Mallinckrodt PLC (MNK) Stock Rating Lowered by Morgan Stanley
Mallinckrodt PLC (NYSE:MNK) was downgraded by stock analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday. They currently have a $40.00 target price on the stock, down from their prior target price of $65.00. Morgan Stanley’s target price points to a potential upside of 13.77% from the company’s previous close.
Other equities research analysts have also recently issued reports about the stock. UBS AG reissued a “buy” rating and issued a $70.00 price objective (down from $100.00) on shares of Mallinckrodt PLC in a research note on Thursday, June 29th. They noted that the move was a valuation call. BidaskClub cut shares of Mallinckrodt PLC from a “sell” rating to a “strong sell” rating in a research note on Friday, August 18th. Mizuho reissued a “buy” rating and issued a $73.00 price objective on shares of Mallinckrodt PLC in a research note on Wednesday, May 31st. Wells Fargo & Company reissued an “outperform” rating and issued a $83.50 price objective on shares of Mallinckrodt PLC in a research note on Wednesday, June 21st. Finally, Oppenheimer Holdings, Inc. set a $70.00 price objective on shares of Mallinckrodt PLC and gave the company a “buy” rating in a research note on Tuesday, August 8th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $68.49.
Mallinckrodt PLC (NYSE MNK) opened at 35.16 on Wednesday. The stock has a 50 day moving average of $40.27 and a 200 day moving average of $43.99. The stock’s market capitalization is $3.42 billion. Mallinckrodt PLC has a 1-year low of $35.00 and a 1-year high of $77.25.
Mallinckrodt PLC (NYSE:MNK) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $1.85 EPS for the quarter, beating the Zacks’ consensus estimate of $1.73 by $0.12. The firm had revenue of $824.50 million for the quarter, compared to analysts’ expectations of $829.56 million. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. The firm’s revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.03 EPS. On average, analysts expect that Mallinckrodt PLC will post $7.44 earnings per share for the current year.
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In related news, insider Meredith B. Fischer acquired 1,280 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were acquired at an average cost of $39.63 per share, for a total transaction of $50,726.40. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.77% of the company’s stock.
Several hedge funds have recently made changes to their positions in MNK. IFP Advisors Inc lifted its holdings in shares of Mallinckrodt PLC by 324.6% during the 1st quarter. IFP Advisors Inc now owns 2,518 shares of the company’s stock worth $112,000 after acquiring an additional 1,925 shares during the period. Denali Advisors LLC purchased a new position in shares of Mallinckrodt PLC during the 2nd quarter worth about $112,000. Ameritas Investment Partners Inc. purchased a new position in shares of Mallinckrodt PLC during the 1st quarter worth about $115,000. Daiwa Securities Group Inc. lifted its holdings in shares of Mallinckrodt PLC by 18.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 3,200 shares of the company’s stock worth $143,000 after acquiring an additional 500 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its holdings in shares of Mallinckrodt PLC by 335.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,373 shares of the company’s stock worth $150,000 after acquiring an additional 2,599 shares during the period. Institutional investors and hedge funds own 97.48% of the company’s stock.
About Mallinckrodt PLC
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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