Jefferies Financial Group Cuts Mallinckrodt (NYSE:MNK) Price Target to $10.00

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Mallinckrodt (NYSE:MNK) had its price objective decreased by Jefferies Financial Group from $15.00 to $10.00 in a research note issued to investors on Thursday morning, The Fly reports. Jefferies Financial Group currently has a reduce rating on the stock. Jefferies Financial Group also issued estimates for Mallinckrodt’s Q4 2019 earnings at $2.13 EPS, FY2019 earnings at $8.25 EPS, FY2020 earnings at $8.50 EPS, FY2021 earnings at $8.60 EPS and FY2023 earnings at $9.07 EPS.

MNK has been the topic of several other research reports. Piper Jaffray Companies downgraded Mallinckrodt from an overweight rating to a neutral rating and decreased their target price for the company from $39.00 to $9.00 in a research report on Thursday, May 30th. ValuEngine downgraded Zumiez from a hold rating to a sell rating in a research report on Monday, May 13th. SunTrust Banks restated a hold rating and issued a $8.00 target price on shares of TrueCar in a research report on Tuesday, May 14th. JPMorgan Chase & Co. upgraded from a neutral rating to an overweight rating in a research report on Friday, May 24th. Finally, Berenberg Bank decreased their target price on BT Group from GBX 260 ($3.40) to GBX 240 ($3.14) and set a hold rating on the stock in a research report on Tuesday, May 21st. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Mallinckrodt currently has a consensus rating of Hold and an average price target of $20.56.

NYSE MNK opened at $8.59 on Thursday. The stock has a market capitalization of $719.96 million, a P/E ratio of 1.07, a PEG ratio of 0.09 and a beta of 2.32. The firm has a 50 day moving average price of $9.06. Mallinckrodt has a 1-year low of $8.00 and a 1-year high of $36.65. The company has a debt-to-equity ratio of 1.90, a quick ratio of 1.08 and a current ratio of 1.45.

Mallinckrodt (NYSE:MNK) last released its earnings results 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 business had revenue of $791.00 million for 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%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.31 earnings per share. Research analysts forecast that Mallinckrodt will post 8.23 EPS for the current fiscal year.

In related news, CFO Bryan M. Reasons purchased 5,400 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average price 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 in the company, valued at $161,091.84. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders purchased 8,400 shares of company stock valued at $83,234. Insiders own 2.70% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Xact Kapitalforvaltning AB acquired a new stake in shares of Mallinckrodt in the second quarter valued at $185,000. Amundi Pioneer Asset Management Inc. boosted its holdings in Mallinckrodt by 126.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 40,149 shares of the company’s stock valued at $873,000 after purchasing an additional 22,417 shares during the period. Nordea Investment Management AB boosted its holdings in Mallinckrodt by 45.8% in the first quarter. Nordea Investment Management AB now owns 189,667 shares of the company’s stock valued at $4,123,000 after purchasing an additional 59,600 shares during the period. Golden State Wealth Management LLC purchased a new position in Mallinckrodt in the first quarter valued at $297,000. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Mallinckrodt by 12.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 515,190 shares of the company’s stock valued at $11,200,000 after purchasing an additional 55,000 shares during the period.

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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