Canaccord Genuity Analysts Give Mallinckrodt (MNK) a $24.00 Price Target

Mallinckrodt (NYSE:MNK) has been assigned a $24.00 price target by equities researchers at Canaccord Genuity in a report released on Monday. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity’s price objective suggests a potential upside of 6.38% from the stock’s current price.

MNK has been the topic of several other reports. Zacks Investment Research cut Mallinckrodt from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. UBS Group reissued a “buy” rating and set a $70.00 price objective on shares of Mallinckrodt in a research note on Wednesday, September 6th. Cantor Fitzgerald reissued a “buy” rating and set a $52.00 price objective on shares of Mallinckrodt in a research note on Thursday, November 2nd. Deutsche Bank reissued a “buy” rating and set a $45.00 price objective (down from $56.00) on shares of Mallinckrodt in a research note on Thursday, September 14th. Finally, Goldman Sachs Group initiated coverage on Mallinckrodt in a research note on Thursday, September 28th. They set a “buy” rating and a $55.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have given a buy rating to the stock. Mallinckrodt presently has an average rating of “Hold” and a consensus target price of $47.64.

Shares of Mallinckrodt (MNK) opened at $22.56 on Monday. Mallinckrodt has a twelve month low of $19.00 and a twelve month high of $55.32. The company has a current ratio of 1.38, a quick ratio of 1.05 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $2,143.31, a PE ratio of 6.10, a price-to-earnings-growth ratio of 0.41 and a beta of 1.30.

Mallinckrodt (NYSE:MNK) last issued its earnings results on Tuesday, November 7th. The company reported $1.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.80 by $0.17. Mallinckrodt had a return on equity of 14.79% and a net margin of 11.43%. The firm had revenue of $793.90 million for the quarter, compared to analysts’ expectations of $808.93 million. During the same period in the previous year, the firm posted $2.04 earnings per share. The business’s revenue was down 10.5% compared to the same quarter last year. equities research analysts predict that Mallinckrodt will post 7.2 EPS for the current year.

In other Mallinckrodt news, General Counsel Michael-Bryant Hicks bought 7,900 shares of the company’s stock in a transaction on Thursday, November 9th. The stock was acquired at an average price of $20.80 per share, for a total transaction of $164,320.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David R. Carlucci bought 10,000 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were acquired at an average price of $21.83 per share, with a total value of $218,300.00. Following the transaction, the director now directly owns 26,020 shares of the company’s stock, valued at $568,016.60. The disclosure for this purchase can be found here. Insiders have acquired 30,460 shares of company stock valued at $659,486 in the last 90 days. Company insiders own 0.53% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Alliancebernstein L.P. boosted its holdings in shares of Mallinckrodt by 15.4% in the second quarter. Alliancebernstein L.P. now owns 3,348,807 shares of the company’s stock valued at $150,060,000 after purchasing an additional 448,011 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Mallinckrodt by 16.7% in the third quarter. Dimensional Fund Advisors LP now owns 2,522,330 shares of the company’s stock valued at $94,255,000 after purchasing an additional 360,516 shares during the period. HealthCor Management L.P. purchased a new stake in shares of Mallinckrodt in the second quarter valued at approximately $107,649,000. Ameriprise Financial Inc. boosted its holdings in shares of Mallinckrodt by 2.6% in the third quarter. Ameriprise Financial Inc. now owns 1,987,196 shares of the company’s stock valued at $74,260,000 after purchasing an additional 49,752 shares during the period. Finally, Alyeska Investment Group L.P. boosted its holdings in shares of Mallinckrodt by 45.8% in the third quarter. Alyeska Investment Group L.P. now owns 1,535,583 shares of the company’s stock valued at $57,385,000 after purchasing an additional 482,591 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

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About Mallinckrodt

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.

Analyst Recommendations for Mallinckrodt (NYSE:MNK)

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