Mallinckrodt PLC (MNK) Stock Price Down 2%
Mallinckrodt PLC (NYSE:MNK) shares traded down 2% during trading on Friday . The stock traded as low as $65.85 and last traded at $66.19, with a volume of 374,478 shares. The stock had previously closed at $67.53.
Several analysts recently weighed in on MNK shares. Vetr cut shares of Mallinckrodt PLC from a “strong-buy” rating to a “buy” rating and set a $72.20 price target on the stock. in a report on Wednesday. Mizuho lifted their price target on shares of Mallinckrodt PLC from $80.00 to $83.00 and gave the company a “buy” rating in a report on Thursday. Morgan Stanley reiterated a “buy” rating on shares of Mallinckrodt PLC in a report on Wednesday, April 27th. Goldman Sachs Group Inc. started coverage on shares of Mallinckrodt PLC in a report on Monday, June 6th. They issued a “neutral” rating and a $73.00 price target on the stock. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $85.00 price target (down previously from $100.00) on shares of Mallinckrodt PLC in a report on Wednesday, May 4th. Three equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Mallinckrodt PLC currently has an average rating of “Buy” and an average price target of $91.42.
The firm has a 50-day moving average price of $61.10 and a 200 day moving average price of $62.47. The firm has a market capitalization of $7.27 billion and a price-to-earnings ratio of 16.69.
Mallinckrodt PLC (NYSE:MNK) last released its earnings results on Tuesday, May 3rd. The company reported $2.01 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.29. During the same quarter in the previous year, the business earned $1.72 EPS. The business earned $918 million during the quarter, compared to analysts’ expectations of $878.70 million. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts forecast that Mallinckrodt PLC will post $8.28 earnings per share for the current year.
In other Mallinckrodt PLC news, CFO Matthew K. Harbaugh bought 500 shares of Mallinckrodt PLC stock in a transaction on Tuesday, May 10th. The shares were acquired at an average price of $59.37 per share, for a total transaction of $29,685.00. Following the completion of the purchase, the chief financial officer now directly owns 56,036 shares in the company, valued at approximately $3,326,857.32. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Steven J. Romano bought 900 shares of Mallinckrodt PLC stock in a transaction on Friday, May 6th. The stock was acquired at an average price of $56.00 per share, for a total transaction of $50,400.00. Following the purchase, the vice president now owns 9,291 shares of the company’s stock, valued at $520,296. The disclosure for this purchase can be found here.
A number of hedge funds have added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Mallinckrodt PLC by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 10,007,770 shares of the company’s stock worth $746,880,000 after buying an additional 308,237 shares during the last quarter. Morgan Stanley raised its position in shares of Mallinckrodt PLC by 42.0% in the fourth quarter. Morgan Stanley now owns 988,662 shares of the company’s stock valued at $73,784,000 after buying an additional 292,240 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in shares of Mallinckrodt PLC during the fourth quarter valued at approximately $44,778,000. State of Tennessee Treasury Department raised its position in shares of Mallinckrodt PLC by 11.1% in the fourth quarter. State of Tennessee Treasury Department now owns 579,668 shares of the company’s stock valued at $43,261,000 after buying an additional 57,751 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in shares of Mallinckrodt PLC by 17.4% in the fourth quarter. BNP Paribas Arbitrage SA now owns 556,918 shares of the company’s stock valued at $41,563,000 after buying an additional 82,741 shares in the last quarter.
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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