Investors Buy Shares of Mallinckrodt (MNK) on Weakness

Investors bought shares of Mallinckrodt PLC (NYSE:MNK) on weakness during trading hours on Thursday. $38.16 million flowed into the stock on the tick-up and $17.02 million flowed out of the stock on the tick-down, for a money net flow of $21.14 million into the stock. Of all companies tracked, Mallinckrodt had the 30th highest net in-flow for the day. Mallinckrodt traded down ($1.70) for the day and closed at $26.30

MNK has been the topic of a number of recent analyst reports. Piper Jaffray Companies reissued a “buy” rating and set a $39.00 price target on shares of Mallinckrodt in a research report on Wednesday, August 8th. Cantor Fitzgerald reissued a “buy” rating and set a $42.00 price target on shares of Mallinckrodt in a research report on Tuesday, August 7th. Zacks Investment Research raised shares of Mallinckrodt from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Monday, August 27th. Canaccord Genuity raised shares of Mallinckrodt from a “hold” rating to a “buy” rating and raised their price target for the company from $34.00 to $40.00 in a research report on Monday. Finally, Morgan Stanley raised their price target on shares of Mallinckrodt from $14.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 17th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $33.00.

The company has a current ratio of 2.21, a quick ratio of 2.05 and a debt-to-equity ratio of 0.93. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 3.51, a PEG ratio of 0.37 and a beta of 1.71.

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

A number of hedge funds have recently made changes to their positions in MNK. Guggenheim Capital LLC raised its position in Mallinckrodt by 17.1% in the first quarter. Guggenheim Capital LLC now owns 40,863 shares of the company’s stock worth $592,000 after acquiring an additional 5,958 shares during the period. Bank of Montreal Can raised its position in Mallinckrodt by 209.3% in the second quarter. Bank of Montreal Can now owns 63,822 shares of the company’s stock worth $1,189,000 after acquiring an additional 43,190 shares during the period. Hartford Investment Management Co. bought a new stake in Mallinckrodt in the second quarter worth about $293,000. Eqis Capital Management Inc. raised its position in Mallinckrodt by 1,060.8% in the second quarter. Eqis Capital Management Inc. now owns 217,845 shares of the company’s stock worth $4,065,000 after acquiring an additional 199,079 shares during the period. Finally, Aperio Group LLC raised its position in Mallinckrodt by 128.1% in the second quarter. Aperio Group LLC now owns 196,129 shares of the company’s stock worth $3,660,000 after acquiring an additional 110,146 shares during the period.

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About Mallinckrodt (NYSE:MNK)

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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