Mallinckrodt PLC (MNK) Downgraded by Barclays PLC
Barclays PLC cut shares of Mallinckrodt PLC (NYSE:MNK) from an overweight rating to an equal weight rating in a research report released on Wednesday morning, MarketBeat Ratings reports. Barclays PLC currently has $23.00 target price on the stock, down from their previous target price of $65.00.
Several other research analysts have also issued reports on MNK. Zacks Investment Research lowered shares of Mallinckrodt PLC from a hold rating to a sell rating in a research note on Tuesday, July 11th. Canaccord Genuity set a $87.00 target price on shares of Mallinckrodt PLC and gave the company a buy rating in a research note on Monday, July 17th. Piper Jaffray Companies set a $85.00 target price on shares of Mallinckrodt PLC and gave the company a buy rating in a research note on Sunday, July 16th. Oppenheimer Holdings, Inc. set a $70.00 target price on shares of Mallinckrodt PLC and gave the company a buy rating in a research note on Friday, July 28th. Finally, BMO Capital Markets reaffirmed a buy rating and issued a $69.00 target price on shares of Mallinckrodt PLC in a research note on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $50.44.
Shares of Mallinckrodt PLC (NYSE MNK) traded down $0.44 during midday trading on Wednesday, hitting $21.76. 5,866,300 shares of the stock traded hands, compared to its average volume of 4,500,033. The company has a market cap of $2,067.31, a price-to-earnings ratio of 2.94, a PEG ratio of 0.32 and a beta of 1.46. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 1.08. Mallinckrodt PLC has a one year low of $19.00 and a one year high of $68.12.
Mallinckrodt PLC (NYSE:MNK) last issued its earnings results on Tuesday, November 7th. The company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.17. The company had revenue of $793.90 million for the quarter, compared to analyst estimates of $808.93 million. Mallinckrodt PLC had a net margin of 11.43% and a return on equity of 14.79%. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.04 EPS. equities research analysts expect that Mallinckrodt PLC will post 7.23 EPS for the current year.
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In related news, insider Meredith B. Fischer purchased 1,280 shares of the business’s stock in a transaction on Wednesday, August 30th. The shares were purchased at an average price of $39.63 per share, with a total value of $50,726.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.77% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Alliancebernstein L.P. lifted its stake in Mallinckrodt PLC by 15.4% in the second quarter. Alliancebernstein L.P. now owns 3,348,807 shares of the company’s stock valued at $150,060,000 after buying an additional 448,011 shares in the last quarter. HealthCor Management L.P. bought a new position in Mallinckrodt PLC in the second quarter valued at approximately $107,649,000. Dimensional Fund Advisors LP lifted its stake in Mallinckrodt PLC by 33.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,161,814 shares of the company’s stock valued at $96,868,000 after buying an additional 547,249 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Mallinckrodt PLC by 2.6% in the third quarter. Ameriprise Financial Inc. now owns 1,987,196 shares of the company’s stock valued at $74,260,000 after purchasing an additional 49,752 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Mallinckrodt PLC by 6,828.1% in the second quarter. Janus Henderson Group PLC now owns 1,396,780 shares of the company’s stock valued at $62,590,000 after purchasing an additional 1,376,619 shares during the last quarter. 97.96% of the stock is currently owned by hedge funds and other institutional investors.
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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