First Foundation Advisors Decreases Position in Mallinckrodt PLC (MNK)

First Foundation Advisors decreased its holdings in Mallinckrodt PLC (NYSE:MNK) by 12.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 78,977 shares of the company’s stock after selling 11,054 shares during the period. First Foundation Advisors owned approximately 0.09% of Mallinckrodt worth $2,315,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Fox Run Management L.L.C. acquired a new stake in Mallinckrodt in the 3rd quarter valued at about $586,000. Bank of New York Mellon Corp raised its holdings in Mallinckrodt by 3.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,093,463 shares of the company’s stock valued at $20,404,000 after acquiring an additional 32,427 shares during the last quarter. Dorsey Wright & Associates acquired a new stake in Mallinckrodt in the 3rd quarter valued at about $1,558,000. Chicago Equity Partners LLC acquired a new stake in Mallinckrodt in the 2nd quarter valued at about $575,000. Finally, Janus Henderson Group PLC acquired a new stake in Mallinckrodt in the 2nd quarter valued at about $237,000.

A number of research firms have commented on MNK. Zacks Investment Research upgraded shares of Mallinckrodt from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Monday, August 27th. Piper Jaffray Companies reiterated a “buy” rating and issued a $39.00 price objective on shares of Mallinckrodt in a report on Wednesday, August 8th. Canaccord Genuity set a $34.00 price objective on shares of Mallinckrodt and gave the company a “hold” rating in a report on Sunday, August 19th. Wells Fargo & Co set a $30.00 price objective on shares of Mallinckrodt and gave the company a “market perform” rating in a report on Wednesday, August 8th. Finally, Cantor Fitzgerald reiterated a “buy” rating and issued a $42.00 price objective on shares of Mallinckrodt in a report on Tuesday, August 7th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $33.56.

Shares of NYSE MNK opened at $23.79 on Friday. The company has a market cap of $1.97 billion, a PE ratio of 3.18, a PEG ratio of 0.31 and a beta of 1.71. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.21 and a quick ratio of 2.05. Mallinckrodt PLC has a 1 year low of $11.65 and a 1 year high of $36.65.

Mallinckrodt (NYSE:MNK) last announced its quarterly earnings results on Tuesday, November 6th. The company reported $2.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.79 by $0.31. The business had revenue of $640.00 million during the quarter, compared to the consensus estimate of $634.38 million. Mallinckrodt had a net margin of 65.24% and a return on equity of 9.60%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.97 EPS. On average, sell-side analysts expect that Mallinckrodt PLC will post 7.09 EPS for the current fiscal year.

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Mallinckrodt Profile

Mallinckrodt public limited company develops, manufactures, markets, and distributes branded pharmaceutical products in Canada and the European Union, as well as in Latin American, the Middle Eastern, African, and the Asia-Pacific regions. The company markets branded pharmaceutical products for autoimmune and rare diseases in the specialty areas of neurology, rheumatology, nephrology, ophthalmology, and pulmonology; and immunotherapy and neonatal respiratory critical care therapies, as well as analgesics and gastrointestinal products.

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Institutional Ownership by Quarter for Mallinckrodt (NYSE:MNK)

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