Mallinckrodt (NYSE:MNK) Downgraded to Neutral at UBS

Mallinckrodt (NYSE:MNK) was downgraded by equities researchers at UBS from a “buy” rating to a “neutral” rating in a research report issued on Monday, November 13th, www.benzinga.com reports. They presently have a $24.00 price target on the stock. UBS’s price target would indicate a potential upside of 9.99% from the stock’s current price.

Several other research analysts also recently issued reports on the company. Piper Jaffray Companies set a $67.00 price objective on Mallinckrodt and gave the company a “buy” rating in a research note on Saturday, October 21st. Zacks Investment Research raised shares of Mallinckrodt from a “sell” rating to a “hold” rating in a research report on Tuesday, October 31st. Goldman Sachs Group started coverage on shares of Mallinckrodt in a research report on Thursday, September 28th. They set a “buy” rating and a $55.00 target price for the company. Stifel Nicolaus reissued a “buy” rating on shares of Mallinckrodt in a research report on Friday, October 6th. Finally, ValuEngine downgraded shares of Mallinckrodt from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $48.14.

Mallinckrodt (MNK) remained flat at $$21.82 during trading on Monday. 4,965,738 shares of the company traded hands, compared to its average volume of 6,009,673. Mallinckrodt has a 12-month low of $19.00 and a 12-month high of $55.32. The company has a quick ratio of 1.05, a current ratio of 1.38 and a debt-to-equity ratio of 1.08. The company has a market cap of $2,073.01, a price-to-earnings ratio of 2.94, a P/E/G ratio of 0.40 and a beta of 1.32.

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, beating the Thomson Reuters’ consensus estimate of $1.80 by $0.17. Mallinckrodt had a return on equity of 14.79% and a net margin of 11.43%. The company had revenue of $793.90 million during 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 firm’s revenue was down 10.5% compared to the same quarter last year. analysts forecast that Mallinckrodt will post 7.2 EPS for the current fiscal year.

In other Mallinckrodt news, VP Steven J. Romano purchased 2,000 shares of the business’s stock in a transaction on Monday, November 13th. The shares were purchased at an average cost of $21.96 per share, for a total transaction of $43,920.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Dr Kneeland Youngblood bought 4,560 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The stock was purchased at an average price of $21.94 per share, for a total transaction of $100,046.40. Following the completion of the acquisition, the director now owns 19,789 shares in the company, valued at $434,170.66. The disclosure for this purchase can be found here. Insiders have acquired a total of 30,460 shares of company stock worth $659,486 over the last 90 days. Company insiders own 0.77% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. lifted its holdings in shares of Mallinckrodt by 15.4% in the 2nd quarter. Alliancebernstein L.P. now owns 3,348,807 shares of the company’s stock worth $150,060,000 after purchasing an additional 448,011 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Mallinckrodt by 16.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,522,330 shares of the company’s stock worth $94,255,000 after purchasing an additional 360,516 shares in the last quarter. HealthCor Management L.P. bought a new position in shares of Mallinckrodt in the 2nd quarter worth $107,649,000. Ameriprise Financial Inc. lifted its holdings in shares of Mallinckrodt by 2.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,987,196 shares of the company’s stock worth $74,260,000 after purchasing an additional 49,752 shares in the last quarter. Finally, Alyeska Investment Group L.P. lifted its holdings in shares of Mallinckrodt by 45.8% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,535,583 shares of the company’s stock worth $57,385,000 after purchasing an additional 482,591 shares in the last quarter. Institutional investors own 97.40% of the company’s stock.

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Mallinckrodt 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.

Analyst Recommendations for Mallinckrodt (NYSE:MNK)

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