Chevy Chase Trust Holdings Inc. Cuts Stake in Mallinckrodt PLC (MNK)
Chevy Chase Trust Holdings Inc. cut its position in Mallinckrodt PLC (NYSE:MNK) by 3.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,886 shares of the company’s stock after selling 3,506 shares during the period. Chevy Chase Trust Holdings Inc. owned approximately 0.08% of Mallinckrodt PLC worth $6,272,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in MNK. Mizuho Asset Management Co. Ltd. raised its stake 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 during the last quarter. Rational Advisors LLC acquired a new stake in Mallinckrodt PLC during the second quarter worth $137,000. Advisor Group Inc. acquired a new stake in Mallinckrodt PLC during the second quarter worth $196,000. Thrivent Financial for Lutherans acquired a new stake in Mallinckrodt PLC during the second quarter worth $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 last quarter. Hedge funds and other institutional investors own 86.51% of the company’s stock.
Shares of Mallinckrodt PLC (NYSE:MNK) traded up 0.65% during midday trading on Wednesday, hitting $52.76. 3,954,879 shares of the company’s stock were exchanged. Mallinckrodt PLC has a one year low of $50.90 and a one year high of $85.83. The stock’s 50-day moving average price is $61.54 and its 200 day moving average price is $66.60. The firm has a market cap of $5.68 billion, a PE ratio of 9.95 and a beta of 1.62.
Mallinckrodt PLC (NYSE:MNK) last posted its quarterly earnings results on Tuesday, November 29th. The company reported $2.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.01 by $0.03. Mallinckrodt PLC had a net margin of 16.39% and a return on equity of 17.78%. The business had revenue of $887.20 million for the quarter, compared to analysts’ expectations of $880.10 million. During the same period in the prior year, the company posted $1.84 EPS. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. Equities research analysts forecast that Mallinckrodt PLC will post $7.66 EPS for the current year.
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A number of research firms have recently weighed in on MNK. Leerink Swann set a $91.00 price objective on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Barclays PLC increased their price target on shares of Mallinckrodt PLC from $75.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, August 3rd. JPMorgan Chase & Co. set a $85.00 price target on shares of Mallinckrodt PLC and gave the stock a “hold” rating in a report on Wednesday, August 3rd. Jefferies Group reissued a “buy” rating and set a $95.00 price target (up from $85.00) on shares of Mallinckrodt PLC in a report on Thursday, August 4th. Finally, TheStreet downgraded shares of Mallinckrodt PLC from a “buy” rating to a “hold” rating in a report on Tuesday, November 1st. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Mallinckrodt PLC has a consensus rating of “Buy” and a consensus target price of $89.33.
About Mallinckrodt PLC
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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