Mallinckrodt (NYSE:MNK) Posts Quarterly Earnings Results, Beats Expectations By $0.43 EPS

Mallinckrodt (NYSE:MNK) announced its quarterly earnings data on Tuesday. The company reported $2.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.10 by $0.43, Briefing.com reports. Mallinckrodt had a negative net margin of 118.53% and a positive return on equity of 14.22%. The firm had revenue of $823.30 million during the quarter, compared to analysts’ expectations of $817.55 million. During the same quarter last year, the business earned $2.16 earnings per share. The business’s revenue for the quarter was down .3% compared to the same quarter last year. Mallinckrodt updated its FY 2019 guidance to $8.40-8.70 EPS and its FY19 guidance to $8.40-8.70 EPS.

Shares of Mallinckrodt stock traded down $0.79 during trading on Tuesday, hitting $5.69. 574,763 shares of the stock were exchanged, compared to its average volume of 2,923,372. The stock has a market cap of $554.85 million, a PE ratio of 0.69, a PEG ratio of 0.07 and a beta of 2.29. The company has a fifty day moving average of $8.01. Mallinckrodt has a 12 month low of $6.07 and a 12 month high of $36.65. The company has a current ratio of 1.45, a quick ratio of 1.08 and a debt-to-equity ratio of 1.90.

A number of equities research analysts have recently commented on MNK shares. Berenberg Bank reiterated a “sell” rating and set a $5.00 price target (down from $10.00) on shares of Mallinckrodt in a report on Tuesday, May 21st. Cantor Fitzgerald set a $18.00 price target on shares of Mallinckrodt and gave the stock a “buy” rating in a report on Friday, July 12th. Jefferies Financial Group lowered their price target on shares of Mallinckrodt from $15.00 to $10.00 and set a “reduce” rating for the company in a report on Thursday, July 11th. Mizuho lowered their price target on shares of Mallinckrodt from $22.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, May 28th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $23.00 price target on shares of Mallinckrodt in a report on Wednesday, May 22nd. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $20.56.

In related news, CFO Bryan M. Reasons acquired 5,400 shares of Mallinckrodt stock in a transaction that occurred on Friday, June 7th. The stock was acquired 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 directly owns 17,979 shares of the company’s stock, valued at approximately $161,091.84. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders purchased 8,400 shares of company stock valued at $83,234 in the last ninety days. Corporate insiders own 2.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its stake in Mallinckrodt by 15.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,357,117 shares of the company’s stock valued at $100,443,000 after buying an additional 840,414 shares in the last quarter. Stifel Financial Corp increased its holdings in shares of Mallinckrodt by 504.2% in the 4th quarter. Stifel Financial Corp now owns 46,213 shares of the company’s stock valued at $717,000 after purchasing an additional 38,565 shares during the period. Geode Capital Management LLC increased its holdings in shares of Mallinckrodt by 7.0% in the 4th quarter. Geode Capital Management LLC now owns 955,305 shares of the company’s stock valued at $15,093,000 after purchasing an additional 62,168 shares during the period. Municipal Employees Retirement System of Michigan acquired a new position in shares of Mallinckrodt in the 4th quarter valued at about $316,000. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Mallinckrodt by 5.4% in the 4th quarter. Thrivent Financial for Lutherans now owns 21,137 shares of the company’s stock valued at $334,000 after purchasing an additional 1,091 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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Earnings History for Mallinckrodt (NYSE:MNK)

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