Mallinckrodt PLC (MNK) Trading Down 12.3%
Mallinckrodt PLC (NYSE:MNK)’s share price traded down 12.3% during trading on Tuesday . The stock traded as low as $35.10 and last traded at $36.12. 9,838,340 shares were traded during trading, an increase of 291% from the average session volume of 2,513,000 shares. The stock had previously closed at $41.17.
Several research firms have recently weighed in on MNK. Oppenheimer Holdings, Inc. set a $70.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a research report on Friday, July 28th. Zacks Investment Research raised Mallinckrodt PLC from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. BMO Capital Markets reissued a “buy” rating and issued a $69.00 price objective on shares of Mallinckrodt PLC in a research report on Friday, July 28th. Canaccord Genuity reduced their price objective on 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, Piper Jaffray Companies set a $85.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a research report on Sunday, July 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $68.99.
The stock’s market capitalization is $3.51 billion. The company has a 50-day moving average of $41.06 and a 200 day moving average of $44.25.
Mallinckrodt PLC (NYSE:MNK) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $1.85 EPS for the quarter, beating 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 firm had revenue of $824.50 million for the quarter, compared to analyst estimates of $829.56 million. During the same period in the prior year, the firm posted $2.03 EPS. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. Equities analysts predict that Mallinckrodt PLC will post $7.44 EPS for the current year.
In other news, VP Hugh M. O’neill acquired 1,000 shares of the firm’s stock in a transaction on Thursday, June 8th. The shares were purchased at an average cost of $40.24 per share, with a total value of $40,240.00. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Meredith B. Fischer acquired 1,280 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was purchased at an average cost of $39.63 per share, for a total transaction of $50,726.40. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 3,280 shares of company stock worth $130,846. Insiders own 0.53% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Mallinckrodt PLC by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 10,247,891 shares of the company’s stock valued at $456,748,000 after acquiring an additional 103,924 shares during the period. BlackRock Inc. lifted its position in shares of Mallinckrodt PLC by 4,060.7% during the 1st quarter. BlackRock Inc. now owns 8,734,709 shares of the company’s stock valued at $389,307,000 after acquiring an additional 8,524,773 shares during the period. State Street Corp lifted its position in shares of Mallinckrodt PLC by 5.1% during the 1st quarter. State Street Corp now owns 5,197,656 shares of the company’s stock valued at $231,654,000 after acquiring an additional 250,838 shares during the period. Alliancebernstein L.P. lifted its position in shares of Mallinckrodt PLC by 15.4% during the 2nd quarter. Alliancebernstein L.P. now owns 3,348,807 shares of the company’s stock valued at $150,060,000 after acquiring an additional 448,011 shares during the period. Finally, HealthCor Management L.P. bought a new stake in shares of Mallinckrodt PLC during the 2nd quarter valued at $107,649,000. Hedge funds and other institutional investors own 97.48% of the company’s stock.
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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