Argus Raises McKesson (NYSE:MCK) Price Target to $670.00

McKesson (NYSE:MCK) had its price target hoisted by Argus from $570.00 to $670.00 in a report published on Monday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently commented on the company. Barclays increased their target price on McKesson from $571.00 to $596.00 and gave the company an overweight rating in a research report on Wednesday, May 8th. Wells Fargo & Company boosted their target price on shares of McKesson from $502.00 to $551.00 and gave the stock an equal weight rating in a report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of McKesson from $547.00 to $545.00 and set a buy rating for the company in a research note on Thursday, May 9th. UBS Group boosted their price objective on shares of McKesson from $620.00 to $630.00 and gave the stock a buy rating in a research note on Wednesday, May 8th. Finally, SVB Leerink began coverage on McKesson in a research report on Monday, February 26th. They set an outperform rating and a $600.00 target price for the company. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $590.47.

McKesson Stock Down 0.8 %

McKesson stock opened at $599.56 on Monday. The stock has a market cap of $77.90 billion, a PE ratio of 26.79, a P/E/G ratio of 1.41 and a beta of 0.47. McKesson has a 12-month low of $395.30 and a 12-month high of $612.17. The business’s 50-day moving average price is $561.74 and its two-hundred day moving average price is $522.73.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.34 by ($0.16). The company had revenue of $76.36 billion for the quarter, compared to the consensus estimate of $79.32 billion. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the firm posted $7.19 earnings per share. As a group, analysts expect that McKesson will post 31.54 earnings per share for the current year.

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be issued a $0.62 dividend. The ex-dividend date is Monday, June 3rd. This represents a $2.48 annualized dividend and a yield of 0.41%. McKesson’s payout ratio is currently 11.08%.

Insider Activity

In related news, CFO Britt J. Vitalone sold 12,752 shares of McKesson stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $558.09, for a total value of $7,116,763.68. Following the completion of the sale, the chief financial officer now owns 14,028 shares of the company’s stock, valued at approximately $7,828,886.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Susan R. Salka sold 606 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $558.04, for a total value of $338,172.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Britt J. Vitalone sold 12,752 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total value of $7,116,763.68. Following the sale, the chief financial officer now owns 14,028 shares of the company’s stock, valued at approximately $7,828,886.52. The disclosure for this sale can be found here. Insiders sold a total of 25,814 shares of company stock worth $14,511,649 over the last quarter. 0.21% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On McKesson

Several large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its holdings in McKesson by 1.1% during the first quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock worth $2,342,190,000 after purchasing an additional 46,659 shares during the last quarter. Morgan Stanley grew its holdings in shares of McKesson by 14.0% in the third quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock valued at $1,042,937,000 after acquiring an additional 294,832 shares in the last quarter. Norges Bank purchased a new stake in shares of McKesson during the fourth quarter valued at approximately $1,024,140,000. Putnam Investments LLC lifted its holdings in McKesson by 3.2% during the fourth quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock worth $925,017,000 after acquiring an additional 62,242 shares during the period. Finally, Swedbank AB purchased a new position in McKesson in the first quarter worth $669,326,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Company Profile

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.