Piper Jaffray Companies Reiterates $67.00 Price Target for Mallinckrodt PLC (MNK)
Mallinckrodt PLC (NYSE:MNK) has been assigned a $67.00 price target by investment analysts at Piper Jaffray Companies in a note issued to investors on Saturday. The brokerage currently has a “buy” rating on the stock. Piper Jaffray Companies’ price objective would indicate a potential upside of 106.66% from the stock’s current price.
MNK has been the topic of several other reports. Canaccord Genuity set a $87.00 price target on shares of Mallinckrodt PLC and gave the company a “buy” rating in a report on Monday, July 17th. ValuEngine raised shares of Mallinckrodt PLC from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Morgan Stanley cut shares of Mallinckrodt PLC from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $65.00 to $40.00 in a report on Wednesday, September 6th. Mizuho reissued a “hold” rating and issued a $40.00 price target on shares of Mallinckrodt PLC in a report on Sunday, October 15th. Finally, Zacks Investment Research raised shares of Mallinckrodt PLC from a “sell” rating to a “hold” rating in a report on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $60.04.
Mallinckrodt PLC (NYSE MNK) opened at 32.42 on Friday. Mallinckrodt PLC has a 52 week low of $31.51 and a 52 week high of $68.12. The company’s market capitalization is $3.15 billion. The company’s 50-day moving average price is $35.30 and its 200 day moving average price is $41.03.
Mallinckrodt PLC (NYSE:MNK) last released its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.73 by $0.12. The firm had revenue of $824.50 million for the quarter, compared to analysts’ expectations of $829.56 million. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. The business’s revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.03 EPS. On average, analysts predict that Mallinckrodt PLC will post $7.38 EPS for the current year.
In other news, insider Meredith B. Fischer purchased 1,280 shares of Mallinckrodt PLC stock in a transaction that occurred on Wednesday, August 30th. The shares were acquired at an average price of $39.63 per share, for a total transaction of $50,726.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.77% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of MNK. Ameritas Investment Partners Inc. acquired a new stake in shares of Mallinckrodt PLC during the 1st quarter worth approximately $115,000. OppenheimerFunds Inc. boosted its position in shares of Mallinckrodt PLC by 23.1% during the 1st quarter. OppenheimerFunds Inc. now owns 8,887 shares of the company’s stock worth $396,000 after acquiring an additional 1,666 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Mallinckrodt PLC by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 164,395 shares of the company’s stock worth $7,328,000 after acquiring an additional 699 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of Mallinckrodt PLC during the 1st quarter worth approximately $373,000. Finally, Teachers Advisors LLC boosted its position in shares of Mallinckrodt PLC by 4.3% during the 1st quarter. Teachers Advisors LLC now owns 187,286 shares of the company’s stock worth $8,347,000 after acquiring an additional 7,753 shares in the last quarter. Institutional investors and hedge funds own 97.36% of the company’s stock.
Mallinckrodt PLC Company Profile
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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