An issue of Mallinckrodt PLC (NYSE:MNK) bonds rose 1% against their face value during trading on Monday. The high-yield debt issue has a 4.75% coupon and will mature on April 15, 2023. The bonds in the issue are now trading at $84.04 and were trading at $84.00 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.

A number of brokerages recently commented on MNK. Zacks Investment Research upgraded Mallinckrodt from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Monday, August 27th. Canaccord Genuity upgraded Mallinckrodt from a “hold” rating to a “buy” rating and upped their price objective for the stock from $34.00 to $40.00 in a research note on Monday. Piper Jaffray Companies restated a “buy” rating and set a $39.00 price objective on shares of Mallinckrodt in a research note on Wednesday, August 8th. Wells Fargo & Co set a $30.00 price objective on Mallinckrodt and gave the stock a “market perform” rating in a research note on Wednesday, August 8th. Finally, Cantor Fitzgerald restated a “buy” rating and set a $42.00 price objective on shares of Mallinckrodt in a research note on Tuesday, August 7th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $33.00.

MNK stock traded down $0.04 during trading on Monday, reaching $30.82. 1,944,447 shares of the company’s stock were exchanged, compared to its average volume of 3,131,936. The company has a debt-to-equity ratio of 0.93, a quick ratio of 2.05 and a current ratio of 2.21. Mallinckrodt PLC has a 1-year low of $11.65 and a 1-year high of $36.65. The firm has a market capitalization of $2.57 billion, a PE ratio of 4.11, a price-to-earnings-growth ratio of 0.41 and a beta of 1.71.

Mallinckrodt (NYSE:MNK) last announced its quarterly earnings results on Tuesday, November 6th. The company reported $2.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.79 by $0.31. Mallinckrodt had a return on equity of 9.60% and a net margin of 65.24%. The company had revenue of $640.00 million during the quarter, compared to analyst estimates of $634.38 million. During the same quarter in the previous year, the firm posted $1.97 EPS. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. Equities research analysts predict that Mallinckrodt PLC will post 7.09 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in shares of Mallinckrodt by 19.1% in the second quarter. BlackRock Inc. now owns 9,649,420 shares of the company’s stock valued at $180,057,000 after buying an additional 1,546,671 shares during the period. Miller Value Partners LLC lifted its holdings in shares of Mallinckrodt by 57.5% in the second quarter. Miller Value Partners LLC now owns 3,338,025 shares of the company’s stock valued at $62,288,000 after buying an additional 1,218,750 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Mallinckrodt by 24.7% in the third quarter. Dimensional Fund Advisors LP now owns 5,516,703 shares of the company’s stock valued at $161,694,000 after buying an additional 1,093,916 shares during the period. Prudential Financial Inc. lifted its holdings in shares of Mallinckrodt by 100.4% in the third quarter. Prudential Financial Inc. now owns 1,943,432 shares of the company’s stock valued at $56,962,000 after buying an additional 973,806 shares during the period. Finally, Acadian Asset Management LLC lifted its holdings in shares of Mallinckrodt by 7,856.9% in the third quarter. Acadian Asset Management LLC now owns 889,109 shares of the company’s stock valued at $26,061,000 after buying an additional 877,935 shares during the period.

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About Mallinckrodt (NYSE:MNK)

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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