Zacks Investment Research Upgrades Mallinckrodt PLC (MNK) to Buy
Mallinckrodt PLC (NYSE:MNK) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $64.00 target price on the stock. Zacks Investment Research’s price target would indicate a potential upside of 0.23% from the company’s current price.
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 several other research reports. BMO Capital Markets reissued a “buy” rating and issued a $84.00 price objective on shares of Mallinckrodt PLC in a report on Tuesday, July 19th. Barclays PLC boosted their price objective on Mallinckrodt PLC from $75.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, August 3rd. JPMorgan Chase & Co. set a $85.00 price objective on Mallinckrodt PLC and gave the company a “hold” rating in a report on Wednesday, August 3rd. Morgan Stanley reissued a “buy” rating and issued a $82.00 price objective on shares of Mallinckrodt PLC in a report on Wednesday, September 21st. Finally, Jefferies Group reissued a “buy” rating and issued a $95.00 price objective (up previously from $85.00) on shares of Mallinckrodt PLC in a report on Thursday, August 4th. Four investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $90.52.
Mallinckrodt PLC (NYSE:MNK) opened at 65.59 on Tuesday. Mallinckrodt PLC has a 52 week low of $50.90 and a 52 week high of $85.83. The company has a market capitalization of $7.06 billion, a price-to-earnings ratio of 12.37 and a beta of 1.62. The company’s 50-day moving average price is $65.66 and its 200-day moving average price is $66.65.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio boosted its position in Mallinckrodt PLC by 0.4% in the second quarter. Strs Ohio now owns 861,671 shares of the company’s stock worth $52,372,000 after buying an additional 3,057 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in Mallinckrodt PLC by 202.8% in the first quarter. Canada Pension Plan Investment Board now owns 19,224 shares of the company’s stock worth $1,178,000 after buying an additional 12,876 shares in the last quarter. Mizuho Asset Management Co. Ltd. boosted its position in Mallinckrodt PLC by 125.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,771 shares of the company’s stock worth $108,000 after buying an additional 984 shares in the last quarter. PineBridge Investments L.P. boosted its position in Mallinckrodt PLC by 614.6% in the second quarter. PineBridge Investments L.P. now owns 4,216 shares of the company’s stock worth $256,000 after buying an additional 3,626 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its position in Mallinckrodt PLC by 406.7% in the first quarter. Squarepoint Ops LLC now owns 66,058 shares of the company’s stock worth $4,048,000 after buying an additional 53,022 shares in the last quarter. Hedge funds and other institutional investors own 94.07% 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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