Mallinckrodt (NYSE:MNK) Price Target Cut to $22.00

Mallinckrodt (NYSE:MNK) had its price target dropped by Canaccord Genuity from $37.00 to $22.00 in a note issued to investors on Friday, The Fly reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity’s price objective points to a potential upside of 137.07% from the stock’s current price.

MNK has been the subject of several other research reports. ValuEngine downgraded shares of Mallinckrodt from a “sell” rating to a “strong sell” rating in a research note on Monday, May 13th. SunTrust Banks assumed coverage on shares of Mallinckrodt in a research report on Tuesday, March 19th. They set a “hold” rating and a $23.00 price objective for the company. Wells Fargo & Co decreased their price objective on shares of Mallinckrodt from $25.00 to $11.00 and set a “market perform” rating for the company in a research report on Thursday, June 6th. BMO Capital Markets reaffirmed an “outperform” rating and set a $23.00 price objective on shares of Mallinckrodt in a research report on Wednesday, May 22nd. Finally, Mizuho decreased their price objective on shares of Mallinckrodt from $25.00 to $22.00 and set a “neutral” rating for the company in a research report on Thursday, May 16th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $20.83.

NYSE:MNK opened at $9.28 on Friday. The firm has a market capitalization of $825.57 million, a price-to-earnings ratio of 1.16, a price-to-earnings-growth ratio of 0.10 and a beta of 2.39. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.45 and a quick ratio of 1.08. Mallinckrodt has a 52 week low of $8.42 and a 52 week high of $36.65.

Mallinckrodt (NYSE:MNK) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $1.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.73 by $0.21. The business had revenue of $791.00 million during the quarter, compared to the consensus estimate of $766.27 million. Mallinckrodt had a negative net margin of 118.53% and a positive return on equity of 14.22%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.31 earnings per share. On average, sell-side analysts anticipate that Mallinckrodt will post 8.24 earnings per share for the current fiscal year.

In other news, CFO Bryan M. Reasons acquired 5,400 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was acquired at an average cost of $8.96 per share, with a total value of $48,384.00. Following the transaction, the chief financial officer now owns 17,979 shares in the company, valued at $161,091.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last ninety days, insiders have bought 8,400 shares of company stock valued at $83,234. Corporate insiders own 2.70% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. lifted its position in Mallinckrodt by 6.6% in the fourth quarter. BlackRock Inc. now owns 10,180,933 shares of the company’s stock valued at $160,858,000 after acquiring an additional 628,445 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Mallinckrodt by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 6,966,380 shares of the company’s stock valued at $151,450,000 after acquiring an additional 609,263 shares during the last quarter. LSV Asset Management lifted its position in Mallinckrodt by 1.4% in the first quarter. LSV Asset Management now owns 4,149,268 shares of the company’s stock valued at $90,205,000 after acquiring an additional 58,300 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd purchased a new stake in Mallinckrodt in the first quarter valued at $47,464,000. Finally, Northern Trust Corp lifted its position in Mallinckrodt by 1.3% in the first quarter. Northern Trust Corp now owns 1,757,606 shares of the company’s stock valued at $38,210,000 after acquiring an additional 21,934 shares during the last quarter.

About Mallinckrodt

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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