Mallinckrodt PLC (MNK) Upgraded to “Hold” at Zacks Investment Research
Mallinckrodt PLC (NYSE:MNK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Mallinckrodt is focused on reshaping its product portfolio through strategic acquisitions and non-core asset divestitures to transform the portfolio. The company sold its Nuclear Imaging business and Intrathecal Therapy business. While Acthar sales continue to be strong on the back of increased formulary positions and access for appropriate patients in both the commercial and public environments, sales of Therakos is expected to decline. The company's generic segment continues to face weakness as various product categories are witnessing stiff competition, which is hurting both their volumes and prices. The company expects double-digit declines in revenues from this segment. Shares of the company have underperformed the industry so far in 2017. A U.S. District Court recently invalidated 11 patents covering its second-largest product Inomax.”
A number of other equities research analysts also recently weighed in on the stock. Piper Jaffray Companies set a $67.00 price target on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Saturday, October 21st. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Mallinckrodt PLC in a research note on Thursday, September 28th. They set a “buy” rating and a $55.00 price target on the stock. UBS AG reiterated a “buy” rating and set a $70.00 price target on shares of Mallinckrodt PLC in a research note on Wednesday, September 6th. ValuEngine downgraded shares of Mallinckrodt PLC from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Jefferies Group LLC decreased their price target on shares of Mallinckrodt PLC from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the stock. Mallinckrodt PLC currently has a consensus rating of “Buy” and a consensus price target of $60.04.
Mallinckrodt PLC (NYSE:MNK) traded up 3.24% on Tuesday, reaching $31.82. 901,285 shares of the company’s stock were exchanged. The stock’s market capitalization is $3.09 billion. Mallinckrodt PLC has a 12 month low of $30.15 and a 12 month high of $68.12. The firm has a 50 day moving average of $34.37 and a 200 day moving average of $40.40.
Mallinckrodt PLC (NYSE:MNK) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, topping 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 firm had revenue of $824.50 million for the quarter, compared to the consensus estimate of $829.56 million. During the same quarter in the previous year, the company earned $2.03 earnings per share. The business’s revenue was down 4.9% compared to the same quarter last year. Equities analysts predict that Mallinckrodt PLC will post $7.36 earnings per share for the current fiscal year.
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In other Mallinckrodt PLC news, insider Meredith B. Fischer purchased 1,280 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was acquired at an average cost of $39.63 per share, with a total value of $50,726.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.53% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. raised its holdings in shares of Mallinckrodt PLC by 1.3% in the second quarter. Meeder Asset Management Inc. now owns 15,900 shares of the company’s stock valued at $712,000 after buying an additional 209 shares during the last quarter. Xact Kapitalforvaltning AB raised its holdings in shares of Mallinckrodt PLC by 4.6% in the second quarter. Xact Kapitalforvaltning AB now owns 8,525 shares of the company’s stock valued at $382,000 after buying an additional 374 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Mallinckrodt PLC by 6.2% in the first quarter. Amalgamated Bank now owns 7,625 shares of the company’s stock valued at $340,000 after buying an additional 447 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Mallinckrodt PLC by 0.4% in the first quarter. Principal Financial Group Inc. now owns 164,395 shares of the company’s stock valued at $7,328,000 after buying an additional 699 shares during the last quarter. Finally, Sentry Investment Management LLC raised its holdings in shares of Mallinckrodt PLC by 1.6% in the second quarter. Sentry Investment Management LLC now owns 52,676 shares of the company’s stock valued at $2,360,000 after buying an additional 817 shares during the last quarter. 97.65% of the stock is owned by institutional investors and hedge funds.
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.
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