Barclays Downgrades Mallinckrodt (MNK) to Underweight

Barclays cut shares of Mallinckrodt (NYSE:MNK) from an equal weight rating to an underweight rating in a research report released on Friday, MarketBeat reports. The brokerage currently has $20.00 price target on the stock, down from their previous price target of $23.00.

Other equities analysts also recently issued research reports about the company. ValuEngine downgraded Mallinckrodt from a buy rating to a hold rating in a research report on Friday. Zacks Investment Research raised Mallinckrodt from a sell rating to a hold rating in a research report on Tuesday, October 31st. Canaccord Genuity set a $24.00 price objective on Mallinckrodt and gave the company a hold rating in a research report on Tuesday, November 14th. Cantor Fitzgerald set a $42.00 price objective on Mallinckrodt and gave the company a buy rating in a research report on Tuesday, December 26th. Finally, Wells Fargo & Co reaffirmed a hold rating on shares of Mallinckrodt in a research report on Monday, January 1st. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of Hold and an average target price of $43.10.

Mallinckrodt (NYSE MNK) opened at $16.52 on Friday. The company has a market capitalization of $1,570.00, a price-to-earnings ratio of -826.00, a price-to-earnings-growth ratio of 0.32 and a beta of 1.04. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.38 and a quick ratio of 1.05. Mallinckrodt has a 12-month low of $16.49 and a 12-month high of $55.32.

Mallinckrodt (NYSE:MNK) last announced its quarterly earnings data on Tuesday, November 7th. The company reported $1.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.80 by $0.17. The company had revenue of $793.90 million for 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%. Mallinckrodt’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.04 EPS. equities research analysts expect that Mallinckrodt will post 7.2 earnings per share for the current fiscal year.

In other news, General Counsel Michael-Bryant Hicks bought 7,900 shares of the stock in a transaction on Thursday, November 9th. The stock was acquired at an average cost of $20.80 per share, for a total transaction of $164,320.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Steven J. Romano bought 2,000 shares of the stock in a transaction on Monday, November 13th. The stock was purchased 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. Insiders acquired a total of 30,460 shares of company stock valued at $659,486 over the last quarter. Company insiders own 0.53% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sentry Investment Management LLC lifted its stake in shares of Mallinckrodt by 1.6% during the 2nd quarter. Sentry Investment Management LLC now owns 52,676 shares of the company’s stock worth $2,360,000 after purchasing an additional 817 shares during the last quarter. QS Investors LLC lifted its stake in shares of Mallinckrodt by 10.8% during the 2nd quarter. QS Investors LLC now owns 9,477 shares of the company’s stock worth $425,000 after purchasing an additional 923 shares during the last quarter. LS Investment Advisors LLC lifted its stake in shares of Mallinckrodt by 27.1% during the 3rd quarter. LS Investment Advisors LLC now owns 9,517 shares of the company’s stock worth $356,000 after purchasing an additional 2,028 shares during the last quarter. Advantus Capital Management Inc lifted its stake in shares of Mallinckrodt by 23.7% during the 3rd quarter. Advantus Capital Management Inc now owns 12,286 shares of the company’s stock worth $459,000 after purchasing an additional 2,352 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in shares of Mallinckrodt by 15.6% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,731 shares of the company’s stock worth $775,000 after purchasing an additional 2,792 shares during the last quarter. Hedge funds and other institutional investors own 97.38% 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.

Analyst Recommendations for Mallinckrodt (NYSE:MNK)

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