Mallinckrodt PLC (MNK) Shares Gap Down to $35.50
Mallinckrodt PLC (NYSE:MNK) shares gapped down prior to trading on Friday . The stock had previously closed at $34.55, but opened at $35.50. Mallinckrodt PLC shares last traded at $35.51, with a volume of 668,214 shares changing hands.
A number of research analysts have issued reports on the stock. UBS AG reaffirmed a “buy” rating and issued a $70.00 target price (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 cut shares of Mallinckrodt PLC from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $67.00 target price on shares of Mallinckrodt PLC in a report on Thursday. Stifel Nicolaus reaffirmed a “buy” rating on shares of Mallinckrodt PLC in a report on Friday. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Mallinckrodt PLC in a report on Friday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the stock. Mallinckrodt PLC presently has an average rating of “Buy” and an average price target of $60.04.
The stock’s market capitalization is $3.48 billion. The company has a 50 day moving average of $36.62 and a 200-day moving average of $41.85.
Mallinckrodt PLC (NYSE:MNK) last released its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.73 by $0.12. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. The business had revenue of $824.50 million for the quarter, compared to analyst estimates of $829.56 million. During the same quarter in the previous year, the business earned $2.03 earnings per share. The firm’s revenue was down 4.9% compared to the same quarter last year. Equities analysts anticipate that Mallinckrodt PLC will post $7.40 earnings per share for the current fiscal year.
In related news, insider Meredith B. Fischer acquired 1,280 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were purchased at an average price of $39.63 per share, for a total transaction of $50,726.40. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.77% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in MNK. American Century Companies Inc. increased its stake in Mallinckrodt PLC by 40.6% in the 1st quarter. American Century Companies Inc. now owns 11,200 shares of the company’s stock valued at $499,000 after buying an additional 3,233 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Mallinckrodt PLC by 28.1% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,772 shares of the company’s stock valued at $346,000 after buying an additional 1,704 shares during the period. Ameritas Investment Partners Inc. acquired a new position in Mallinckrodt PLC in the 1st quarter valued at approximately $115,000. Stifel Financial Corp increased its stake in Mallinckrodt PLC by 16.0% in the 1st quarter. Stifel Financial Corp now owns 31,040 shares of the company’s stock valued at $1,369,000 after buying an additional 4,286 shares during the period. Finally, O Shaughnessy Asset Management LLC increased its stake in Mallinckrodt PLC by 335.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,373 shares of the company’s stock valued at $150,000 after buying an additional 2,599 shares during the period. Hedge funds and other institutional investors own 97.40% of the company’s stock.
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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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