Mallinckrodt PLC (NYSE:MNK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, October 25th.
According to Zacks, “Mallinckrodt is currently focused on reshaping its product portfolio through strategic acquisitions and non-core asset divestitures to transform the portfolio and become a high-performing specialty pharmaceutical company. The company sold its Nuclear Imaging business and Intrathecal Therapy business to focus on its key areas. While 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, sales of Therakos is expected to decline. The generic segment continues to face weakness as various product categories are witnessing stiff competition, which is hurting both their volumes and prices. The company expects double-digit declines in revenues from this segment. Shares of the company have underperformed the industry so far in 2017.”
MNK has been the topic of several other research reports. Canaccord Genuity set a $87.00 price target on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Monday, July 17th. ValuEngine upgraded shares of Mallinckrodt PLC from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Morgan Stanley cut shares of Mallinckrodt PLC from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $65.00 to $40.00 in a research report on Wednesday, September 6th. Mizuho restated a “hold” rating and set a $40.00 target price on shares of Mallinckrodt PLC in a research report on Sunday, October 15th. Finally, BidaskClub cut shares of Mallinckrodt PLC from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $50.44.
Shares of Mallinckrodt PLC (NYSE:MNK) opened at $21.76 on Wednesday. The company has a market cap of $2,070.00, a price-to-earnings ratio of 2.94, a price-to-earnings-growth ratio of 0.32 and a beta of 1.46. Mallinckrodt PLC has a one year low of $19.00 and a one year high of $68.12. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 1.08.
Mallinckrodt PLC (NYSE:MNK) last announced its quarterly 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 business had revenue of $793.90 million for the quarter, compared to analysts’ expectations of $808.93 million. Mallinckrodt PLC had a net margin of 11.43% and a return on equity of 14.79%. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.04 EPS. equities analysts forecast that Mallinckrodt PLC will post 7.23 earnings per share for the current year.
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In related news, insider Meredith B. Fischer bought 1,280 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were acquired at an average cost of $39.63 per share, for a total transaction of $50,726.40. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.77% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Denali Advisors LLC bought a new position in Mallinckrodt PLC in the 2nd quarter worth about $112,000. Sterling Capital Management LLC bought a new position in Mallinckrodt PLC in the 2nd quarter worth about $204,000. Advisor Partners LLC bought a new position in Mallinckrodt PLC in the 2nd quarter worth about $242,000. Municipal Employees Retirement System of Michigan grew its stake in Mallinckrodt PLC by 24.5% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 5,640 shares of the company’s stock worth $253,000 after acquiring an additional 1,110 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new position in Mallinckrodt PLC in the 2nd quarter worth about $260,000. Institutional investors and hedge funds own 97.96% of the company’s stock.
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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