McKesson (NYSE:MCK) Price Target Cut to $630.00

McKesson (NYSE:MCK) had its price target trimmed by Leerink Partners from $665.00 to $630.00 in a report published on Monday, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other analysts have also weighed in on MCK. Deutsche Bank Aktiengesellschaft cut their price objective on McKesson from $623.00 to $579.00 and set a buy rating on the stock in a research report on Wednesday, September 25th. Evercore ISI reduced their price target on McKesson from $660.00 to $630.00 and set an outperform rating on the stock in a research report on Thursday, August 8th. Robert W. Baird reissued a neutral rating and set a $531.00 price objective (down from $603.00) on shares of McKesson in a research report on Tuesday, September 24th. Bank of America raised their target price on shares of McKesson from $590.00 to $670.00 and gave the company a buy rating in a report on Tuesday, June 25th. Finally, Citigroup lowered their price target on shares of McKesson from $670.00 to $630.00 and set a buy rating for the company in a report on Tuesday, September 10th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $610.86.

McKesson Trading Up 0.8 %

MCK stock opened at $506.25 on Monday. The business’s fifty day moving average price is $533.68 and its 200 day moving average price is $553.37. McKesson has a 12-month low of $431.35 and a 12-month high of $637.51. The company has a market capitalization of $65.65 billion, a PE ratio of 22.64, a P/E/G ratio of 1.17 and a beta of 0.44.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. The company had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $7.27 earnings per share. Research analysts predict that McKesson will post 32.07 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd were issued a $0.71 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend was Friday, August 30th. McKesson’s payout ratio is presently 12.70%.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the transaction, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.11% of the company’s stock.

Institutional Investors Weigh In On McKesson

A number of institutional investors and hedge funds have recently made changes to their positions in the business. MorganRosel Wealth Management LLC raised its stake in shares of McKesson by 7.6% during the third quarter. MorganRosel Wealth Management LLC now owns 1,778 shares of the company’s stock worth $879,000 after purchasing an additional 125 shares during the last quarter. Exchange Traded Concepts LLC raised its position in McKesson by 343.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 5,727 shares of the company’s stock worth $2,832,000 after buying an additional 4,436 shares during the last quarter. InTrack Investment Management Inc lifted its stake in shares of McKesson by 83.9% in the 3rd quarter. InTrack Investment Management Inc now owns 5,452 shares of the company’s stock worth $2,696,000 after acquiring an additional 2,488 shares during the period. Gateway Investment Advisers LLC boosted its holdings in shares of McKesson by 0.9% in the third quarter. Gateway Investment Advisers LLC now owns 4,729 shares of the company’s stock valued at $2,338,000 after acquiring an additional 42 shares in the last quarter. Finally, Peak Financial Advisors LLC acquired a new position in shares of McKesson during the third quarter worth about $2,606,000. 85.07% of the stock is owned by hedge funds and other 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.