Stoneridge Investment Partners LLC Acquires 21,823 Shares of Mallinckrodt PLC (MNK)
Stoneridge Investment Partners LLC raised its stake in Mallinckrodt PLC (NYSE:MNK) by 25.2% during the second quarter, Holdings Channel reports. The fund owned 108,514 shares of the company’s stock after buying an additional 21,823 shares during the period. Stoneridge Investment Partners LLC’s holdings in Mallinckrodt PLC were worth $4,863,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of the company. BlackRock Inc. increased its stake in Mallinckrodt PLC by 4,060.7% in the first quarter. BlackRock Inc. now owns 8,734,709 shares of the company’s stock valued at $389,307,000 after buying an additional 8,524,773 shares during the last quarter. Alliancebernstein L.P. increased its stake in Mallinckrodt PLC by 1,455.5% in the first quarter. Alliancebernstein L.P. now owns 2,900,796 shares of the company’s stock valued at $129,288,000 after buying an additional 2,714,313 shares during the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new stake in Mallinckrodt PLC during the first quarter valued at approximately $36,464,000. Bank of America Corp DE increased its stake in Mallinckrodt PLC by 638.6% in the first quarter. Bank of America Corp DE now owns 746,838 shares of the company’s stock valued at $33,288,000 after buying an additional 645,718 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in Mallinckrodt PLC during the first quarter valued at approximately $23,565,000. 95.71% of the stock is owned by institutional investors.
Shares of Mallinckrodt PLC (NYSE:MNK) opened at 38.19 on Wednesday. The company’s 50 day moving average is $44.71 and its 200-day moving average is $45.89. Mallinckrodt PLC has a 52 week low of $37.67 and a 52 week high of $85.83. The stock’s market capitalization is $3.79 billion.
Mallinckrodt PLC (NYSE:MNK) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.12. The firm had revenue of $824.50 million during the quarter, compared to analyst estimates of $829.56 million. Mallinckrodt PLC had a net margin of 16.01% and a return on equity of 16.33%. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period in the previous year, the business posted $2.03 earnings per share. On average, equities analysts predict that Mallinckrodt PLC will post $7.51 earnings per share for the current year.
Several equities research analysts have recently commented on MNK shares. Zacks Investment Research downgraded shares of Mallinckrodt PLC from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Wells Fargo & Company reissued an “outperform” rating and set a $83.50 target price on shares of Mallinckrodt PLC in a research report on Wednesday, June 21st. ValuEngine downgraded shares of Mallinckrodt PLC from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Canaccord Genuity decreased their target price 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. Finally, Deutsche Bank AG set a $68.00 target price on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Wednesday, May 31st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $74.09.
In other Mallinckrodt PLC news, VP Coleman N. Lannum III bought 1,968 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The stock was bought at an average cost of $46.20 per share, for a total transaction of $90,921.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Coleman N. Lannum III bought 1,350 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were acquired at an average price of $42.89 per share, with a total value of $57,901.50. Following the completion of the transaction, the vice president now directly owns 30,955 shares of the company’s stock, valued at approximately $1,327,659.95. The disclosure for this purchase can be found here. Insiders have purchased 5,818 shares of company stock valued at $248,608 over the last 90 days. 0.53% of the stock is currently owned by company insiders.
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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