Mallinckrodt PLC (NYSE:MNK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.

According to Zacks, “Mallinckrodt is currently focused on reshaping its product portfolio through strategic acquisitions and non-core asset divestitures. The company’s acquire-to-invest policy is apparently paying off as both Inomax and Therakos continue to report solid demand along with Ofirmev. The performance of Acthar has been impressive too. We expect the recent acquisitions to provide further accretion to the bottom line in fiscal 2016.  Mallinckrodt has decided to sell its Nuclear Imaging business (diagnostic imaging products) to IBA Molecular as the segment was facing challenges for quite some time now. On the other hand, the weakness in Specialty Generics segment due to stiff competition continues to hurt both volumes and prices. Estimates have been declining lately ahead of the company’s fiscal Q4 earnings release. However, the company has a positive record of earnings surprises in recent quarters.”

MNK has been the subject of a number of other research reports. BMO Capital Markets reiterated a “buy” rating and issued a $84.00 price objective on shares of Mallinckrodt PLC in a research report on Tuesday, July 19th. Vetr cut shares of Mallinckrodt PLC from a “buy” rating to a “sell” rating and set a $61.84 target price for the company. in a research note on Monday, June 6th. Barclays PLC boosted their target price on shares of Mallinckrodt PLC from $75.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 3rd. JPMorgan Chase & Co. set a $85.00 target price on shares of Mallinckrodt PLC and gave the stock a “hold” rating in a research note on Wednesday, August 3rd. Finally, Morgan Stanley reissued a “buy” rating and set a $82.00 target price on shares of Mallinckrodt PLC in a research note on Wednesday, September 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have given a buy rating to the company’s stock. Mallinckrodt PLC presently has an average rating of “Buy” and a consensus target price of $94.54.

Analyst Recommendations for Mallinckrodt PLC (NYSE:MNK)

Shares of Mallinckrodt PLC (NYSE:MNK) traded down 0.42% on Tuesday, hitting $70.87. 475,307 shares of the company were exchanged. Mallinckrodt PLC has a 52-week low of $50.90 and a 52-week high of $85.83. The stock has a market capitalization of $7.63 billion, a PE ratio of 13.36 and a beta of 1.54. The firm’s 50-day moving average is $75.43 and its 200-day moving average is $66.30.

Mallinckrodt PLC (NYSE:MNK) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.20. The business earned $970.60 million during the quarter, compared to the consensus estimate of $920.35 million. Mallinckrodt PLC had a net margin of 16.39% and a return on equity of 17.78%. The company’s revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.05 earnings per share. Equities research analysts predict that Mallinckrodt PLC will post $7.65 earnings per share for the current year.

Several institutional investors have recently modified their holdings of MNK. Mizuho Asset Management Co. Ltd. raised its position in shares of Mallinckrodt PLC by 125.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,771 shares of the company’s stock valued at $108,000 after buying an additional 984 shares in the last quarter. Rational Advisors LLC acquired a new stake in Mallinckrodt PLC during the second quarter worth about $137,000. Advisor Group Inc. acquired a new stake in Mallinckrodt PLC during the second quarter worth about $196,000. Thrivent Financial for Lutherans acquired a new stake in Mallinckrodt PLC during the second quarter worth about $201,000. Finally, Laurel Wealth Advisors Inc. raised its stake in Mallinckrodt PLC by 0.5% in the second quarter. Laurel Wealth Advisors Inc. now owns 3,427 shares of the company’s stock worth $208,000 after buying an additional 16 shares during the period. Hedge funds and other institutional investors own 94.74% of the company’s stock.

Mallinckrodt PLC Company Profile

Mallinckrodt public limited company (Mallinckrodt) is engaged in the specialty pharmaceuticals and nuclear imaging business. The Company develops, manufactures, markets and distributes specialty pharmaceutical and biopharmaceutical products, and nuclear imaging agents. The Company’s segments include Specialty Brands, Specialty Generics and Nuclear Imaging.

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