Mallinckrodt PLC (MNK) Sets New 1-Year Low Following Analyst Downgrade
Mallinckrodt PLC (NYSE:MNK) reached a new 52-week low during trading on Friday after Citigroup lowered their price target on the stock to $45.00. Citigroup currently has a buy rating on the stock. Mallinckrodt PLC traded as low as $34.29 and last traded at $34.27, with a volume of 1,218,899 shares changing hands. The stock had previously closed at $35.21.
Several other brokerages also recently issued reports on MNK. Deutsche Bank AG set a $56.00 price target on Mallinckrodt PLC and gave the stock a “buy” rating in a report on Wednesday, August 9th. Piper Jaffray Companies set a $85.00 price target on Mallinckrodt PLC and gave the stock a “buy” rating in a report on Monday, August 7th. Oppenheimer Holdings, Inc. set a $70.00 price target on Mallinckrodt PLC and gave the stock a “buy” rating in a report on Friday, July 28th. Jefferies Group LLC restated a “buy” rating and issued a $70.00 price target on shares of Mallinckrodt PLC in a report on Thursday, August 3rd. Finally, Raymond James Financial, Inc. lowered their price target on Mallinckrodt PLC from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $64.15.
In related news, insider Meredith B. Fischer purchased 1,280 shares of Mallinckrodt PLC stock in a transaction that occurred on Wednesday, August 30th. The stock was purchased at an average cost of $39.63 per share, with a total value of $50,726.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.77% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of MNK. Profund Advisors LLC boosted its position in Mallinckrodt PLC by 3.6% during the first quarter. Profund Advisors LLC now owns 6,399 shares of the company’s stock valued at $285,000 after purchasing an additional 220 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Mallinckrodt PLC by 10.8% during the first quarter. Russell Investments Group Ltd. now owns 142,217 shares of the company’s stock valued at $6,340,000 after purchasing an additional 13,873 shares during the last quarter. Wells Fargo & Company MN boosted its position in Mallinckrodt PLC by 9.7% during the first quarter. Wells Fargo & Company MN now owns 164,309 shares of the company’s stock valued at $7,322,000 after purchasing an additional 14,485 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in Mallinckrodt PLC by 6.0% during the first quarter. Great West Life Assurance Co. Can now owns 84,605 shares of the company’s stock valued at $3,767,000 after purchasing an additional 4,777 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Mallinckrodt PLC by 40.6% during the first quarter. American Century Companies Inc. now owns 11,200 shares of the company’s stock valued at $499,000 after purchasing an additional 3,233 shares during the last quarter. 97.48% of the stock is owned by hedge funds and other institutional investors.
The company’s 50-day moving average is $38.33 and its 200 day moving average is $43.27. The company’s market capitalization is $3.33 billion.
Mallinckrodt PLC (NYSE:MNK) last issued 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. The firm had revenue of $824.50 million during the quarter, compared to analyst estimates of $829.56 million. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.03 EPS. Equities analysts predict that Mallinckrodt PLC will post $7.43 EPS for the current fiscal 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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