ValuEngine Upgrades Mallinckrodt (NYSE:MNK) to “Hold”

ValuEngine upgraded shares of Mallinckrodt (NYSE:MNK) from a sell rating to a hold rating in a research note published on Tuesday morning, ValuEngine reports.

Other analysts have also issued research reports about the company. Wells Fargo & Co restated a hold rating on shares of Mallinckrodt in a report on Wednesday, October 9th. Morgan Stanley set a $5.00 target price on Mallinckrodt and gave the stock a hold rating in a report on Friday, August 9th. Jefferies Financial Group set a $2.00 price target on shares of Mallinckrodt and gave the stock a hold rating in a research report on Friday, September 6th. Leerink Swann set a $2.00 price target on shares of Mallinckrodt and gave the company a hold rating in a report on Friday, September 6th. Finally, BMO Capital Markets restated a market perform rating on shares of Mallinckrodt in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $10.19.

NYSE:MNK traded up $0.03 during midday trading on Tuesday, hitting $3.41. 4,085,333 shares of the stock were exchanged, compared to its average volume of 5,137,629. The company has a market capitalization of $290.96 million, a price-to-earnings ratio of 0.43, a P/E/G ratio of 0.05 and a beta of 2.59. The company has a current ratio of 1.07, a quick ratio of 0.86 and a debt-to-equity ratio of 1.64. Mallinckrodt has a one year low of $1.43 and a one year high of $27.33. The business has a 50-day moving average price of $3.17 and a two-hundred day moving average price of $5.38.

Mallinckrodt (NYSE:MNK) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $2.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.09. Mallinckrodt had a positive return on equity of 24.36% and a negative net margin of 111.44%. The firm had revenue of $743.70 million during the quarter, compared to analyst estimates of $770.56 million. During the same period last year, the company posted $2.10 EPS. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. Sell-side analysts forecast that Mallinckrodt will post 8.59 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Morgan Stanley boosted its position in shares of Mallinckrodt by 1,395.5% in the 2nd quarter. Morgan Stanley now owns 3,275,676 shares of the company’s stock valued at $30,071,000 after purchasing an additional 3,056,636 shares during the period. Millennium Management LLC increased its stake in Mallinckrodt by 531.4% in the 3rd quarter. Millennium Management LLC now owns 2,744,778 shares of the company’s stock worth $6,614,000 after purchasing an additional 2,310,040 shares in the last quarter. Vanguard Group Inc. raised its holdings in Mallinckrodt by 18.4% during the 2nd quarter. Vanguard Group Inc. now owns 9,809,305 shares of the company’s stock worth $90,049,000 after buying an additional 1,527,591 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Mallinckrodt by 128.6% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,794,821 shares of the company’s stock worth $16,476,000 after buying an additional 1,009,745 shares during the period. Finally, Kensico Capital Management Corp purchased a new stake in Mallinckrodt during the third quarter valued at about $1,960,000. 92.05% of the stock is owned by institutional investors and hedge funds.

About Mallinckrodt

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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