Pinnacle Associates Ltd. Purchases 3,300 Shares of Mallinckrodt PLC (MNK)

Pinnacle Associates Ltd. grew its position in shares of Mallinckrodt PLC (NYSE:MNK) by 69.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,025 shares of the company’s stock after purchasing an additional 3,300 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Mallinckrodt were worth $300,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. HealthCor Management L.P. bought a new position in Mallinckrodt during the 2nd quarter worth approximately $107,649,000. Janus Henderson Group PLC grew its position in Mallinckrodt by 6,828.1% during the 2nd quarter. Janus Henderson Group PLC now owns 1,396,780 shares of the company’s stock worth $62,590,000 after acquiring an additional 1,376,619 shares during the last quarter. Ameriprise Financial Inc. grew its position in Mallinckrodt 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 acquiring an additional 1,045,757 shares during the last quarter. Prudential Financial Inc. grew its position in Mallinckrodt by 114.9% during the 3rd quarter. Prudential Financial Inc. now owns 1,379,978 shares of the company’s stock worth $51,569,000 after acquiring an additional 737,791 shares during the last quarter. Finally, AJO LP grew its position in Mallinckrodt by 165.6% during the 2nd quarter. AJO LP now owns 927,472 shares of the company’s stock worth $41,560,000 after acquiring an additional 578,266 shares during the last quarter. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Shares of Mallinckrodt PLC (NYSE:MNK) traded down $0.14 during trading hours on Tuesday, reaching $21.82. The company’s stock had a trading volume of 739,409 shares, compared to its average volume of 2,583,753. The stock has a market capitalization of $2,060.00, a PE ratio of 2.94, a price-to-earnings-growth ratio of 0.40 and a beta of 1.30. Mallinckrodt PLC has a 1-year low of $19.00 and a 1-year high of $55.32. The company has a quick ratio of 1.05, a current ratio of 1.38 and a debt-to-equity ratio of 1.08.

Mallinckrodt (NYSE:MNK) last announced its quarterly earnings data on Tuesday, November 7th. The company reported $1.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.80 by $0.17. The business had revenue of $793.90 million during the quarter, compared to analysts’ expectations of $808.93 million. Mallinckrodt had a return on equity of 14.79% and a net margin of 11.43%. The firm’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.04 earnings per share. sell-side analysts predict that Mallinckrodt PLC will post 7.2 EPS for the current fiscal year.

In other Mallinckrodt news, Director Dr Kneeland Youngblood bought 4,560 shares of Mallinckrodt stock in a transaction on Tuesday, November 28th. The stock was acquired at an average price of $21.94 per share, with a total value of $100,046.40. Following the acquisition, the director now owns 19,789 shares in the company, valued at $434,170.66. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Steven J. Romano bought 2,000 shares of Mallinckrodt stock in a transaction on Monday, November 13th. The stock was acquired at an average cost of $21.96 per share, with a total value of $43,920.00. The disclosure for this purchase can be found here. In the last three months, insiders acquired 30,460 shares of company stock valued at $659,486. Corporate insiders own 0.53% of the company’s stock.

Several equities analysts recently issued reports on the company. BidaskClub lowered Mallinckrodt from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Oppenheimer set a $70.00 price target on Mallinckrodt and gave the stock a “buy” rating in a research report on Tuesday, August 8th. Raymond James Financial dropped their price objective on Mallinckrodt from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, August 9th. Morgan Stanley cut Mallinckrodt from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $65.00 to $40.00 in a report on Wednesday, September 6th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $85.00 price objective on shares of Mallinckrodt in a report on Wednesday, September 6th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the company’s stock. Mallinckrodt currently has a consensus rating of “Hold” and an average price target of $48.14.

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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.

Institutional Ownership by Quarter for Mallinckrodt (NYSE:MNK)

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