Mallinckrodt PLC (MNK) Price Target Lowered to $78.00 at JPMorgan Chase & Co.
Mallinckrodt PLC (NYSE:MNK) had its target price reduced by JPMorgan Chase & Co. from $85.00 to $78.00 in a research note issued to investors on Wednesday morning. They currently have a neutral rating on the stock.
MNK has been the topic of a number of other reports. Zacks Investment Research downgraded shares of Mallinckrodt PLC from a hold rating to a sell rating in a research report on Tuesday, October 4th. Raymond James Financial Inc. started coverage on Mallinckrodt PLC in a research note on Friday, November 18th. They set an outperform rating and a $72.00 target price for the company. Wells Fargo & Co. reissued an outperform rating and set a $83.50 target price (down from $88.50) on shares of Mallinckrodt PLC in a research note on Friday, October 21st. Goldman Sachs Group Inc. reissued a neutral rating and set a $83.00 target price on shares of Mallinckrodt PLC in a research note on Friday, August 26th. Finally, Vetr raised Mallinckrodt PLC from a hold rating to a buy rating and set a $88.80 target price for the company in a research note on Monday, August 22nd. Four investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $88.65.
Shares of Mallinckrodt PLC (NYSE:MNK) opened at 52.70 on Wednesday. The firm has a market capitalization of $5.68 billion, a PE ratio of 9.94 and a beta of 1.62. Mallinckrodt PLC has a 1-year low of $50.90 and a 1-year high of $85.83. The firm has a 50-day moving average of $61.54 and a 200-day moving average of $66.60.
Mallinckrodt PLC (NYSE:MNK) last announced its quarterly earnings results on Tuesday, November 29th. The company reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.03. The business had revenue of $887.20 million for the quarter, compared to the consensus estimate of $880.10 million. Mallinckrodt PLC had a net margin of 17.44% and a return on equity of 17.92%. Mallinckrodt PLC’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period last year, the company posted $1.84 EPS. On average, equities research analysts anticipate that Mallinckrodt PLC will post $7.66 EPS for the current fiscal year.
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Large investors have recently made changes to their positions in the stock. Credit Suisse AG increased its stake in Mallinckrodt PLC by 18.0% in the third quarter. Credit Suisse AG now owns 231,138 shares of the company’s stock worth $16,128,000 after buying an additional 35,186 shares in the last quarter. Phocas Financial Corp. increased its stake in Mallinckrodt PLC by 7.0% in the third quarter. Phocas Financial Corp. now owns 65,006 shares of the company’s stock worth $4,536,000 after buying an additional 4,279 shares in the last quarter. Chartwell Investment Partners LLC purchased a new stake in Mallinckrodt PLC during the third quarter worth $31,922,000. Xact Kapitalforvaltning AB purchased a new stake in Mallinckrodt PLC during the third quarter worth $492,000. Finally, Panagora Asset Management Inc. increased its stake in Mallinckrodt PLC by 608.2% in the third quarter. Panagora Asset Management Inc. now owns 160,789 shares of the company’s stock worth $11,220,000 after buying an additional 138,084 shares in the last quarter. 86.51% of the stock is owned by institutional investors and hedge funds.
About Mallinckrodt PLC
Mallinckrodt public limited company (Mallinckrodt) is engaged in the specialty pharmaceuticals and nuclear imaging business. The Company develops, manufactures, markets and distributes specialty pharmaceutical and biopharmaceutical products, and nuclear imaging agents. The Company’s segments include Specialty Brands, Specialty Generics and Nuclear Imaging.
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