Mallinckrodt PLC (NYSE:MNK) released its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.12, Bloomberg Earnings reports. The company had revenue of $824.50 million during the quarter, compared to the consensus estimate of $829.56 million. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. Mallinckrodt PLC’s revenue was down 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.03 earnings per share. Mallinckrodt PLC updated its FY17 guidance to $7.40-8.00 EPS.
Shares of Mallinckrodt PLC (MNK) traded up 0.08% during mid-day trading on Friday, reaching $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 company’s 50-day moving average price is $42.53 and its 200-day moving average price is $45.18. The company’s market capitalization is $3.54 billion.
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Hedge funds and other institutional investors have recently bought and sold shares of the company. 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 during the period. BlackRock Inc. raised its stake 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 during the last quarter. State Street Corp raised its stake 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 during the last quarter. Alliancebernstein L.P. raised its stake 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 during the last quarter. Finally, HealthCor Management L.P. purchased a new stake in Mallinckrodt PLC during the second quarter valued at $107,649,000. 94.65% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on the company. UBS AG set a $70.00 price target on Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Wednesday, May 24th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $65.00 price objective (down previously from $69.00) on shares of Mallinckrodt PLC in a research report on Wednesday, August 9th. BidaskClub downgraded Mallinckrodt PLC from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Deutsche Bank AG set a $56.00 price objective on Mallinckrodt PLC and gave the company a “buy” rating in a research report on Wednesday, August 9th. Finally, Raymond James Financial, Inc. lowered their price objective on Mallinckrodt PLC from $65.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Mallinckrodt PLC has a consensus rating of “Buy” and a consensus price target of $71.25.
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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