According to Zacks, “Mallinckrodt is currently focused on reshaping its product portfolio through strategic acquisitions and non-core asset divestitures. The company’s acquire-to-invest policy is apparently paying off as both Inomax and Therakos continue to report solid demand along with Ofirmev. The performance of Acthar has been impressive too. We expect the recent acquisitions to provide further accretion to the bottom line in fiscal 2016. Mallinckrodt has decided to sell its Nuclear Imaging business (diagnostic imaging products) to IBA Molecular as the segment was facing challenges for quite some time now. On the other hand, the weakness in Specialty Generics segment due to stiff competition continues to hurt both volumes and prices. Estimates have been declining lately ahead of the company’s fiscal Q4 earnings release. However, the company has a positive record of earnings surprises in recent quarters.”
Several other analysts have also recently issued reports on the company. Mizuho cut their target price on Mallinckrodt PLC from $91.00 to $89.00 and set a buy rating for the company in a research report on Thursday, September 29th. Morgan Stanley reiterated a buy rating and set a $82.00 target price on shares of Mallinckrodt PLC in a research report on Wednesday, September 21st. Leerink Swann reiterated an outperform rating and set a $92.00 target price (up previously from $91.00) on shares of Mallinckrodt PLC in a research report on Friday, September 16th. Piper Jaffray Cos. reiterated an overweight rating and set a $105.00 target price (down previously from $112.00) on shares of Mallinckrodt PLC in a research report on Wednesday, September 7th. Finally, Deutsche Bank AG cut their target price on Mallinckrodt PLC from $87.00 to $84.00 and set a buy rating for the company in a research report on Wednesday, August 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $92.40.
Mallinckrodt PLC (NYSE:MNK) opened at 69.79 on Tuesday. The firm’s 50-day moving average price is $74.32 and its 200-day moving average price is $66.55. The stock has a market cap of $7.52 billion, a price-to-earnings ratio of 13.16 and a beta of 1.54. Mallinckrodt PLC has a 12-month low of $50.90 and a 12-month high of $85.83.
Mallinckrodt PLC (NYSE:MNK) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $2.00 by $0.20. The business earned $970.60 million during the quarter, compared to analysts’ expectations of $920.35 million. Mallinckrodt PLC had a return on equity of 17.78% and a net margin of 16.39%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.05 earnings per share. On average, equities analysts predict that Mallinckrodt PLC will post $7.63 EPS for the current fiscal year.
Several large investors have recently modified their holdings of MNK. Adage Capital Partners GP L.L.C. raised its stake in shares of Mallinckrodt PLC by 2.2% in the first quarter. Adage Capital Partners GP L.L.C. now owns 3,024,320 shares of the company’s stock worth $185,330,000 after buying an additional 64,975 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Mallinckrodt PLC by 3.2% in the second quarter. Prudential Financial Inc. now owns 1,952,889 shares of the company’s stock worth $118,697,000 after buying an additional 59,770 shares in the last quarter. BlackRock Group LTD raised its stake in shares of Mallinckrodt PLC by 15.2% in the second quarter. BlackRock Group LTD now owns 1,545,215 shares of the company’s stock worth $93,918,000 after buying an additional 204,060 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Mallinckrodt PLC by 36.5% in the second quarter. Acadian Asset Management LLC now owns 1,299,378 shares of the company’s stock worth $78,975,000 after buying an additional 347,188 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Mallinckrodt PLC by 34.7% in the second quarter. UBS Asset Management Americas Inc. now owns 1,284,750 shares of the company’s stock worth $78,087,000 after buying an additional 331,219 shares in the last quarter. 94.74% of the stock is owned by hedge funds and other institutional investors.
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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