdings, Inc. lowered their target price on Mallinckrodt PLC from $70.00 to $48.00 in a report on Tuesday, September 19th. Piper Jaffray Companies set a $85.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a report on Monday, August 7th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $70.00 target price on shares of Mallinckrodt PLC in a report on Thursday, August 3rd. BMO Capital Markets reaffirmed a “buy” rating and issued a $69.00 target price on shares of Mallinckrodt PLC in a report on Friday, July 28th. Finally, Canaccord Genuity set a $87.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a report on Monday, July 17th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company’s stock. Mallinckrodt PLC currently has an average rating of “Hold” and an average price target of $50.44.
Shares of Mallinckrodt PLC (MNK) traded down $0.44 during mid-day trading on Wednesday, hitting $21.76. The company had a trading volume of 5,866,300 shares, compared to its average volume of 2,489,536. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 1.08. Mallinckrodt PLC has a twelve month low of $19.00 and a twelve month high of $68.12. The company has a market cap of $2,109.11, a P/E ratio of 3.00, a P/E/G ratio of 0.33 and a beta of 1.46.
Mallinckrodt PLC (NYSE:MNK) last announced 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. Mallinckrodt PLC had a return on equity of 14.79% and a net margin of 11.43%. The business had revenue of $793.90 million during the quarter, compared to the consensus estimate of $808.93 million. During the same period in the prior year, the company earned $2.04 EPS. Mallinckrodt PLC’s revenue for the quarter was down 10.5% on a year-over-year basis. analysts anticipate that Mallinckrodt PLC will post 7.26 EPS for the current year.
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In other Mallinckrodt PLC news, insider Meredith B. Fischer bought 1,280 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were bought at an average price of $39.63 per share, for a total transaction of $50,726.40. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.77% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in MNK. OppenheimerFunds Inc. boosted its holdings in Mallinckrodt PLC by 23.1% in the first quarter. OppenheimerFunds Inc. now owns 8,887 shares of the company’s stock worth $396,000 after acquiring an additional 1,666 shares in the last quarter. Principal Financial Group Inc. boosted its holdings 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 acquiring an additional 699 shares in the last quarter. Wellington Management Group LLP bought a new position in Mallinckrodt PLC in the first quarter worth approximately $373,000. Teachers Advisors LLC boosted its holdings in Mallinckrodt PLC by 4.3% in the first quarter. Teachers Advisors LLC now owns 187,286 shares of the company’s stock worth $8,347,000 after acquiring an additional 7,753 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Mallinckrodt PLC by 1.0% in the first quarter. Vanguard Group Inc. now owns 10,247,891 shares of the company’s stock worth $456,748,000 after acquiring an additional 103,924 shares in the last quarter. Institutional investors and hedge funds own 97.96% of the company’s stock.
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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