BMO Capital Markets Reaffirms “Buy” Rating for Mallinckrodt PLC (MNK)

BMO Capital Markets reiterated their buy rating on shares of Mallinckrodt PLC (NYSE:MNK) in a report issued on Friday, July 28th. They currently have a $69.00 target price on the stock.

Other analysts have also issued reports about the stock. Canaccord Genuity set a $87.00 price objective on shares of Mallinckrodt PLC and gave the company a buy rating in a research note on Monday, July 17th. Cantor Fitzgerald started coverage on shares of Mallinckrodt PLC in a research report on Friday, June 16th. They issued an overweight rating and a $52.00 price target for the company. Zacks Investment Research upgraded Mallinckrodt PLC from a sell rating to a hold rating in a report on Thursday, July 27th. Wells Fargo & Company restated an outperform rating and issued a $83.50 price objective on shares of Mallinckrodt PLC in a report on Wednesday, June 21st. Finally, Jefferies Group LLC reiterated a buy rating and set a $70.00 price target on shares of Mallinckrodt PLC in a report on Tuesday, June 20th. Two analysts have rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $71.25.

Shares of Mallinckrodt PLC (NYSE:MNK) traded down 0.48% during trading on Friday, reaching $35.46. 997,214 shares of the company traded hands. Mallinckrodt PLC has a 52 week low of $35.04 and a 52 week high of $85.83. The company’s market capitalization is $3.45 billion. The firm’s 50 day moving average price is $43.27 and its 200-day moving average price is $45.39.

Mallinckrodt PLC (NYSE:MNK) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.73 by $0.12. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. The company had revenue of $824.50 million during the quarter, compared to the consensus estimate of $829.56 million. During the same period in the prior year, the company earned $2.03 EPS. Mallinckrodt PLC’s revenue was down 4.9% on a year-over-year basis. Equities analysts anticipate that Mallinckrodt PLC will post $7.48 EPS for the current fiscal year.

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In other Mallinckrodt PLC news, VP Coleman N. Lannum III bought 1,350 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were acquired at an average cost of $42.89 per share, with a total value of $57,901.50. Following the acquisition, the vice president now owns 30,955 shares of the company’s stock, valued at $1,327,659.95. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Steven J. Romano acquired 1,000 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was purchased at an average cost of $39.88 per share, for a total transaction of $39,880.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,850 shares of company stock worth $157,687 in the last ninety days. Insiders own 0.53% of the company’s stock.

Several hedge funds have recently made changes to their positions in MNK. Quadrature Capital Ltd acquired a new stake in shares of Mallinckrodt PLC during the fourth quarter valued at $408,000. UBS Asset Management Americas Inc. increased its stake in shares of Mallinckrodt PLC by 1.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,306,580 shares of the company’s stock valued at $65,094,000 after buying an additional 16,571 shares in the last quarter. Kentucky Retirement Systems acquired a new stake in shares of Mallinckrodt PLC during the fourth quarter valued at $383,000. Highbridge Capital Management LLC acquired a new stake in shares of Mallinckrodt PLC during the fourth quarter valued at $2,988,000. Finally, Chevy Chase Trust Holdings Inc. increased its position in Mallinckrodt PLC by 4.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 92,084 shares of the company’s stock valued at $4,104,000 after buying an additional 3,626 shares in the last quarter. Institutional investors and hedge funds own 94.65% of the company’s stock.

Mallinckrodt PLC 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 PLC (NYSE:MNK)

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