Mallinckrodt PLC (NYSE:MNK) was the target of a significant decline in short interest in August. As of August 31st, there was short interest totalling 20,778,208 shares, a decline of 15.3% from the August 15th total of 24,536,840 shares. Approximately 25.4% of the shares of the company are short sold. Based on an average daily volume of 2,875,652 shares, the days-to-cover ratio is currently 7.2 days.

A number of institutional investors and hedge funds have recently modified their holdings of MNK. Victory Capital Management Inc. purchased a new position in Mallinckrodt in the 1st quarter worth about $104,000. Financial Gravity Wealth Inc. purchased a new position in Mallinckrodt in the 1st quarter worth about $182,000. Schwab Charles Investment Management Inc. increased its stake in Mallinckrodt by 20.0% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 571,299 shares of the company’s stock worth $8,273,000 after purchasing an additional 95,227 shares in the last quarter. Neuberger Berman Group LLC purchased a new position in Mallinckrodt in the 1st quarter worth about $7,432,000. Finally, KBC Group NV increased its stake in Mallinckrodt by 64.2% in the 1st quarter. KBC Group NV now owns 137,803 shares of the company’s stock worth $1,995,000 after purchasing an additional 53,892 shares in the last quarter.

MNK has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price objective on shares of Mallinckrodt from $15.00 to $18.00 and gave the company a “hold” rating in a research note on Monday, June 18th. SunTrust Banks lifted their price objective on shares of Mallinckrodt to $21.00 and gave the company a “hold” rating in a research note on Tuesday, June 19th. B. Riley lifted their target price on Mallinckrodt from $15.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, June 28th. Wells Fargo & Co lifted their target price on Mallinckrodt from $15.00 to $21.00 and gave the stock a “market perform” rating in a report on Monday, July 9th. Finally, Canaccord Genuity lifted their target price on Mallinckrodt from $14.00 to $22.00 and gave the stock a “hold” rating in a report on Thursday, July 19th. Four research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $32.62.

NYSE:MNK opened at $29.79 on Wednesday. The stock has a market cap of $2.54 billion, a P/E ratio of 3.98, a PEG ratio of 0.51 and a beta of 1.55. Mallinckrodt has a 52-week low of $11.65 and a 52-week high of $39.05. The company has a current ratio of 2.27, a quick ratio of 2.06 and a debt-to-equity ratio of 0.98.

Mallinckrodt (NYSE:MNK) last released its earnings results on Tuesday, August 7th. The company reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.30. The firm had revenue of $631.70 million for the quarter, compared to analyst estimates of $621.15 million. Mallinckrodt had a return on equity of 10.39% and a net margin of 59.85%. sell-side analysts anticipate that Mallinckrodt will post 6.7 earnings per share for the current fiscal year.

Mallinckrodt Company Profile

Mallinckrodt public limited company develops, manufactures, markets, and distributes branded pharmaceutical products in Canada and the European Union, as well as in Latin American, the Middle Eastern, African, and the Asia-Pacific regions. The company markets branded pharmaceutical products for autoimmune and rare diseases in the specialty areas of neurology, rheumatology, nephrology, ophthalmology, and pulmonology; and immunotherapy and neonatal respiratory critical care therapies, as well as analgesics and gastrointestinal products.

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