Mallinckrodt (MNK) Bond Prices Rise 1.9%

An issue of Mallinckrodt PLC (NYSE:MNK) debt rose 1.9% as a percentage of its face value during trading on Friday. The debt issue has a 4.75% coupon and is set to mature on April 15, 2023. The debt is now trading at $83.00 and was trading at $79.18 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.

MNK has been the subject of a number of recent analyst reports. Stifel Nicolaus decreased their target price on Mallinckrodt from $70.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, November 8th. Zacks Investment Research lowered Mallinckrodt from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Piper Jaffray Companies set a $67.00 target price on Mallinckrodt and gave the stock a “buy” rating in a research report on Saturday, October 21st. Leerink Swann initiated coverage on Mallinckrodt in a research report on Tuesday, January 2nd. They issued a “market perform” rating and a $26.00 target price for the company. Finally, Jefferies Group reissued a “buy” rating and issued a $60.00 target price on shares of Mallinckrodt in a research report on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $45.94.

Mallinckrodt PLC (NYSE MNK) opened at $22.90 on Friday. The stock has a market capitalization of $2,175.61, a P/E ratio of 3.09, a P/E/G ratio of 0.43 and a beta of 1.30. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.05 and a current ratio of 1.38. Mallinckrodt PLC has a 52 week low of $19.00 and a 52 week high of $55.32.

Mallinckrodt (NYSE:MNK) last announced its quarterly earnings data on Tuesday, November 7th. The company reported $1.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.80 by $0.17. The company had revenue of $793.90 million during the quarter, compared to the consensus estimate of $808.93 million. Mallinckrodt had a return on equity of 14.79% and a net margin of 11.43%. The firm’s revenue was down 10.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.04 EPS. research analysts predict that Mallinckrodt PLC will post 7.21 earnings per share for the current year.

In other Mallinckrodt news, CEO Mark Trudeau purchased 5,000 shares of the company’s stock in a transaction on Friday, November 10th. The stock was acquired at an average cost of $22.28 per share, for a total transaction of $111,400.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Steven J. Romano purchased 2,000 shares of the company’s stock in a transaction on Monday, November 13th. The stock was acquired at an average price of $21.96 per share, with a total value of $43,920.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 30,460 shares of company stock valued at $659,486. 0.77% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of MNK. Schwab Charles Investment Management Inc. boosted its stake in Mallinckrodt by 9.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 405,655 shares of the company’s stock worth $18,178,000 after purchasing an additional 35,431 shares during the period. Marshall Wace North America L.P. bought a new position in Mallinckrodt in the 2nd quarter worth approximately $975,000. Federated Investors Inc. PA boosted its stake in Mallinckrodt by 10.9% in the 2nd quarter. Federated Investors Inc. PA now owns 44,052 shares of the company’s stock worth $1,975,000 after purchasing an additional 4,313 shares during the period. Neuberger Berman Group LLC bought a new position in Mallinckrodt in the 2nd quarter worth approximately $2,312,000. Finally, Swiss National Bank boosted its stake in Mallinckrodt by 1.7% in the 2nd quarter. Swiss National Bank now owns 381,126 shares of the company’s stock worth $17,078,000 after purchasing an additional 6,200 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

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About Mallinckrodt

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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