Mallinckrodt (NYSE:MNK) Stock Price Down 4.6%

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Mallinckrodt PLC (NYSE:MNK) shares fell 4.6% on Wednesday . The company traded as low as $5.17 and last traded at $5.44, 5,411,330 shares changed hands during mid-day trading. An increase of 85% from the average session volume of 2,923,372 shares. The stock had previously closed at $5.70.

A number of research firms have weighed in on MNK. Barclays began coverage on shares of Mallinckrodt in a research report on Tuesday, June 11th. They issued an “equal weight” rating and a $11.00 price target for the company. Canaccord Genuity dropped their price target on shares of Mallinckrodt from $37.00 to $22.00 and set a “buy” rating for the company in a research report on Friday, June 14th. SunTrust Banks set a $20.00 price target on shares of Mallinckrodt and gave the stock a “hold” rating in a research report on Tuesday, May 14th. Jefferies Financial Group dropped their price target on shares of Mallinckrodt from $15.00 to $10.00 and set a “reduce” rating for the company in a research report on Thursday, July 11th. Finally, Mizuho dropped their price target on shares of Mallinckrodt from $22.00 to $13.00 and set a “neutral” rating for the company in a research report on Tuesday, May 28th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $20.56.

The company has a current ratio of 1.45, a quick ratio of 1.08 and a debt-to-equity ratio of 1.90. The firm has a 50-day simple moving average of $7.87. The company has a market cap of $452.16 million, a PE ratio of 0.70, a P/E/G ratio of 0.07 and a beta of 2.29.

Mallinckrodt (NYSE:MNK) last issued its earnings results on Tuesday, August 6th. The company reported $2.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.10 by $0.43. Mallinckrodt had a negative net margin of 118.53% and a positive return on equity of 14.22%. The firm had revenue of $823.30 million during the quarter, compared to analyst estimates of $817.55 million. During the same quarter in the prior year, the business earned $2.16 earnings per share. Mallinckrodt’s revenue for the quarter was down .3% on a year-over-year basis. On average, equities analysts forecast that Mallinckrodt PLC will post 8.21 EPS for the current fiscal year.

In related news, CFO Bryan M. Reasons bought 5,400 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average price of $8.96 per share, for a total transaction of $48,384.00. Following the completion of the transaction, the chief financial officer now owns 17,979 shares in the company, valued at $161,091.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have purchased 8,400 shares of company stock valued at $83,234. 2.70% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. raised its stake in Mallinckrodt by 128.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,794,821 shares of the company’s stock valued at $16,476,000 after purchasing an additional 1,009,745 shares in the last quarter. Parallel Advisors LLC raised its stake in Mallinckrodt by 1,239.3% during the second quarter. Parallel Advisors LLC now owns 3,000 shares of the company’s stock valued at $28,000 after purchasing an additional 2,776 shares in the last quarter. Meeder Asset Management Inc. raised its stake in Mallinckrodt by 4.6% during the second quarter. Meeder Asset Management Inc. now owns 45,088 shares of the company’s stock valued at $414,000 after purchasing an additional 2,003 shares in the last quarter. Swiss National Bank raised its stake in Mallinckrodt by 2.3% during the second quarter. Swiss National Bank now owns 155,300 shares of the company’s stock valued at $1,426,000 after purchasing an additional 3,500 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC raised its stake in Mallinckrodt by 40.4% during the second quarter. Sheaff Brock Investment Advisors LLC now owns 18,027 shares of the company’s stock valued at $165,000 after purchasing an additional 5,187 shares in the last quarter.

About Mallinckrodt (NYSE:MNK)

Mallinckrodt plc, together with its subsidiaries, develops, manufactures, markets, and distributes specialty pharmaceutical products and therapies in the United States, Europe, the Middle East, Africa, and internationally. It operates in two segments, Specialty Brands, and Specialty Generics and Amitiza.

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