Mallinckrodt PLC (MNK) Stake Decreased by Arcadia Investment Management Corp MI
Arcadia Investment Management Corp MI cut its stake in Mallinckrodt PLC (NYSE:MNK) by 71.4% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 7,135 shares of the company’s stock after selling 17,810 shares during the period. Arcadia Investment Management Corp MI’s holdings in Mallinckrodt PLC were worth $320,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. IFP Advisors Inc boosted its position in Mallinckrodt PLC by 324.6% in the first quarter. IFP Advisors Inc now owns 2,518 shares of the company’s stock valued at $112,000 after buying an additional 1,925 shares during the last quarter. Denali Advisors LLC acquired a new position in Mallinckrodt PLC during the second quarter valued at about $112,000. Ameritas Investment Partners Inc. acquired a new position in Mallinckrodt PLC during the first quarter valued at about $115,000. Daiwa Securities Group Inc. boosted its position in Mallinckrodt PLC by 18.5% in the first quarter. Daiwa Securities Group Inc. now owns 3,200 shares of the company’s stock valued at $143,000 after buying an additional 500 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its position in Mallinckrodt PLC by 335.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 3,373 shares of the company’s stock valued at $150,000 after buying an additional 2,599 shares during the last quarter. 94.65% of the stock is owned by institutional investors.
Shares of Mallinckrodt PLC (NYSE MNK) opened at 35.63 on Wednesday. The stock’s market capitalization is $3.46 billion. The stock’s 50 day moving average price is $43.27 and its 200 day moving average price is $45.39. Mallinckrodt PLC has a one year low of $35.04 and a one year high of $85.83.
Mallinckrodt PLC (NYSE:MNK) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.12. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. The business had revenue of $824.50 million during the quarter, compared to analysts’ expectations of $829.56 million. During the same period in the previous year, the firm earned $2.03 earnings per share. The firm’s quarterly revenue was down 4.9% compared to the same quarter last year. On average, analysts forecast that Mallinckrodt PLC will post $7.48 EPS for the current year.
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Several research firms have recently issued reports on MNK. Canaccord Genuity set a $87.00 price target on Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Monday, July 17th. Cantor Fitzgerald began coverage on Mallinckrodt PLC in a research note on Friday, June 16th. They issued an “overweight” rating and a $52.00 price target for the company. Zacks Investment Research raised Mallinckrodt PLC from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Wells Fargo & Company reissued an “outperform” rating and issued a $83.50 price target on shares of Mallinckrodt PLC in a research note on Wednesday, June 21st. Finally, BidaskClub cut Mallinckrodt PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $71.25.
In other Mallinckrodt PLC news, VP Steven J. Romano bought 1,000 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was purchased at an average cost of $39.88 per share, with a total value of $39,880.00. 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 firm’s stock in a transaction on Friday, June 2nd. The stock was acquired 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 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. Over the last ninety days, insiders have purchased 3,850 shares of company stock valued at $157,687. 0.53% of the stock is owned by 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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