An issue of Mallinckrodt PLC (NYSE:MNK) bonds fell 1.1% as a percentage of their face value during trading on Friday. The high-yield debt issue has a 5.625% coupon and is set to mature on October 15, 2023. The debt is now trading at $95.00 and was trading at $96.25 last week. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.
MNK has been the subject of a number of recent analyst reports. Oppenheimer Holdings Inc. set a $72.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Thursday, January 19th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Mallinckrodt PLC in a research report on Thursday, January 19th. Guggenheim set a $98.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Thursday, January 19th. Mizuho reaffirmed a “buy” rating and set a $85.00 target price on shares of Mallinckrodt PLC in a research report on Thursday, January 19th. Finally, Leerink Swann set a $60.00 target price on Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Wednesday, February 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $76.55.
Shares of Mallinckrodt PLC (NYSE:MNK) traded up 0.44% on Friday, reaching $41.05. The company had a trading volume of 3,841,000 shares. The company’s 50-day moving average price is $44.96 and its 200-day moving average price is $50.23. The firm’s market capitalization is $4.08 billion. Mallinckrodt PLC has a 52-week low of $39.50 and a 52-week high of $85.83.
Mallinckrodt PLC (NYSE:MNK) last released its quarterly earnings results on Monday, May 8th. The company reported $1.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.05. The business had revenue of $810.90 million during the quarter, compared to the consensus estimate of $781.23 million. Mallinckrodt PLC had a return on equity of 17.34% and a net margin of 7.75%. The firm’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the previous year, the company posted $2.01 EPS. On average, analysts predict that Mallinckrodt PLC will post $7.55 earnings per share for the current year.
In other news, CFO Matthew K. Harbaugh purchased 600 shares of Mallinckrodt PLC stock in a transaction that occurred on Friday, March 10th. The stock was acquired at an average cost of $49.19 per share, for a total transaction of $29,514.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Meredith B. Fischer purchased 2,000 shares of Mallinckrodt PLC stock in a transaction that occurred on Thursday, February 23rd. The stock was purchased at an average price of $54.34 per share, with a total value of $108,680.00. The disclosure for this purchase can be found here. Insiders purchased a total of 4,858 shares of company stock valued at $243,717 over the last 90 days. 0.53% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Ladenburg Thalmann Financial Services Inc. increased its stake in Mallinckrodt PLC by 2.8% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,834 shares of the company’s stock valued at $143,000 after buying an additional 78 shares during the period. Profund Advisors LLC increased its stake in Mallinckrodt PLC by 3.6% in the first quarter. Profund Advisors LLC now owns 6,399 shares of the company’s stock valued at $285,000 after buying an additional 220 shares during the period. Rice Hall James & Associates LLC increased its stake in Mallinckrodt PLC by 2.9% in the first quarter. Rice Hall James & Associates LLC now owns 9,683 shares of the company’s stock valued at $432,000 after buying an additional 277 shares during the period. Focused Wealth Management Inc increased its stake in Mallinckrodt PLC by 19.7% in the fourth quarter. Focused Wealth Management Inc now owns 2,426 shares of the company’s stock valued at $121,000 after buying an additional 400 shares during the period. Finally, Amalgamated Bank increased its stake in Mallinckrodt PLC by 6.2% in the first quarter. Amalgamated Bank now owns 7,625 shares of the company’s stock valued at $340,000 after buying an additional 447 shares during the period. Institutional investors and hedge funds own 88.79% of the company’s stock.
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Mallinckrodt PLC Company Profile
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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