Q3 2017 EPS Estimates for Mallinckrodt PLC Reduced by Oppenheimer Holdings (MNK)

Mallinckrodt PLC (NYSE:MNK) – Research analysts at Oppenheimer Holdings lowered their Q3 2017 earnings per share estimates for Mallinckrodt PLC in a note issued to investors on Monday. Oppenheimer Holdings analyst D. Archila now forecasts that the company will post earnings of $1.81 per share for the quarter, down from their previous estimate of $1.89. Oppenheimer Holdings also issued estimates for Mallinckrodt PLC’s Q4 2017 earnings at $1.95 EPS, FY2017 earnings at $7.28 EPS, Q1 2018 earnings at $1.61 EPS, Q2 2018 earnings at $2.15 EPS, Q3 2018 earnings at $2.10 EPS and Q4 2018 earnings at $2.48 EPS.

Mallinckrodt PLC (NYSE:MNK) last announced its earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.12. The company had revenue of $824.50 million during the quarter, compared to analysts’ expectations of $829.56 million. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. The firm’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.03 earnings per share.

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Several other research firms have also weighed in on MNK. Zacks Investment Research upgraded shares of Mallinckrodt PLC from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. BMO Capital Markets restated a “buy” rating and set a $69.00 price objective on shares of Mallinckrodt PLC in a research report on Friday, July 28th. Canaccord Genuity set a $87.00 price objective on shares of Mallinckrodt PLC and gave the company a “buy” rating in a research note on Monday, July 17th. Piper Jaffray Companies set a $85.00 price objective on shares of Mallinckrodt PLC and gave the company a “buy” rating in a research note on Sunday, July 16th. Finally, UBS AG reaffirmed a “buy” rating and set a $70.00 price objective (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. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $60.04.

Mallinckrodt PLC (NYSE MNK) opened at 35.69 on Wednesday. The firm’s 50-day moving average is $36.53 and its 200-day moving average is $41.60. The firm’s market cap is $3.47 billion. Mallinckrodt PLC has a 12 month low of $33.61 and a 12 month high of $68.43.

In related news, insider Meredith B. Fischer purchased 1,280 shares of Mallinckrodt PLC stock in a transaction dated Wednesday, August 30th. The stock was acquired at an average cost of $39.63 per share, with a total value of $50,726.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Mallinckrodt PLC by 1.0% in the first quarter. Vanguard Group Inc. now owns 10,247,891 shares of the company’s stock worth $456,748,000 after purchasing an additional 103,924 shares in the last quarter. BlackRock Inc. lifted its position in shares of Mallinckrodt PLC by 4,060.7% in the first quarter. BlackRock Inc. now owns 8,734,709 shares of the company’s stock worth $389,307,000 after purchasing an additional 8,524,773 shares in the last quarter. State Street Corp lifted its position in shares of Mallinckrodt PLC by 5.1% in the first quarter. State Street Corp now owns 5,197,656 shares of the company’s stock worth $231,654,000 after purchasing an additional 250,838 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Mallinckrodt PLC by 15.4% in the second quarter. Alliancebernstein L.P. now owns 3,348,807 shares of the company’s stock worth $150,060,000 after purchasing an additional 448,011 shares in the last quarter. Finally, HealthCor Management L.P. purchased a new stake in shares of Mallinckrodt PLC in the second quarter worth approximately $107,649,000. 97.40% of the stock is owned by institutional investors and hedge funds.

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.

Earnings History and Estimates for Mallinckrodt PLC (NYSE:MNK)

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