Mallinckrodt (MNK) Debt Trading 1.3% Higher

An issue of Mallinckrodt PLC (NYSE:MNK) debt rose 1.3% as a percentage of its face value during trading on Tuesday. The debt issue has a 5.5% coupon and is set to mature on April 15, 2025. The debt is now trading at $84.75 and was trading at $82.00 one week ago. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.

Several analysts have recently weighed in on MNK shares. Oppenheimer dropped their price target on shares of Mallinckrodt from $70.00 to $48.00 in a research note on Tuesday, September 19th. ValuEngine raised shares of Mallinckrodt from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Cantor Fitzgerald set a $52.00 price target on shares of Mallinckrodt and gave the company a “buy” rating in a research note on Monday, October 2nd. Goldman Sachs Group started coverage on shares of Mallinckrodt in a research note on Thursday, September 28th. They issued a “buy” rating and a $55.00 price target for the company. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $67.00 price target on shares of Mallinckrodt in a research note on Friday, September 15th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $44.99.

Shares of Mallinckrodt PLC (NYSE:MNK) remained flat at $$22.40 during mid-day trading on Tuesday. The company had a trading volume of 1,810,000 shares, compared to its average volume of 3,250,000. The company has a current ratio of 1.38, a quick ratio of 1.05 and a debt-to-equity ratio of 1.08. Mallinckrodt PLC has a one year low of $19.00 and a one year high of $55.32. The stock has a market capitalization of $2,130.00, a price-to-earnings ratio of -1,120.00, a price-to-earnings-growth ratio of 0.43 and a beta of 1.30.

Mallinckrodt (NYSE:MNK) last issued its quarterly earnings data on Tuesday, November 7th. The company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.80 by $0.17. Mallinckrodt had a net margin of 11.43% and a return on equity of 14.79%. The firm had revenue of $793.90 million for the quarter, compared to analyst estimates of $808.93 million. During the same period in the prior year, the business posted $2.04 EPS. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. analysts forecast that Mallinckrodt PLC will post 7.21 earnings per share for the current fiscal year.

In other Mallinckrodt news, CEO Mark Trudeau bought 5,000 shares of Mallinckrodt stock in a transaction on Friday, November 10th. The shares were bought at an average cost of $22.28 per share, for a total transaction of $111,400.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Michael-Bryant Hicks bought 7,900 shares of Mallinckrodt stock in a transaction on Thursday, November 9th. The shares were acquired at an average price of $20.80 per share, for a total transaction of $164,320.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 30,460 shares of company stock worth $659,486. Company insiders own 0.53% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in MNK. Sterling Capital Management LLC acquired a new stake in Mallinckrodt during the 2nd quarter worth approximately $204,000. Shelton Capital Management acquired a new stake in Mallinckrodt during the 3rd quarter worth approximately $205,000. Cubist Systematic Strategies LLC lifted its holdings in Mallinckrodt by 748.1% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 7,989 shares of the company’s stock worth $299,000 after buying an additional 7,047 shares in the last quarter. Pinnacle Associates Ltd. lifted its holdings in Mallinckrodt by 69.8% during the 3rd quarter. Pinnacle Associates Ltd. now owns 8,025 shares of the company’s stock worth $300,000 after buying an additional 3,300 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. acquired a new stake in Mallinckrodt during the 3rd quarter worth approximately $305,000. Institutional investors own 97.35% of the company’s stock.

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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.

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