Mallinckrodt (NYSE:MNK) Downgraded by Jefferies Financial Group

Mallinckrodt (NYSE:MNK) was downgraded by equities research analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research report issued on Wednesday, May 22nd, Marketbeat Ratings reports. They currently have a $15.00 price target on the stock, down from their prior price target of $25.00. Jefferies Financial Group’s price target would suggest a potential upside of 61.64% from the stock’s current price. Jefferies Financial Group also issued estimates for Mallinckrodt’s Q2 2019 earnings at $2.25 EPS, Q3 2019 earnings at $1.99 EPS, Q4 2019 earnings at $2.17 EPS, FY2019 earnings at $8.35 EPS, FY2020 earnings at $8.55 EPS, FY2021 earnings at $8.70 EPS, FY2022 earnings at $8.94 EPS and FY2023 earnings at $9.74 EPS.

Several other equities analysts also recently weighed in on MNK. SunTrust Banks set a $20.00 price target on Mallinckrodt and gave the stock a “hold” rating in a research report on Tuesday, May 14th. ValuEngine downgraded Mallinckrodt from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. Mizuho lifted their price objective on Mallinckrodt to $26.00 and gave the company a “neutral” rating in a research report on Thursday, February 28th. Morgan Stanley set a $32.00 target price on Mallinckrodt and gave the company a “hold” rating in a report on Thursday, February 28th. Finally, Berenberg Bank reiterated a “sell” rating and issued a $5.00 target price (down previously from $10.00) on shares of Mallinckrodt in a report on Tuesday, May 21st. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Mallinckrodt currently has an average rating of “Hold” and a consensus target price of $20.83.

Shares of MNK traded down $0.57 during mid-day trading on Wednesday, hitting $9.28. The company’s stock had a trading volume of 1,835,704 shares, compared to its average volume of 2,383,506. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.45 and a quick ratio of 1.08. The stock has a market capitalization of $781.15 million, a P/E ratio of 1.16, a P/E/G ratio of 0.09 and a beta of 2.39. Mallinckrodt has a 1-year low of $8.42 and a 1-year high of $36.65.

Mallinckrodt (NYSE:MNK) last released its quarterly earnings data on Tuesday, May 7th. The company reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.21. The firm had revenue of $791.00 million during the quarter, compared to the consensus estimate of $766.27 million. Mallinckrodt had a positive return on equity of 14.22% and a negative net margin of 118.53%. Mallinckrodt’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the business posted $1.31 EPS. Research analysts anticipate that Mallinckrodt will post 8.24 EPS for the current year.

In related news, CFO Bryan M. Reasons bought 5,400 shares of the stock in a transaction dated Friday, June 7th. The stock was bought at an average cost of $8.96 per share, with a total value of $48,384.00. Following the completion of the acquisition, the chief financial officer now owns 17,979 shares of the company’s stock, valued at $161,091.84. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have bought 8,400 shares of company stock valued at $83,234 over the last ninety days. Corporate insiders own 2.70% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of MNK. Rhumbline Advisers lifted its position in shares of Mallinckrodt by 0.8% during the 1st quarter. Rhumbline Advisers now owns 267,983 shares of the company’s stock valued at $5,826,000 after acquiring an additional 2,019 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Mallinckrodt during the fourth quarter worth $1,146,000. Comerica Bank increased its position in Mallinckrodt by 2.7% during the fourth quarter. Comerica Bank now owns 55,415 shares of the company’s stock worth $1,178,000 after buying an additional 1,447 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Mallinckrodt during the fourth quarter worth $2,524,000. Finally, WINTON GROUP Ltd acquired a new position in Mallinckrodt during the fourth quarter worth $3,518,000.

Mallinckrodt Company Profile

Mallinckrodt plc, together with its subsidiaries, develops, manufactures, markets, and distributes specialty pharmaceutical products and therapies in the United States, Europe, the Middle East, Africa, and internationally. It operates in two segments, Specialty Brands, and Specialty Generics and Amitiza.

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Analyst Recommendations for Mallinckrodt (NYSE:MNK)

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