HealthCor Management L.P. Invests $107.65 Million in Mallinckrodt PLC (MNK) Stock
HealthCor Management L.P. purchased a new position in Mallinckrodt PLC (NYSE:MNK) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,402,350 shares of the company’s stock, valued at approximately $107,649,000. Mallinckrodt PLC comprises about 3.9% of HealthCor Management L.P.’s investment portfolio, making the stock its 8th largest position. HealthCor Management L.P. owned approximately 2.42% of Mallinckrodt PLC at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Mallinckrodt PLC by 4,060.7% during the first quarter. BlackRock Inc. now owns 8,734,709 shares of the company’s stock valued at $389,307,000 after acquiring an additional 8,524,773 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Mallinckrodt PLC by 9.7% during the first quarter. Wells Fargo & Company MN now owns 164,309 shares of the company’s stock valued at $7,322,000 after acquiring an additional 14,485 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Mallinckrodt PLC by 117.3% during the second quarter. Ameriprise Financial Inc. now owns 1,937,444 shares of the company’s stock valued at $86,815,000 after acquiring an additional 1,045,757 shares during the last quarter. Icon Advisers Inc. Co. raised its stake in shares of Mallinckrodt PLC by 165.6% during the second quarter. Icon Advisers Inc. Co. now owns 114,200 shares of the company’s stock valued at $5,117,000 after acquiring an additional 71,200 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Mallinckrodt PLC by 15.4% during the second quarter. Alliancebernstein L.P. now owns 3,348,807 shares of the company’s stock valued at $150,060,000 after acquiring an additional 448,011 shares during the last quarter. 97.40% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Meredith B. Fischer bought 1,280 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were bought at an average price of $39.63 per share, with a total value of $50,726.40. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.77% of the stock is currently owned by insiders.
Several equities analysts have recently commented on the stock. 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 Friday, July 28th. Zacks Investment Research raised shares of Mallinckrodt PLC from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. BMO Capital Markets reaffirmed a “buy” rating and set a $69.00 price objective on shares of Mallinckrodt PLC in a research note on Friday, July 28th. Piper Jaffray Companies set a $85.00 price objective on shares of Mallinckrodt PLC and gave the company a “buy” rating in a research note on Sunday, July 16th. Finally, Canaccord Genuity set a $87.00 price objective on shares of Mallinckrodt PLC and gave the company a “buy” rating in a research note on Monday, July 17th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $62.59.
Shares of Mallinckrodt PLC (NYSE MNK) traded up 2.71% on Thursday, reaching $36.35. 807,447 shares of the company were exchanged. The stock’s market capitalization is $3.53 billion. Mallinckrodt PLC has a 52 week low of $33.61 and a 52 week high of $76.81. The firm’s 50 day moving average price is $37.65 and its 200 day moving average price is $42.88.
Mallinckrodt PLC (NYSE:MNK) last released its earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.12. The company had revenue of $824.50 million for the quarter, compared to the consensus estimate of $829.56 million. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. Mallinckrodt PLC’s revenue was down 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.03 EPS. Equities research analysts anticipate that Mallinckrodt PLC will post $7.43 EPS for the current year.
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Mallinckrodt PLC 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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