Mallinckrodt PLC (MNK) Hits New 1-Year Low Following Analyst Downgrade

Mallinckrodt PLC (NYSE:MNK) shares hit a new 52-week low during trading on Friday after Citigroup lowered their price target on the stock to $45.00. Citigroup currently has a buy rating on the stock. Mallinckrodt PLC traded as low as $34.29 and last traded at $34.27, with a volume of 1,218,899 shares changing hands. The stock had previously closed at $35.21.

Other research analysts have also issued research reports about the company. Canaccord Genuity set a $87.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a report on Monday, July 17th. UBS AG reissued a “buy” rating and set a $70.00 price objective (down previously from $100.00) on shares of Mallinckrodt PLC in a report on Thursday, June 29th. They noted that the move was a valuation call. Morgan Stanley set a $65.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a report on Wednesday, May 31st. Deutsche Bank AG set a $68.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a report on Wednesday, May 31st. Finally, Mizuho reissued a “buy” rating and set a $73.00 price objective on shares of Mallinckrodt PLC in a report on Wednesday, May 31st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $64.15.

In other news, insider Meredith B. Fischer acquired 1,280 shares of Mallinckrodt PLC stock in a transaction on Wednesday, August 30th. The stock was bought at an average price of $39.63 per share, for a total transaction of $50,726.40. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.77% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. Denali Advisors LLC bought a new stake in shares of Mallinckrodt PLC in the 2nd quarter worth approximately $112,000. Ameritas Investment Partners Inc. bought a new stake in shares of Mallinckrodt PLC in the 1st quarter worth approximately $115,000. Daiwa Securities Group Inc. lifted its position in shares of Mallinckrodt PLC by 18.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 3,200 shares of the company’s stock worth $143,000 after acquiring an additional 500 shares during the period. O Shaughnessy Asset Management LLC lifted its position in shares of Mallinckrodt PLC by 335.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,373 shares of the company’s stock worth $150,000 after acquiring an additional 2,599 shares during the period. Finally, Sterling Capital Management LLC bought a new stake in shares of Mallinckrodt PLC in the 2nd quarter worth approximately $204,000. Institutional investors own 97.48% of the company’s stock.

The stock’s market capitalization is $3.33 billion. The company has a 50 day moving average price of $38.33 and a 200 day moving average price of $43.27.

Mallinckrodt PLC (NYSE:MNK) last posted its earnings results on Tuesday, August 8th. The company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.73 by $0.12. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. The company had revenue of $824.50 million for the quarter, compared to the consensus estimate of $829.56 million. During the same quarter in the prior year, the business earned $2.03 earnings per share. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. Analysts expect that Mallinckrodt PLC will post $7.43 earnings per share for the current fiscal year.

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About Mallinckrodt PLC

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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