Canaccord Genuity Downgrades Mallinckrodt PLC (MNK) to Hold
Canaccord Genuity downgraded shares of Mallinckrodt PLC (NYSE:MNK) from a buy rating to a hold rating in a research note published on Wednesday, MarketBeat reports. The brokerage currently has $40.00 price objective on the stock, down from their prior price objective of $77.00.
Other equities research analysts have also issued reports about the company. UBS AG restated 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 lowered Mallinckrodt PLC from a sell rating to a strong sell rating in a research note on Friday, August 18th. Oppenheimer Holdings, Inc. set a $70.00 price objective on Mallinckrodt PLC and gave the stock a buy rating in a research note on Tuesday, August 8th. Wells Fargo & Company restated an outperform rating and issued a $83.50 price objective on shares of Mallinckrodt PLC in a research note on Wednesday, June 21st. Finally, Raymond James Financial, Inc. reduced their price objective on Mallinckrodt PLC from $65.00 to $58.00 and set an outperform rating for the company in a research note on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $60.04.
Shares of Mallinckrodt PLC (NYSE MNK) traded up 0.87% during trading on Wednesday, reaching $35.81. The company’s stock had a trading volume of 1,597,529 shares. Mallinckrodt PLC has a one year low of $33.61 and a one year high of $71.61. The company’s market capitalization is $3.48 billion. The firm’s 50-day moving average price is $36.60 and its 200-day moving average price is $41.78.
Mallinckrodt PLC (NYSE:MNK) last announced its earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.12. The business had revenue of $824.50 million during the quarter, compared to analyst estimates of $829.56 million. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. The company’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.03 EPS. On average, equities analysts anticipate that Mallinckrodt PLC will post $7.40 earnings per share for the current year.
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In related news, insider Meredith B. Fischer acquired 1,280 shares of the company’s stock in a transaction on Wednesday, August 30th. The stock was acquired at an average price of $39.63 per share, with a total value of $50,726.40. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.77% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC boosted its holdings in shares of Mallinckrodt PLC by 2.1% during the 2nd quarter. Lord Abbett & CO. LLC now owns 610,870 shares of the company’s stock valued at $27,373,000 after purchasing an additional 12,700 shares during the last quarter. Sentry Investment Management LLC boosted its holdings in shares of Mallinckrodt PLC by 1.6% during the 2nd quarter. Sentry Investment Management LLC now owns 52,676 shares of the company’s stock valued at $2,360,000 after purchasing an additional 817 shares during the last quarter. Toronto Dominion Bank boosted its holdings in shares of Mallinckrodt PLC by 42.2% during the 2nd quarter. Toronto Dominion Bank now owns 40,221 shares of the company’s stock valued at $1,802,000 after purchasing an additional 11,935 shares during the last quarter. Sterling Capital Management LLC bought a new position in shares of Mallinckrodt PLC during the 2nd quarter valued at about $204,000. Finally, Janus Henderson Group PLC boosted its holdings in shares of Mallinckrodt PLC by 6,828.1% during the 2nd quarter. Janus Henderson Group PLC now owns 1,396,780 shares of the company’s stock valued at $62,590,000 after purchasing an additional 1,376,619 shares during the last quarter. 97.40% of the stock is owned by institutional investors and hedge funds.
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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