Bank of America Raises McKesson (NYSE:MCK) Price Target to $670.00

McKesson (NYSE:MCK) had its price target hoisted by Bank of America from $590.00 to $670.00 in a research report report published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

MCK has been the topic of several other reports. Morgan Stanley upped their price objective on shares of McKesson from $522.00 to $548.00 and gave the stock an overweight rating in a report on Monday, April 15th. StockNews.com lowered McKesson from a strong-buy rating to a buy rating in a research report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft cut their price objective on McKesson from $547.00 to $545.00 and set a buy rating on the stock in a report on Thursday, May 9th. Citigroup raised their target price on McKesson from $575.00 to $620.00 and gave the company a buy rating in a report on Tuesday, April 30th. Finally, Argus boosted their price target on shares of McKesson from $570.00 to $670.00 and gave the stock a buy rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $590.47.

McKesson Stock Performance

MCK stock opened at $593.20 on Tuesday. McKesson has a one year low of $395.30 and a one year high of $612.17. The firm has a market cap of $77.08 billion, a PE ratio of 26.51, a PEG ratio of 1.41 and a beta of 0.47. The firm’s 50 day moving average price is $563.21 and its 200-day moving average price is $523.26.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 EPS for the quarter, missing the consensus estimate of $6.34 by ($0.16). The business had revenue of $76.36 billion during the quarter, compared to analyst estimates of $79.32 billion. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the company earned $7.19 EPS. Equities research analysts predict that McKesson will post 31.54 EPS for the current fiscal year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be issued a $0.62 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.48 dividend on an annualized basis and a dividend yield of 0.42%. McKesson’s payout ratio is 11.08%.

Insider Buying and Selling

In other McKesson news, CFO Britt J. Vitalone sold 894 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $557.40, for a total value of $498,315.60. Following the sale, the chief financial officer now directly owns 16,455 shares in the company, valued at $9,172,017. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Britt J. Vitalone sold 894 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $557.40, for a total value of $498,315.60. Following the transaction, the chief financial officer now owns 16,455 shares in the company, valued at approximately $9,172,017. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Leann B. Smith sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $585.53, for a total value of $351,318.00. Following the sale, the executive vice president now owns 2,022 shares of the company’s stock, valued at approximately $1,183,941.66. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,814 shares of company stock worth $14,511,649. Corporate insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On McKesson

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sachetta LLC purchased a new position in shares of McKesson during the fourth quarter worth about $27,000. LRI Investments LLC purchased a new position in McKesson during the 1st quarter worth approximately $28,000. Register Financial Advisors LLC purchased a new position in McKesson during the 1st quarter worth approximately $29,000. BKM Wealth Management LLC purchased a new stake in McKesson in the fourth quarter valued at approximately $31,000. Finally, Richardson Financial Services Inc. acquired a new stake in shares of McKesson in the fourth quarter valued at approximately $31,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

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.