Mallinckrodt PLC (MNK) Debt Trading 5.8% Lower
An issue of Mallinckrodt PLC (NYSE:MNK) debt fell 5.8% as a percentage of its face value during trading on Tuesday. The high-yield debt issue has a 5.625% coupon and will mature on October 15, 2023. The bonds in the issue are now trading at $88.25 and were trading at $94.00 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.
Several analysts recently issued reports on MNK shares. Zacks Investment Research lowered Mallinckrodt PLC from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. UBS AG reiterated a “buy” rating and set a $70.00 target price on shares of Mallinckrodt PLC in a report on Wednesday, September 6th. Cantor Fitzgerald reiterated a “buy” rating and set a $52.00 target price on shares of Mallinckrodt PLC in a report on Thursday, November 2nd. BidaskClub upgraded Mallinckrodt PLC from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $45.00 target price (down previously from $56.00) on shares of Mallinckrodt PLC in a report on Thursday, September 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $58.25.
Mallinckrodt PLC (NYSE MNK) opened at $20.11 on Wednesday. Mallinckrodt PLC has a 12-month low of $19.00 and a 12-month high of $68.12. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.06 and a quick ratio of 0.81. The company has a market capitalization of $3,097.63, a P/E ratio of 4.17, a PEG ratio of 0.44 and a beta of 1.46.
Mallinckrodt PLC (NYSE:MNK) last posted its earnings results on Tuesday, November 7th. The company reported $1.97 EPS for the quarter, beating the consensus estimate of $1.82 by $0.15. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. The company had revenue of $793.90 million for the quarter, compared to the consensus estimate of $808.93 million. During the same quarter in the prior year, the business earned $2.04 earnings per share. The firm’s revenue for the quarter was down 10.5% on a year-over-year basis. sell-side analysts expect that Mallinckrodt PLC will post 7.38 EPS for the current fiscal year.
In other news, insider Meredith B. Fischer bought 1,280 shares of the firm’s stock in a transaction dated 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. Meeder Asset Management Inc. grew its position in shares of Mallinckrodt PLC by 1.3% in the second quarter. Meeder Asset Management Inc. now owns 15,900 shares of the company’s stock valued at $712,000 after purchasing an additional 209 shares during the last quarter. Xact Kapitalforvaltning AB grew its position in shares of Mallinckrodt PLC by 4.6% in the second quarter. Xact Kapitalforvaltning AB now owns 8,525 shares of the company’s stock valued at $382,000 after purchasing an additional 374 shares during the last quarter. Amalgamated Bank grew its position in shares of Mallinckrodt PLC by 6.2% in the first quarter. Amalgamated Bank now owns 7,625 shares of the company’s stock valued at $340,000 after purchasing an additional 447 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Mallinckrodt PLC by 0.4% in the first quarter. Principal Financial Group Inc. now owns 164,395 shares of the company’s stock valued at $7,328,000 after purchasing an additional 699 shares during the last quarter. Finally, Sentry Investment Management LLC grew its position in shares of Mallinckrodt PLC by 1.6% in the second 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. 97.96% of the stock is currently owned by institutional investors.
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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