Investors Buy Mallinckrodt PLC (MNK) on Weakness
Investors purchased shares of Mallinckrodt PLC (NYSE:MNK) on weakness during trading on Tuesday. $31.28 million flowed into the stock on the tick-up and $23.45 million flowed out of the stock on the tick-down, for a money net flow of $7.83 million into the stock. Of all equities tracked, Mallinckrodt PLC had the 35th highest net in-flow for the day. Mallinckrodt PLC traded down ($0.72) for the day and closed at $74.20
A number of research analysts have weighed in on MNK shares. BMO Capital Markets started coverage on shares of Mallinckrodt PLC in a research report on Tuesday, June 28th. They set an “outperform” rating and a $84.00 price objective on the stock. Mizuho boosted their price objective on shares of Mallinckrodt PLC from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Thursday, July 21st. Piper Jaffray Cos. boosted their price objective on shares of Mallinckrodt PLC from $103.00 to $112.00 and gave the company an “overweight” rating in a research report on Wednesday, August 24th. TheStreet upgraded shares of Mallinckrodt PLC from a “hold” rating to a “buy” rating in a research report on Friday, June 17th. Finally, Zacks Investment Research upgraded shares of Mallinckrodt PLC from a “hold” rating to a “buy” rating and set a $71.00 price objective on the stock in a research report on Tuesday, July 19th. Three research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $95.49.
The stock has a market capitalization of $8.08 billion and a price-to-earnings ratio of 14.15. The company’s 50 day moving average is $73.21 and its 200-day moving average is $64.73.
Mallinckrodt PLC (NYSE:MNK) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.20. During the same period in the previous year, the business posted $2.05 earnings per share. The business had revenue of $970.60 million for the quarter, compared to analyst estimates of $920.35 million. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities research analysts predict that Mallinckrodt PLC will post $7.72 EPS for the current year.
A hedge fund recently raised its stake in Mallinckrodt PLC stock. Ameriprise Financial Inc. raised its position in Mallinckrodt PLC (NYSE:MNK) by 69.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 617,468 shares of the company’s stock after buying an additional 252,605 shares during the period. Ameriprise Financial Inc. owned 0.55% of Mallinckrodt PLC worth $46,089,000 as of its most recent filing with the SEC.
Mallinckrodt public limited company (Mallinckrodt) is engaged in the specialty pharmaceuticals and nuclear imaging business. The Company develops, manufactures, markets and distributes specialty pharmaceutical and biopharmaceutical products, and nuclear imaging agents. The Company’s segments include Specialty Brands, Specialty Generics and Nuclear Imaging.
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