PNC Financial Services Group Inc. cut its position in shares of Mallinckrodt PLC (NYSE:MNK) by 2.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,814 shares of the company’s stock after selling 398 shares during the period. PNC Financial Services Group Inc.’s holdings in Mallinckrodt PLC were worth $664,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Meeder Asset Management Inc. boosted its holdings in Mallinckrodt PLC by 1.3% during the second quarter. Meeder Asset Management Inc. now owns 15,900 shares of the company’s stock worth $712,000 after buying an additional 209 shares in the last quarter. Xact Kapitalforvaltning AB boosted its holdings in Mallinckrodt PLC by 4.6% during the second quarter. Xact Kapitalforvaltning AB now owns 8,525 shares of the company’s stock worth $382,000 after buying an additional 374 shares in the last quarter. Amalgamated Bank boosted its holdings in Mallinckrodt PLC by 6.2% during the first quarter. Amalgamated Bank now owns 7,625 shares of the company’s stock worth $340,000 after buying an additional 447 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Mallinckrodt PLC by 0.4% during the first quarter. Principal Financial Group Inc. now owns 164,395 shares of the company’s stock worth $7,328,000 after buying an additional 699 shares in the last quarter. Finally, Rice Hall James & Associates LLC boosted its holdings in Mallinckrodt PLC by 10.5% during the second quarter. Rice Hall James & Associates LLC now owns 10,702 shares of the company’s stock worth $480,000 after buying an additional 1,019 shares in the last quarter. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

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A number of analysts recently issued reports on the stock. UBS AG reissued a “buy” rating and set a $70.00 price target (down from $100.00) on shares of Mallinckrodt PLC in a report on Thursday, June 29th. They noted that the move was a valuation call. BidaskClub downgraded shares of Mallinckrodt PLC from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Wells Fargo & Company reissued an “outperform” rating and set a $83.50 price target on shares of Mallinckrodt PLC in a report on Wednesday, June 21st. Oppenheimer Holdings, Inc. set a $70.00 price target on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a report on Tuesday, August 8th. Finally, Raymond James Financial, Inc. lowered their price target on shares of Mallinckrodt PLC from $65.00 to $58.00 and set an “outperform” rating on the stock in a report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $60.04.

Mallinckrodt PLC (NYSE:MNK) last issued its earnings results on Tuesday, August 8th. The company reported $1.85 EPS 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 analyst estimates of $829.56 million. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. The business’s revenue was down 4.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.03 EPS.

In related news, insider Meredith B. Fischer bought 1,280 shares of the firm’s stock in a transaction on Wednesday, August 30th. The shares were bought at an average cost of $39.63 per share, for a total transaction of $50,726.40. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 0.77% of the stock is currently owned by insiders.

Mallinckrodt PLC Company 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.

Institutional Ownership by Quarter for Mallinckrodt PLC (NYSE:MNK)

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