Mallinckrodt (NYSE:MNK) Upgraded to Hold at ValuEngine

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Mallinckrodt (NYSE:MNK) was upgraded by equities researchers at ValuEngine from a “sell” rating to a “hold” rating in a research report issued on Thursday, ValuEngine reports.

Several other equities analysts also recently commented on MNK. Piper Jaffray Companies downgraded shares of Mallinckrodt from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $39.00 to $9.00 in a research note on Thursday, May 30th. Canaccord Genuity lowered their price objective on shares of Mallinckrodt from $37.00 to $22.00 and set a “buy” rating for the company in a research note on Friday, June 14th. SunTrust Banks set a $20.00 price objective on shares of Mallinckrodt and gave the company a “hold” rating in a research note on Tuesday, May 14th. JPMorgan Chase & Co. lowered their price objective on shares of Mallinckrodt from $22.00 to $11.00 and set a “neutral” rating for the company in a research note on Friday, May 24th. Finally, Berenberg Bank reaffirmed a “sell” rating and set a $5.00 price objective (down from $10.00) on shares of Mallinckrodt in a research note on Tuesday, May 21st. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $20.56.

NYSE MNK opened at $5.64 on Thursday. The company’s 50-day simple moving average is $7.87. The company has a current ratio of 1.45, a quick ratio of 1.08 and a debt-to-equity ratio of 1.90. Mallinckrodt has a 12-month low of $5.12 and a 12-month high of $36.65. The stock has a market capitalization of $543.11 million, a price-to-earnings ratio of 0.70, a price-to-earnings-growth ratio of 0.07 and a beta of 2.29.

Mallinckrodt (NYSE:MNK) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $2.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.43. The business had revenue of $823.30 million during the quarter, compared to analyst estimates of $817.55 million. Mallinckrodt had a negative net margin of 118.53% and a positive return on equity of 14.22%. The company’s revenue was down .3% on a year-over-year basis. During the same period in the prior year, the business posted $2.16 earnings per share. Equities analysts expect that Mallinckrodt will post 8.55 earnings per share for the current year.

In related news, CFO Bryan M. Reasons purchased 5,400 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average cost of $8.96 per share, with a total value of $48,384.00. Following the completion of the purchase, the chief financial officer now directly owns 17,979 shares in the company, valued at $161,091.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.70% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. CWM LLC raised its stake in Mallinckrodt by 222.8% in the first quarter. CWM LLC now owns 1,159 shares of the company’s stock worth $25,000 after buying an additional 800 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Mallinckrodt by 1,239.3% during the second quarter. Parallel Advisors LLC now owns 3,000 shares of the company’s stock valued at $28,000 after purchasing an additional 2,776 shares in the last quarter. Coastal Capital Group Inc. bought a new position in shares of Mallinckrodt during the second quarter valued at approximately $31,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Mallinckrodt by 151.0% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 9,173 shares of the company’s stock valued at $84,000 after purchasing an additional 5,519 shares in the last quarter. Finally, Anderson Fisher LLC increased its stake in shares of Mallinckrodt by 1,129.1% during the first quarter. Anderson Fisher LLC now owns 5,285 shares of the company’s stock valued at $115,000 after purchasing an additional 4,855 shares in the last quarter.

Mallinckrodt Company Profile

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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Analyst Recommendations for Mallinckrodt (NYSE:MNK)

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