Deutsche Bank Aktiengesellschaft Trims McKesson (NYSE:MCK) Target Price to $579.00

McKesson (NYSE:MCK) had its price objective decreased by Deutsche Bank Aktiengesellschaft from $623.00 to $579.00 in a report issued on Wednesday morning, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock.

A number of other brokerages also recently commented on MCK. Bank of America increased their price objective on McKesson from $590.00 to $670.00 and gave the company a buy rating in a research report on Tuesday, June 25th. Mizuho upped their price target on shares of McKesson from $540.00 to $570.00 and gave the stock a neutral rating in a research note on Thursday, August 8th. Leerink Partners cut their price objective on shares of McKesson from $670.00 to $665.00 and set an outperform rating on the stock in a research report on Thursday, September 5th. Robert W. Baird restated a neutral rating and set a $531.00 target price (down from $603.00) on shares of McKesson in a report on Tuesday. Finally, JPMorgan Chase & Co. increased their price target on McKesson from $656.00 to $661.00 and gave the company an overweight rating in a report on Wednesday, August 21st. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, McKesson has an average rating of Moderate Buy and a consensus target price of $613.36.

McKesson Stock Up 1.9 %

Shares of NYSE:MCK opened at $488.35 on Wednesday. The firm has a 50-day simple moving average of $552.67 and a 200 day simple moving average of $555.67. The company has a market cap of $63.45 billion, a PE ratio of 21.82, a P/E/G ratio of 1.18 and a beta of 0.44. McKesson has a fifty-two week low of $431.35 and a fifty-two week high of $637.51.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating the consensus estimate of $7.21 by $0.67. The firm had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $7.27 EPS. As a group, research analysts forecast that McKesson will post 32.07 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.58%. This is a positive change from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the transaction, the chief executive officer now directly owns 82,339 shares in the company, valued at $51,546,684.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders sold 11,259 shares of company stock valued at $6,635,492. Insiders own 0.11% of the company’s stock.

Institutional Trading of McKesson

A number of institutional investors and hedge funds have recently modified their holdings of the company. LRI Investments LLC bought a new stake in McKesson in the 1st quarter valued at $28,000. Register Financial Advisors LLC bought a new stake in McKesson in the first quarter valued at about $29,000. Richardson Financial Services Inc. acquired a new position in McKesson in the fourth quarter worth about $31,000. Rise Advisors LLC bought a new position in McKesson during the first quarter worth about $40,000. Finally, Carolinas Wealth Consulting LLC boosted its holdings in McKesson by 42.9% during the fourth quarter. Carolinas Wealth Consulting LLC now owns 80 shares of the company’s stock valued at $37,000 after purchasing an additional 24 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors.

About McKesson

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.