Citigroup Inc. Cuts Mallinckrodt PLC (MNK) Price Target to $45.00
Mallinckrodt PLC (NYSE:MNK) had its target price reduced by Citigroup Inc. to $45.00 in a research report report published on Thursday, The Fly reports. They currently have a buy rating on the stock.
MNK has been the subject of a number of other research reports. UBS AG reiterated a buy rating and issued a $70.00 price objective on shares of Mallinckrodt PLC in a report on Wednesday, September 6th. BidaskClub upgraded Mallinckrodt PLC from a strong sell rating to a sell rating in a report on Friday, August 25th. Zacks Investment Research downgraded Mallinckrodt PLC from a hold rating to a sell rating in a report on Tuesday, July 11th. Jefferies Group LLC reiterated a buy rating and issued a $70.00 price objective on shares of Mallinckrodt PLC in a report on Thursday, August 3rd. Finally, Cantor Fitzgerald reiterated a buy rating and issued a $52.00 price objective on shares of Mallinckrodt PLC in a report on Tuesday, September 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $64.15.
Mallinckrodt PLC (NYSE:MNK) opened at 34.27 on Thursday. The company has a 50 day moving average price of $38.33 and a 200-day moving average price of $43.27. Mallinckrodt PLC has a 52-week low of $34.17 and a 52-week high of $77.25. The firm’s market cap is $3.33 billion.
Mallinckrodt PLC (NYSE:MNK) last released its earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.12. The company had revenue of $824.50 million during the quarter, compared to the consensus estimate of $829.56 million. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.03 earnings per share. Equities research analysts anticipate that Mallinckrodt PLC will post $7.43 EPS for the current year.
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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.
Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its position in Mallinckrodt PLC by 4,060.7% during the first quarter. BlackRock Inc. now owns 8,734,709 shares of the company’s stock valued at $389,307,000 after purchasing an additional 8,524,773 shares during the last quarter. Wells Fargo & Company MN raised its stake in Mallinckrodt PLC by 9.7% in the first quarter. Wells Fargo & Company MN now owns 164,309 shares of the company’s stock valued at $7,322,000 after buying an additional 14,485 shares during the period. LS Investment Advisors LLC raised its stake in Mallinckrodt PLC by 18.5% in the first quarter. LS Investment Advisors LLC now owns 6,116 shares of the company’s stock valued at $273,000 after buying an additional 955 shares during the period. Twin Capital Management Inc. raised its stake in Mallinckrodt PLC by 70.1% in the second quarter. Twin Capital Management Inc. now owns 78,050 shares of the company’s stock valued at $3,497,000 after buying an additional 32,170 shares during the period. Finally, Airain ltd raised its stake in Mallinckrodt PLC by 225.2% in the second quarter. Airain ltd now owns 116,378 shares of the company’s stock valued at $5,215,000 after buying an additional 80,591 shares during the period. 97.48% of the stock is owned by hedge funds and other institutional investors.
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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