Point72 Asset Management L.P. Reduces Position in Mallinckrodt PLC (MNK)
Point72 Asset Management L.P. decreased its holdings in Mallinckrodt PLC (NYSE:MNK) by 33.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 584,700 shares of the company’s stock after selling 290,108 shares during the quarter. Point72 Asset Management L.P. owned 0.62% of Mallinckrodt worth $21,850,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Sterling Capital Management LLC purchased a new position in Mallinckrodt during the second quarter valued at approximately $204,000. Municipal Employees Retirement System of Michigan lifted its holdings in Mallinckrodt by 24.5% during the second quarter. Municipal Employees Retirement System of Michigan now owns 5,640 shares of the company’s stock valued at $253,000 after purchasing an additional 1,110 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new position in Mallinckrodt during the second quarter valued at approximately $260,000. Alps Advisors Inc. lifted its holdings in Mallinckrodt by 22.3% during the second quarter. Alps Advisors Inc. now owns 6,465 shares of the company’s stock valued at $290,000 after purchasing an additional 1,179 shares in the last quarter. Finally, Pinnacle Associates Ltd. lifted its holdings in Mallinckrodt by 69.8% during the third quarter. Pinnacle Associates Ltd. now owns 8,025 shares of the company’s stock valued at $300,000 after purchasing an additional 3,300 shares in the last quarter. 97.40% of the stock is currently owned by institutional investors.
Shares of Mallinckrodt PLC (MNK) traded down $0.41 on Thursday, reaching $23.45. 879,526 shares of the company traded hands, compared to its average volume of 2,592,040. Mallinckrodt PLC has a 12 month low of $19.00 and a 12 month high of $55.32. The company has a market capitalization of $2,285.82, a PE ratio of 3.25, a PEG ratio of 0.44 and a beta of 1.30. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.38 and a quick ratio of 1.05.
Several equities analysts have weighed in on the stock. BidaskClub downgraded shares of Mallinckrodt from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Morgan Stanley downgraded shares of Mallinckrodt from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $65.00 to $40.00 in a report on Wednesday, September 6th. Stifel Nicolaus reaffirmed a “buy” rating and set a $85.00 price target on shares of Mallinckrodt in a report on Wednesday, September 6th. Zacks Investment Research raised shares of Mallinckrodt from a “sell” rating to a “hold” rating in a report on Tuesday, October 31st. Finally, Canaccord Genuity set a $24.00 price target on shares of Mallinckrodt and gave the company a “hold” rating in a report on Tuesday, November 14th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the stock. Mallinckrodt has an average rating of “Hold” and a consensus target price of $48.14.
In other news, CEO Mark Trudeau acquired 5,000 shares of the company’s stock in a transaction on Friday, November 10th. The stock was bought at an average cost of $22.28 per share, with a total value of $111,400.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David R. Carlucci acquired 10,000 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were purchased at an average cost of $21.83 per share, with a total value of $218,300.00. Following the completion of the purchase, the director now directly owns 26,020 shares of the company’s stock, valued at $568,016.60. The disclosure for this purchase can be found here. Insiders purchased 30,460 shares of company stock worth $659,486 in the last 90 days. 0.77% of the stock is currently owned by company insiders.
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Mallinckrodt 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.
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