State Street Corp reduced its stake in shares of Mallinckrodt PLC (NYSE:MNK) by 2.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,055,768 shares of the company’s stock after selling 141,888 shares during the quarter. State Street Corp owned about 5.09% of Mallinckrodt PLC worth $226,536,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the stock. BlackRock Inc. lifted its stake in Mallinckrodt PLC by 4,060.7% in the 1st quarter. BlackRock Inc. now owns 8,734,709 shares of the company’s stock valued at $389,307,000 after acquiring an additional 8,524,773 shares in the last quarter. HealthCor Management L.P. bought a new stake in Mallinckrodt PLC in the 2nd quarter valued at approximately $107,649,000. Janus Henderson Group PLC lifted its stake in Mallinckrodt PLC by 6,828.1% in the 2nd quarter. Janus Henderson Group PLC now owns 1,396,780 shares of the company’s stock valued at $62,590,000 after acquiring an additional 1,376,619 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Mallinckrodt PLC by 117.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,937,444 shares of the company’s stock worth $86,815,000 after purchasing an additional 1,045,757 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Mallinckrodt PLC by 638.6% during the 1st quarter. Bank of America Corp DE now owns 746,838 shares of the company’s stock worth $33,288,000 after purchasing an additional 645,718 shares in the last quarter. Institutional investors and hedge funds own 97.48% of the company’s stock.
Mallinckrodt PLC (MNK) traded down 0.35% during mid-day trading on Friday, reaching $30.94. The company had a trading volume of 103,660 shares. The stock’s market capitalization is $3.01 billion. Mallinckrodt PLC has a 12-month low of $30.33 and a 12-month high of $68.12. The stock has a 50 day moving average price of $34.76 and a 200-day moving average price of $40.72.
Mallinckrodt PLC (NYSE:MNK) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.73 by $0.12. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. The firm had revenue of $824.50 million during the quarter, compared to the consensus estimate of $829.56 million. During the same quarter in the previous year, the firm posted $2.03 earnings per share. The company’s revenue was down 4.9% on a year-over-year basis. Equities analysts anticipate that Mallinckrodt PLC will post $7.37 EPS for the current fiscal year.
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In related news, insider Meredith B. Fischer purchased 1,280 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The stock was purchased at an average price of $39.63 per share, with a total value of $50,726.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.77% of the company’s stock.
MNK has been the topic of a number of analyst reports. UBS AG reiterated a “buy” rating and set a $70.00 price objective on shares of Mallinckrodt PLC in a research note on Wednesday, September 6th. BidaskClub upgraded Mallinckrodt PLC from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Deutsche Bank AG restated a “buy” rating and issued a $45.00 price target (down previously from $56.00) on shares of Mallinckrodt PLC in a research note on Thursday, September 14th. Zacks Investment Research cut Mallinckrodt PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $52.00 price target on shares of Mallinckrodt PLC in a research note on Tuesday, September 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $60.04.
Mallinckrodt PLC 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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