UBS AG cut shares of Mallinckrodt PLC (NYSE:MNK) from a buy rating to a neutral rating in a research note issued to investors on Monday, www.benzinga.com reports. UBS AG currently has $24.00 price target on the stock.
Other equities research analysts have also issued research reports about the stock. BidaskClub lowered shares of Mallinckrodt PLC from a sell rating to a strong sell rating in a report on Friday, August 18th. Canaccord Genuity cut their target price on shares of Mallinckrodt PLC from $38.00 to $24.00 and set a buy rating on the stock in a research report on Wednesday, November 8th. Barclays PLC downgraded shares of Mallinckrodt PLC from an overweight rating to an equal weight rating and cut their target price for the company from $65.00 to $23.00 in a research report on Wednesday, November 8th. Oppenheimer Holdings, Inc. set a $70.00 target price on shares of Mallinckrodt PLC and gave the company a buy rating in a research report on Tuesday, August 8th. Finally, Raymond James Financial, Inc. cut their target price on shares of Mallinckrodt PLC from $65.00 to $58.00 and set an outperform rating on the stock in a research report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of Hold and an average target price of $48.14.
Mallinckrodt PLC (MNK) opened at $22.45 on Monday. Mallinckrodt PLC has a 52 week low of $19.00 and a 52 week high of $63.00. The company has a market cap of $2,081.56, a price-to-earnings ratio of 2.96, a price-to-earnings-growth ratio of 0.31 and a beta of 1.46. The company has a quick ratio of 1.05, a current ratio of 1.38 and a debt-to-equity ratio of 1.08.
Mallinckrodt PLC (NYSE:MNK) last issued its quarterly earnings data on Tuesday, November 7th. The company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $808.93 million. During the same period last year, the company posted $2.04 EPS. The business’s revenue was down 10.5% on a year-over-year basis. sell-side analysts anticipate that Mallinckrodt PLC will post 7.23 earnings per share for the current fiscal year.
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In related news, VP Steven J. Romano bought 2,000 shares of the company’s stock in a transaction on Monday, November 13th. The shares were bought at an average price of $21.96 per share, with a total value of $43,920.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Mark Trudeau bought 5,000 shares of the company’s stock in a transaction on Friday, November 10th. The shares were bought at an average cost of $22.28 per share, for a total transaction of $111,400.00. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 27,180 shares of company stock worth $610,166. 0.77% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Ameriprise Financial Inc. lifted its stake in Mallinckrodt PLC by 117.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,937,444 shares of the company’s stock valued at $86,815,000 after acquiring an additional 1,045,757 shares during the period. Icon Advisers Inc. Co. lifted its stake in shares of Mallinckrodt PLC by 165.6% in the 2nd quarter. Icon Advisers Inc. Co. now owns 114,200 shares of the company’s stock valued at $5,117,000 after purchasing an additional 71,200 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Mallinckrodt PLC by 15.4% in the 2nd quarter. Alliancebernstein L.P. now owns 3,348,807 shares of the company’s stock valued at $150,060,000 after purchasing an additional 448,011 shares during the period. LSV Asset Management lifted its stake in shares of Mallinckrodt PLC by 24.4% in the 2nd quarter. LSV Asset Management now owns 1,249,612 shares of the company’s stock valued at $55,995,000 after purchasing an additional 244,753 shares during the period. Finally, Twin Capital Management Inc. lifted its stake in shares of Mallinckrodt PLC by 70.1% in the 2nd quarter. Twin Capital Management Inc. now owns 78,050 shares of the company’s stock valued at $3,497,000 after purchasing an additional 32,170 shares during the period. Institutional investors and hedge funds own 98.83% of the company’s stock.
About Mallinckrodt PLC
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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