Investors Sell Mallinckrodt PLC (NYSE:MNK) on Strength (NYSE:MNK)
Investors sold shares of Mallinckrodt PLC (NYSE:MNK) on strength during trading hours on Tuesday. $24.82 million flowed into the stock on the tick-up and $512.18 million flowed out of the stock on the tick-down, for a money net flow of $487.36 million out of the stock. Of all equities tracked, Mallinckrodt PLC had the 0th highest net out-flow for the day. Mallinckrodt PLC traded up $0.28 for the day and closed at $47.42
Several analysts have recently commented on MNK shares. Guggenheim set a $98.00 price objective on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Saturday, April 1st. Jefferies Group LLC reaffirmed a “buy” rating and set a $70.00 price objective on shares of Mallinckrodt PLC in a research report on Friday, April 21st. Canaccord Genuity reduced their price objective on shares of Mallinckrodt PLC from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, May 9th. BMO Capital Markets reduced their price objective on shares of Mallinckrodt PLC from $79.00 to $69.00 and set an “outperform” rating for the company in a research report on Wednesday, May 10th. Finally, UBS AG set a $70.00 price objective on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Wednesday, May 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $74.19.
The firm’s market capitalization is $4.66 billion. The stock’s 50 day moving average is $44.13 and its 200-day moving average is $46.20.
Mallinckrodt PLC (NYSE:MNK) last issued its quarterly earnings results on Monday, May 8th. The company reported $1.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.63 by $0.05. The company had revenue of $810.90 million for the quarter, compared to analysts’ expectations of $781.23 million. Mallinckrodt PLC had a return on equity of 16.33% and a net margin of 16.01%. The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.01 earnings per share. On average, analysts forecast that Mallinckrodt PLC will post $7.55 earnings per share for the current year.
In other news, VP Coleman N. Lannum III purchased 1,350 shares of Mallinckrodt PLC stock in a transaction that occurred on Friday, June 2nd. The shares were bought at an average cost of $42.89 per share, with a total value of $57,901.50. Following the completion of the purchase, the vice president now directly owns 30,955 shares in the company, valued at $1,327,659.95. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Hugh M. O’neill purchased 1,000 shares of Mallinckrodt PLC stock in a transaction that occurred on Thursday, June 8th. The stock was purchased at an average cost of $40.24 per share, for a total transaction of $40,240.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 5,818 shares of company stock worth $248,608. 0.77% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the company. Quadrature Capital Ltd bought a new stake in Mallinckrodt PLC during the fourth quarter worth approximately $408,000. UBS Asset Management Americas Inc. boosted its stake in Mallinckrodt PLC by 1.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,306,580 shares of the company’s stock worth $65,094,000 after buying an additional 16,571 shares in the last quarter. Kentucky Retirement Systems bought a new stake in Mallinckrodt PLC during the fourth quarter worth approximately $383,000. Highbridge Capital Management LLC bought a new stake in Mallinckrodt PLC during the fourth quarter worth approximately $2,988,000. Finally, Chevy Chase Trust Holdings Inc. boosted its stake in Mallinckrodt PLC by 4.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 92,084 shares of the company’s stock worth $4,104,000 after buying an additional 3,626 shares in the last quarter. 96.42% of the stock is currently owned by hedge funds and other institutional investors.
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About Mallinckrodt PLC
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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