Mallinckrodt PLC (MNK) Given a $85.00 Price Target by Piper Jaffray Companies Analysts

Mallinckrodt PLC (NYSE:MNK) received a $85.00 price objective from research analysts at Piper Jaffray Companies in a report issued on Monday, August 7th. The brokerage presently has a “buy” rating on the stock. Piper Jaffray Companies’ price target points to a potential upside of 133.58% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Mallinckrodt PLC from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Wells Fargo & Company reiterated an “outperform” rating and issued a $83.50 price target on shares of Mallinckrodt PLC in a report on Wednesday, June 21st. ValuEngine lowered shares of Mallinckrodt PLC from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Canaccord Genuity reduced their target price on shares of Mallinckrodt PLC from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, May 9th. Finally, Deutsche Bank AG set a $68.00 target price on shares of Mallinckrodt PLC and gave the company a “buy” rating in a report on Wednesday, May 31st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $71.25.

Mallinckrodt PLC (NYSE MNK) traded up 0.08% during midday trading on Monday, hitting $36.39. The company had a trading volume of 1,503,492 shares. Mallinckrodt PLC has a 52 week low of $35.04 and a 52 week high of $85.83. The stock has a 50 day moving average price of $42.53 and a 200 day moving average price of $45.18. The company’s market capitalization is $3.54 billion.

Mallinckrodt PLC (NYSE:MNK) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $1.85 EPS for the quarter, beating the Zacks’ consensus estimate of $1.73 by $0.12. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. The firm had revenue of $824.50 million during the quarter, compared to the consensus estimate of $829.56 million. During the same quarter last year, the firm earned $2.03 earnings per share. The firm’s revenue was down 4.9% compared to the same quarter last year. Equities analysts forecast that Mallinckrodt PLC will post $7.46 earnings per share for the current fiscal year.

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In other news, VP Coleman N. Lannum III purchased 1,350 shares of the business’s stock in a transaction dated Friday, June 2nd. The shares were acquired at an average price of $42.89 per share, for a total transaction of $57,901.50. Following the completion of the acquisition, the vice president now directly owns 30,955 shares of the company’s stock, valued at $1,327,659.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Hugh M. O’neill purchased 1,000 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were purchased at an average price of $40.24 per share, for a total transaction of $40,240.00. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 3,850 shares of company stock valued at $157,687. Company insiders own 0.77% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Mallinckrodt PLC by 1.0% in the first quarter. Vanguard Group Inc. now owns 10,247,891 shares of the company’s stock valued at $456,748,000 after buying an additional 103,924 shares in the last quarter. BlackRock Inc. raised its position in Mallinckrodt PLC by 4,060.7% in the first quarter. BlackRock Inc. now owns 8,734,709 shares of the company’s stock valued at $389,307,000 after buying an additional 8,524,773 shares in the last quarter. State Street Corp raised its position in Mallinckrodt PLC by 5.1% in the first quarter. State Street Corp now owns 5,197,656 shares of the company’s stock valued at $231,654,000 after buying an additional 250,838 shares in the last quarter. Alliancebernstein L.P. raised its position in Mallinckrodt PLC by 15.4% in the second quarter. Alliancebernstein L.P. now owns 3,348,807 shares of the company’s stock valued at $150,060,000 after buying an additional 448,011 shares in the last quarter. Finally, HealthCor Management L.P. bought a new position in Mallinckrodt PLC during the second quarter valued at $107,649,000. Hedge funds and other institutional investors own 94.65% of the company’s stock.

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.

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