Mallinckrodt PLC (MNK) Trading Down 1.5% Following Analyst Downgrade
Mallinckrodt PLC (NYSE:MNK) shares were down 1.5% during trading on Wednesday after BMO Capital Markets lowered their price target on the stock from $69.00 to $65.00. BMO Capital Markets currently has an outperform rating on the stock. Mallinckrodt PLC traded as low as $37.67 and last traded at $37.63, with a volume of 1,594,460 shares. The stock had previously closed at $38.19.
MNK has been the subject of several other research reports. Zacks Investment Research downgraded Mallinckrodt PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Jefferies Group LLC restated a “buy” rating and issued a $70.00 target price on shares of Mallinckrodt PLC in a research note on Thursday, August 3rd. Canaccord Genuity set a $87.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Monday, July 17th. Deutsche Bank AG set a $68.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Wednesday, May 31st. Finally, Piper Jaffray Companies set a $85.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $72.59.
In other news, VP Hugh M. O’neill acquired 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The shares were bought at an average cost of $40.24 per share, with a total value of $40,240.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, VP Coleman N. Lannum III acquired 1,350 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were purchased at an average cost of $42.89 per share, for a total transaction of $57,901.50. Following the completion of the acquisition, the vice president now owns 30,955 shares in the company, valued at approximately $1,327,659.95. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 5,818 shares of company stock worth $248,608. 0.53% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC boosted its position in shares of Mallinckrodt PLC by 42.5% in the first quarter. Janney Montgomery Scott LLC now owns 22,320 shares of the company’s stock worth $995,000 after buying an additional 6,657 shares in the last quarter. Glen Harbor Capital Management LLC boosted its position in shares of Mallinckrodt PLC by 7.4% in the first quarter. Glen Harbor Capital Management LLC now owns 121,006 shares of the company’s stock worth $5,393,000 after buying an additional 8,296 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Mallinckrodt PLC by 48.9% in the first quarter. Acadian Asset Management LLC now owns 723,612 shares of the company’s stock worth $32,252,000 after buying an additional 237,728 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Mallinckrodt PLC by 3.9% in the first quarter. ProShare Advisors LLC now owns 33,133 shares of the company’s stock worth $1,477,000 after buying an additional 1,259 shares in the last quarter. Finally, Profund Advisors LLC boosted 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 worth $285,000 after buying an additional 220 shares in the last quarter. 95.71% of the stock is currently owned by institutional investors.
The firm’s 50-day moving average price is $44.71 and its 200 day moving average price is $45.89. The stock’s market cap is $3.74 billion.
Mallinckrodt PLC (NYSE:MNK) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.73 by $0.12. Mallinckrodt PLC had a return on equity of 16.33% and a net margin of 16.01%. The firm had revenue of $824.50 million during the quarter, compared to analyst estimates of $829.56 million. During the same quarter in the previous year, the business earned $2.03 EPS. Mallinckrodt PLC’s revenue for the quarter was down 4.9% compared to the same quarter last year. Equities analysts anticipate that Mallinckrodt PLC will post $7.51 earnings per share for the current year.
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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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