Wells Fargo & Company Downgrades Mallinckrodt PLC (MNK) to Market Perform
Mallinckrodt PLC (NYSE:MNK) was downgraded by equities research analysts at Wells Fargo & Company from an “outperform” rating to a “market perform” rating in a note issued to investors on Wednesday.
MNK has been the subject of several other reports. Oppenheimer Holdings, Inc. reduced their target price on Mallinckrodt PLC from $70.00 to $48.00 in a research note on Tuesday, September 19th. Piper Jaffray Companies set a $85.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Sunday, July 16th. Canaccord Genuity set a $87.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Monday, July 17th. Deutsche Bank AG set a $56.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Finally, UBS AG set a $70.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $55.25.
Shares of Mallinckrodt PLC (MNK) opened at $20.11 on Wednesday. Mallinckrodt PLC has a 1 year low of $19.00 and a 1 year high of $68.12. The stock has a market capitalization of $3,097.63, a P/E ratio of 4.17, a P/E/G ratio of 0.44 and a beta of 1.46. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.06 and a quick ratio of 0.81.
Mallinckrodt PLC (NYSE:MNK) last announced its earnings results on Tuesday, November 7th. The company reported $1.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.82 by $0.15. The business had revenue of $793.90 million for the quarter, compared to analyst estimates of $808.93 million. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. Mallinckrodt PLC’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter last year, the firm earned $2.04 EPS. equities analysts expect that Mallinckrodt PLC will post 7.38 earnings per share for the current year.
TRADEMARK VIOLATION WARNING: This piece of content was first posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this piece of content on another site, it was illegally copied and reposted in violation of U.S. and international trademark and copyright legislation. The correct version of this piece of content can be accessed at https://www.thecerbatgem.com/2017/11/08/wells-fargo-company-downgrades-mallinckrodt-plc-mnk-to-market-perform.html.
In other news, insider Meredith B. Fischer bought 1,280 shares of the 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of MNK. Ameriprise Financial Inc. boosted its position in shares of Mallinckrodt PLC by 117.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,937,444 shares of the company’s stock valued at $86,815,000 after purchasing an additional 1,045,757 shares in the last quarter. Icon Advisers Inc. Co. raised its stake in Mallinckrodt PLC by 165.6% during the 2nd quarter. Icon Advisers Inc. Co. now owns 114,200 shares of the company’s stock worth $5,117,000 after buying an additional 71,200 shares during the period. Alliancebernstein L.P. raised its stake in Mallinckrodt PLC by 15.4% during the 2nd quarter. Alliancebernstein L.P. now owns 3,348,807 shares of the company’s stock worth $150,060,000 after buying an additional 448,011 shares during the period. LSV Asset Management raised its stake in Mallinckrodt PLC by 24.4% during the 2nd quarter. LSV Asset Management now owns 1,249,612 shares of the company’s stock worth $55,995,000 after buying an additional 244,753 shares during the period. Finally, Twin Capital Management Inc. raised its stake in Mallinckrodt PLC by 70.1% during the 2nd quarter. Twin Capital Management Inc. now owns 78,050 shares of the company’s stock worth $3,497,000 after buying an additional 32,170 shares during the period. 97.96% 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.
Receive News & Stock Ratings for Mallinckrodt PLC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mallinckrodt PLC and related stocks with our FREE daily email newsletter.