Morgan Stanley cut shares of Mallinckrodt PLC (NYSE:MNK) from an overweight rating to an equal weight rating in a research report report published on Wednesday morning, MarketBeat reports. Morgan Stanley currently has $40.00 price objective on the stock, down from their prior price objective of $65.00.
Several other research firms have also recently commented on MNK. Deutsche Bank AG set a $56.00 price target on shares of Mallinckrodt PLC and gave the company a buy rating in a report on Wednesday, August 9th. Piper Jaffray Companies set a $85.00 price target on shares of Mallinckrodt PLC and gave the company a buy rating in a report on Monday, August 7th. Oppenheimer Holdings, Inc. set a $70.00 price target on shares of Mallinckrodt PLC and gave the company a buy rating in a report on Friday, July 28th. Jefferies Group LLC restated a buy rating and set a $70.00 price target on shares of Mallinckrodt PLC in a report on Thursday, August 3rd. Finally, Raymond James Financial, Inc. lowered their price target on shares of Mallinckrodt PLC from $65.00 to $58.00 and set an outperform rating on the stock in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. Mallinckrodt PLC presently has an average rating of Buy and a consensus price target of $68.49.
Mallinckrodt PLC (NYSE MNK) opened at 35.33 on Wednesday. Mallinckrodt PLC has a 12 month low of $34.51 and a 12 month high of $77.25. The company has a 50 day moving average price of $39.95 and a 200 day moving average price of $43.93. The stock’s market capitalization is $3.43 billion.
Mallinckrodt PLC (NYSE:MNK) last posted its quarterly 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 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 analysts’ expectations of $829.56 million. During the same period in the previous year, the company posted $2.03 EPS. Mallinckrodt PLC’s revenue was down 4.9% on a year-over-year basis. Equities research analysts predict that Mallinckrodt PLC will post $7.44 earnings per share for the current year.
In other news, insider Meredith B. Fischer bought 1,280 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was purchased at an average price of $39.63 per share, with a total value of $50,726.40. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.77% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in MNK. BlackRock Inc. lifted its position in Mallinckrodt PLC by 4,060.7% during the 1st quarter. BlackRock Inc. now owns 8,734,709 shares of the company’s stock worth $389,307,000 after acquiring an additional 8,524,773 shares during the last quarter. Alliancebernstein L.P. lifted its position in Mallinckrodt PLC by 1,455.5% during the 1st quarter. Alliancebernstein L.P. now owns 2,900,796 shares of the company’s stock worth $129,288,000 after acquiring an additional 2,714,313 shares during the last quarter. HealthCor Management L.P. acquired a new position in Mallinckrodt PLC during the 2nd quarter worth $107,649,000. Janus Henderson Group PLC lifted its position in Mallinckrodt PLC by 6,828.1% during the 2nd quarter. Janus Henderson Group PLC now owns 1,396,780 shares of the company’s stock worth $62,590,000 after acquiring an additional 1,376,619 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its position in Mallinckrodt PLC by 117.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,937,444 shares of the company’s stock worth $86,815,000 after acquiring an additional 1,045,757 shares during the last quarter. 97.48% of the stock is owned by hedge funds and other institutional investors.
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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