Mallinckrodt PLC (NYSE:MNK) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Mallinckrodt PLC (NYSE:MNK) from a sell rating to a hold rating in a research report released on Thursday.
According to Zacks, “Mallinckrodt is currently focused on reshaping its product portfolio through strategic acquisitions and non-core asset divestitures. The company sold its Nuclear Imaging business due to lingering challenging conditions for quite some time. The company also sold its Intrathecal Therapy business to focus on its key areas. Acthar sales continue to be strong on the back of increased formulary positions and access for appropriate patients in both the commercial and public environments. The company is working on expanding Acthar's label further. The generic segment continues to face weakness as various product categories are witnessing stiff competition, which is hurting both their volumes and prices. Weakness in shares persist as shares have underperformed the Medical-Generic Drugs industry so far in 2017.”
Other equities research analysts also recently issued reports about the company. Guggenheim set a $98.00 target price on Mallinckrodt PLC and gave the stock a buy rating in a report on Saturday, April 1st. UBS AG set a $70.00 target price on Mallinckrodt PLC and gave the stock a buy rating in a report on Wednesday, May 24th. Mizuho reiterated a buy rating and issued a $73.00 target price on shares of Mallinckrodt PLC in a report on Wednesday, May 31st. BidaskClub upgraded Mallinckrodt PLC from a sell rating to a hold rating in a report on Tuesday, June 13th. Finally, Wells Fargo & Company reissued an outperform rating and issued a $83.50 price objective on shares of Mallinckrodt PLC in a research note on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $74.09.
Mallinckrodt PLC (NYSE MNK) opened at 45.90 on Thursday. Mallinckrodt PLC has a 52-week low of $38.80 and a 52-week high of $85.83. The firm’s market cap is $4.56 billion. The firm’s 50-day moving average price is $44.49 and its 200-day moving average price is $46.15.
Mallinckrodt PLC (NYSE:MNK) last issued its earnings results on Monday, May 8th. The company reported $1.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.05. The business had revenue of $810.90 million during the quarter, compared to the consensus estimate of $781.23 million. Mallinckrodt PLC had a return on equity of 16.33% and a net margin of 16.01%. The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the company posted $2.01 earnings per share. Equities research analysts expect that Mallinckrodt PLC will post $7.55 EPS for the current year.
In related news, VP Coleman N. Lannum III bought 1,350 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were bought at an average price of $42.89 per share, with a total value of $57,901.50. Following the completion of the transaction, the vice president now directly owns 30,955 shares in the company, valued at $1,327,659.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Steven J. Romano bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The shares were bought at an average cost of $39.88 per share, for a total transaction of $39,880.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 5,818 shares of company stock worth $248,608. 0.53% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of MNK. Acadian Asset Management LLC boosted its position in Mallinckrodt PLC by 48.9% in the first quarter. Acadian Asset Management LLC now owns 723,612 shares of the company’s stock valued at $32,252,000 after buying an additional 237,728 shares in the last quarter. ProShare Advisors LLC boosted its position in Mallinckrodt PLC by 3.9% in the first quarter. ProShare Advisors LLC now owns 33,133 shares of the company’s stock valued at $1,477,000 after buying an additional 1,259 shares in the last quarter. Profund Advisors LLC boosted its position in Mallinckrodt PLC by 3.6% in the first quarter. Profund Advisors LLC now owns 6,399 shares of the company’s stock valued at $285,000 after buying an additional 220 shares in the last quarter. Korea Investment CORP boosted its position in Mallinckrodt PLC by 45.5% in the first quarter. Korea Investment CORP now owns 91,800 shares of the company’s stock valued at $4,092,000 after buying an additional 28,700 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its position in Mallinckrodt PLC by 20.9% in the first quarter. Retirement Systems of Alabama now owns 139,082 shares of the company’s stock valued at $6,199,000 after buying an additional 24,051 shares in the last quarter. 95.76% of the stock is currently owned by institutional investors and hedge funds.
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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