Federated Investors Inc. PA Reduces Holdings in Mallinckrodt PLC (MNK)

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Federated Investors Inc. PA reduced its stake in shares of Mallinckrodt PLC (NYSE:MNK) by 7.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,318 shares of the company’s stock after selling 5,934 shares during the period. Federated Investors Inc. PA owned 0.09% of Mallinckrodt worth $1,367,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MNK. PNC Financial Services Group Inc. raised its holdings in Mallinckrodt by 22.7% in the first quarter. PNC Financial Services Group Inc. now owns 23,662 shares of the company’s stock valued at $343,000 after buying an additional 4,381 shares during the period. Bronfman E.L. Rothschild L.P. raised its holdings in Mallinckrodt by 46.7% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 15,238 shares of the company’s stock valued at $284,000 after buying an additional 4,853 shares during the period. Guggenheim Capital LLC raised its stake in shares of Mallinckrodt by 17.1% during the first quarter. Guggenheim Capital LLC now owns 40,863 shares of the company’s stock valued at $592,000 after purchasing an additional 5,958 shares during the period. Baker Avenue Asset Management LP raised its stake in shares of Mallinckrodt by 12.7% during the first quarter. Baker Avenue Asset Management LP now owns 59,463 shares of the company’s stock valued at $861,000 after purchasing an additional 6,720 shares during the period. Finally, Gabelli Funds LLC raised its stake in shares of Mallinckrodt by 12.0% during the first quarter. Gabelli Funds LLC now owns 65,349 shares of the company’s stock valued at $946,000 after purchasing an additional 7,000 shares during the period.

MNK stock traded up $0.99 during mid-day trading on Friday, reaching $27.16. The company had a trading volume of 1,489,727 shares, compared to its average volume of 3,300,170. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.06 and a current ratio of 2.27. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of 3.63, a PEG ratio of 0.49 and a beta of 1.61. Mallinckrodt PLC has a one year low of $11.65 and a one year high of $36.65.

Mallinckrodt (NYSE:MNK) last posted its earnings results on Tuesday, August 7th. The company reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.30. The company had revenue of $631.70 million for the quarter, compared to analysts’ expectations of $621.15 million. Mallinckrodt had a return on equity of 10.39% and a net margin of 59.85%. As a group, analysts predict that Mallinckrodt PLC will post 6.7 EPS for the current fiscal year.

A number of research firms have recently issued reports on MNK. Barclays lifted their price objective on shares of Mallinckrodt from $12.00 to $20.00 and gave the company an “underweight” rating in a research note on Wednesday, August 8th. Zacks Investment Research raised shares of Mallinckrodt from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research report on Wednesday, September 26th. Canaccord Genuity set a $34.00 price target on shares of Mallinckrodt and gave the stock a “hold” rating in a research report on Sunday, August 19th. B. Riley raised their price target on shares of Mallinckrodt from $15.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, June 28th. Finally, Stifel Nicolaus raised their price target on shares of Mallinckrodt from $15.00 to $18.00 and gave the stock a “hold” rating in a research report on Monday, June 18th. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $31.30.

Mallinckrodt Profile

Mallinckrodt public limited company develops, manufactures, markets, and distributes branded pharmaceutical products in Canada and the European Union, as well as in Latin American, the Middle Eastern, African, and the Asia-Pacific regions. The company markets branded pharmaceutical products for autoimmune and rare diseases in the specialty areas of neurology, rheumatology, nephrology, ophthalmology, and pulmonology; and immunotherapy and neonatal respiratory critical care therapies, as well as analgesics and gastrointestinal products.

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Institutional Ownership by Quarter for Mallinckrodt (NYSE:MNK)

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