Q3 2018 Earnings Forecast for Mallinckrodt PLC (MNK) Issued By Oppenheimer
Mallinckrodt PLC (NYSE:MNK) – Investment analysts at Oppenheimer lowered their Q3 2018 earnings per share estimates for Mallinckrodt in a research report issued to clients and investors on Sunday. Oppenheimer analyst D. Archila now forecasts that the company will post earnings of $1.58 per share for the quarter, down from their previous forecast of $1.65. Oppenheimer currently has a “Market Perform” rating on the stock. Oppenheimer also issued estimates for Mallinckrodt’s Q4 2018 earnings at $1.65 EPS, FY2018 earnings at $6.21 EPS, FY2019 earnings at $6.82 EPS, FY2020 earnings at $7.13 EPS and FY2021 earnings at $5.62 EPS.
Other equities research analysts also recently issued reports about the stock. ValuEngine upgraded shares of Mallinckrodt from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Cantor Fitzgerald set a $52.00 price objective on shares of Mallinckrodt and gave the stock a “buy” rating in a research note on Monday, October 2nd. Goldman Sachs Group initiated coverage on shares of Mallinckrodt in a research note on Thursday, September 28th. They set a “buy” rating and a $55.00 price objective for the company. Piper Jaffray Companies set a $67.00 price objective on shares of Mallinckrodt and gave the stock a “buy” rating in a research note on Saturday, October 21st. Finally, Stifel Nicolaus reiterated a “buy” rating on shares of Mallinckrodt in a research note on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $44.99.
Mallinckrodt (NYSE:MNK) last released its quarterly earnings data on Tuesday, November 7th. The company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.17. Mallinckrodt had a net margin of 11.43% and a return on equity of 14.79%. The company had revenue of $793.90 million during the quarter, compared to the consensus estimate of $808.93 million. During the same period in the previous year, the firm earned $2.04 earnings per share. Mallinckrodt’s revenue for the quarter was down 10.5% on a year-over-year basis.
In related news, General Counsel Michael-Bryant Hicks acquired 7,900 shares of Mallinckrodt stock in a transaction on Thursday, November 9th. The shares were purchased at an average cost of $20.80 per share, for a total transaction of $164,320.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Steven J. Romano acquired 2,000 shares of Mallinckrodt stock in a transaction on Monday, November 13th. The shares were bought at an average price of $21.96 per share, for a total transaction of $43,920.00. The disclosure for this purchase can be found here. Insiders bought 30,460 shares of company stock valued at $659,486 over the last 90 days. Insiders own 0.53% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue acquired a new stake in shares of Mallinckrodt during the fourth quarter worth $129,000. Sterling Capital Management LLC acquired a new stake in shares of Mallinckrodt during the second quarter worth $204,000. Shelton Capital Management acquired a new stake in shares of Mallinckrodt during the third quarter worth $205,000. Cubist Systematic Strategies LLC raised its holdings in shares of Mallinckrodt by 748.1% during the third quarter. Cubist Systematic Strategies LLC now owns 7,989 shares of the company’s stock worth $299,000 after purchasing an additional 7,047 shares during the period. Finally, Pinnacle Associates Ltd. raised its holdings in shares of Mallinckrodt by 69.8% during the third quarter. Pinnacle Associates Ltd. now owns 8,025 shares of the company’s stock worth $300,000 after purchasing an additional 3,300 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.
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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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