Mallinckrodt PLC (NYSE:MNK) Stock Price Down 1.5% After Analyst Downgrade

Shares of Mallinckrodt PLC (NYSE:MNK) traded down 1.5% during mid-day trading on Wednesday after BMO Capital Markets lowered their price target on the stock from $69.00 to $65.00. BMO Capital Markets currently has an outperform rating on the stock. Mallinckrodt PLC traded as low as $37.67 and last traded at $37.63, with a volume of 1,594,460 shares trading hands. The stock had previously closed at $38.19.

A number of other analysts have also issued reports on MNK. UBS AG reissued a “buy” rating and set a $70.00 target price (down from $100.00) on shares of Mallinckrodt PLC in a research note on Thursday, June 29th. They noted that the move was a valuation call. BidaskClub lowered shares of Mallinckrodt PLC from a “hold” rating to a “sell” rating in a research note on Tuesday. Deutsche Bank AG set a $56.00 price objective on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research note on Wednesday. Raymond James Financial, Inc. lowered their price objective on shares of Mallinckrodt PLC from $65.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Mallinckrodt PLC in a research note on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and sixteen have issued a buy rating to the stock. Mallinckrodt PLC currently has an average rating of “Buy” and a consensus target price of $72.44.

In related news, VP Coleman N. Lannum III acquired 1,968 shares of the business’s stock in a transaction dated Friday, May 12th. The shares were purchased at an average price of $46.20 per share, for a total transaction of $90,921.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Steven J. Romano acquired 1,000 shares of the business’s stock in a transaction dated Friday, June 9th. The shares were bought at an average price of $39.88 per share, for a total transaction of $39,880.00. The disclosure for this purchase can be found here. Insiders acquired 5,818 shares of company stock valued at $248,608 over the last quarter. 0.53% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the stock. Denali Advisors LLC bought a new position in Mallinckrodt PLC during the second quarter valued at about $112,000. IFP Advisors Inc increased its position in Mallinckrodt PLC by 324.6% in the first quarter. IFP Advisors Inc now owns 2,518 shares of the company’s stock valued at $112,000 after buying an additional 1,925 shares during the period. Ameritas Investment Partners Inc. bought a new position in Mallinckrodt PLC during the first quarter valued at about $115,000. Daiwa Securities Group Inc. increased its position in Mallinckrodt PLC by 18.5% in the first quarter. Daiwa Securities Group Inc. now owns 3,200 shares of the company’s stock valued at $143,000 after buying an additional 500 shares during the period. Finally, O Shaughnessy Asset Management LLC increased its position in Mallinckrodt PLC by 335.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 3,373 shares of the company’s stock valued at $150,000 after buying an additional 2,599 shares during the period. Hedge funds and other institutional investors own 95.71% of the company’s stock.

The company’s market cap is $3.75 billion. The stock’s 50-day moving average is $44.71 and its 200-day moving average is $45.89.

Mallinckrodt PLC (NYSE:MNK) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $1.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.73 by $0.12. Mallinckrodt PLC had a return on equity of 16.33% and a net margin of 16.01%. The business had revenue of $824.50 million for the quarter, compared to the consensus estimate of $829.56 million. During the same period in the prior year, the business earned $2.03 earnings per share. The business’s revenue was down 4.9% on a year-over-year basis. Analysts forecast that Mallinckrodt PLC will post $7.51 EPS for the current year.

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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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