Mallinckrodt PLC (MNK) Bonds Rise 3% During Trading
An issue of Mallinckrodt PLC (NYSE:MNK) debt rose 3% as a percentage of its face value during trading on Monday. The debt issue has a 4.75% coupon and is set to mature on April 15, 2023. The debt is now trading at $81.47 and was trading at $85.00 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
MNK has been the subject of several recent research reports. Oppenheimer Holdings, Inc. lowered their price objective on shares of Mallinckrodt PLC from $70.00 to $48.00 in a research note on Tuesday, September 19th. Piper Jaffray Companies set a $85.00 price objective on shares of Mallinckrodt PLC and gave the company a “buy” rating in a research note on Sunday, July 16th. Canaccord Genuity set a $87.00 price objective on shares of Mallinckrodt PLC and gave the company a “buy” rating in a research note on Monday, July 17th. Deutsche Bank AG set a $56.00 price objective on shares of Mallinckrodt PLC and gave the company a “buy” rating in a research note on Wednesday, August 9th. Finally, UBS AG set a $70.00 price objective on shares of Mallinckrodt PLC and gave the company a “buy” rating in a research note on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $48.14.
Shares of Mallinckrodt PLC (NYSE MNK) traded down $0.44 during midday trading on Monday, hitting $21.76. 5,866,400 shares of the company’s stock traded hands, compared to its average volume of 2,489,536. The stock has a market cap of $2,067.31, a price-to-earnings ratio of 2.94, a P/E/G ratio of 0.33 and a beta of 1.46. Mallinckrodt PLC has a 52 week low of $19.00 and a 52 week high of $68.12. The company has a quick ratio of 1.05, a current ratio of 1.38 and a debt-to-equity ratio of 1.08.
Mallinckrodt PLC (NYSE:MNK) last issued its earnings results on Tuesday, November 7th. The company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.80 by $0.17. The company had revenue of $793.90 million for the quarter, compared to analyst estimates of $808.93 million. Mallinckrodt PLC had a net margin of 11.43% and a return on equity of 14.79%. The business’s revenue was down 10.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.04 EPS. equities research analysts forecast that Mallinckrodt PLC will post 7.23 earnings per share for the current year.
In other news, VP Steven J. Romano purchased 2,000 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was acquired at an average price of $21.96 per share, with a total value of $43,920.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David R. Carlucci purchased 10,000 shares of the business’s stock in a transaction dated 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 purchase, the director now directly owns 26,020 shares in the company, valued at $568,016.60. The disclosure for this purchase can be found here. Insiders have bought a total of 27,180 shares of company stock valued at $610,166 in the last ninety days. Corporate insiders own 0.53% of the company’s stock.
A number of hedge funds have recently made changes to their positions in MNK. OppenheimerFunds Inc. raised its stake in Mallinckrodt PLC by 23.1% in the 1st quarter. OppenheimerFunds Inc. now owns 8,887 shares of the company’s stock valued at $396,000 after purchasing an additional 1,666 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Mallinckrodt PLC during the 1st quarter valued at about $373,000. Teachers Advisors LLC increased its stake in shares of Mallinckrodt PLC by 4.3% during the 1st quarter. Teachers Advisors LLC now owns 187,286 shares of the company’s stock valued at $8,347,000 after acquiring an additional 7,753 shares during the last quarter. Amalgamated Bank increased its stake in shares of Mallinckrodt PLC by 6.2% during the 1st quarter. Amalgamated Bank now owns 7,625 shares of the company’s stock valued at $340,000 after acquiring an additional 447 shares during the last quarter. Finally, Xact Kapitalforvaltning AB increased its stake in shares of Mallinckrodt PLC by 4.6% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 8,525 shares of the company’s stock valued at $382,000 after acquiring an additional 374 shares during the last quarter. 98.83% of the stock is owned by hedge funds and other institutional investors.
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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.
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