Mallinckrodt PLC (MNK) Price Target Lowered to $24.00 at Canaccord Genuity
Mallinckrodt PLC (NYSE:MNK) had its price objective lowered by Canaccord Genuity from $38.00 to $24.00 in a research report report published on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has a buy rating on the stock.
Other research analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Mallinckrodt PLC from a sell rating to a strong sell rating in a research note on Friday, August 18th. Barclays PLC downgraded shares of Mallinckrodt PLC from an overweight rating to an equal weight rating and reduced their price target for the stock from $65.00 to $23.00 in a research note on Wednesday. Oppenheimer Holdings, Inc. set a $70.00 price target on shares of Mallinckrodt PLC and gave the stock a buy rating in a research note on Tuesday, August 8th. Raymond James Financial, Inc. reduced their price target on shares of Mallinckrodt PLC from $65.00 to $58.00 and set an outperform rating on the stock in a research note on Wednesday, August 9th. Finally, Morgan Stanley downgraded shares of Mallinckrodt PLC from an overweight rating to an equal weight rating and reduced their price target for the stock from $65.00 to $40.00 in a research note on Wednesday, September 6th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and twelve have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $50.44.
Shares of Mallinckrodt PLC (MNK) traded down $0.44 on Wednesday, hitting $21.76. 5,866,300 shares of the stock traded hands, compared to its average volume of 4,500,033. Mallinckrodt PLC has a 1-year low of $19.00 and a 1-year high of $68.12. The stock has a market capitalization of $2,067.31, a P/E ratio of 2.94, a P/E/G ratio of 0.32 and a beta of 1.46. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 1.08.
Mallinckrodt PLC (NYSE:MNK) last announced its earnings results on Tuesday, November 7th. The company reported $1.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.80 by $0.17. Mallinckrodt PLC had a net margin of 11.43% and a return on equity of 14.79%. The business had revenue of $793.90 million for the quarter, compared to the consensus estimate of $808.93 million. During the same quarter in the prior year, the firm posted $2.04 earnings per share. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. sell-side analysts forecast that Mallinckrodt PLC will post 7.23 EPS for the current year.
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In other Mallinckrodt PLC news, insider Meredith B. Fischer purchased 1,280 shares of Mallinckrodt PLC stock in a transaction on Wednesday, August 30th. The stock was bought at an average cost of $39.63 per share, with a total value of $50,726.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.77% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Denali Advisors LLC purchased a new position in Mallinckrodt PLC during the 2nd quarter worth approximately $112,000. Sterling Capital Management LLC purchased a new position in Mallinckrodt PLC during the 2nd quarter worth approximately $204,000. Advisor Partners LLC purchased a new position in shares of Mallinckrodt PLC during the 2nd quarter valued at approximately $242,000. Municipal Employees Retirement System of Michigan increased its holdings in shares of Mallinckrodt PLC by 24.5% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 5,640 shares of the company’s stock valued at $253,000 after purchasing an additional 1,110 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Mallinckrodt PLC during the 2nd quarter valued at approximately $260,000. 97.96% of the stock is owned by 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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