Robert W. Baird Issues Positive Forecast for McKesson (NYSE:MCK) Stock Price

McKesson (NYSE:MCK) had its target price raised by Robert W. Baird from $873.00 to $927.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages have also commented on MCK. UBS Group raised their price objective on McKesson from $920.00 to $980.00 and gave the company a “buy” rating in a report on Thursday. Wall Street Zen raised shares of McKesson from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Leerink Partners upped their price objective on shares of McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 24th. Cowen reaffirmed a “buy” rating on shares of McKesson in a report on Wednesday, September 24th. Finally, Zacks Research raised shares of McKesson from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and a consensus price target of $880.15.

McKesson Trading Down 0.9%

Shares of McKesson stock traded down $7.84 during trading hours on Thursday, reaching $850.77. The stock had a trading volume of 619,369 shares, compared to its average volume of 848,315. The stock’s 50 day moving average is $754.25 and its 200 day moving average is $722.89. McKesson has a twelve month low of $558.13 and a twelve month high of $867.63. The firm has a market capitalization of $105.82 billion, a PE ratio of 33.92, a PEG ratio of 1.46 and a beta of 0.51.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, beating analysts’ consensus estimates of $8.84 by $1.02. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The firm had revenue of $103.15 billion for the quarter, compared to analysts’ expectations of $103.80 billion. During the same period last year, the firm earned $7.07 EPS. The company’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts predict that McKesson will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 1st will be issued a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, December 1st. McKesson’s payout ratio is currently 10.21%.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares in the company, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.08% of the company’s stock.

Institutional Trading of McKesson

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. IAM Advisory LLC boosted its position in shares of McKesson by 0.3% during the 3rd quarter. IAM Advisory LLC now owns 3,908 shares of the company’s stock valued at $3,019,000 after acquiring an additional 13 shares during the last quarter. PDS Planning Inc boosted its holdings in McKesson by 1.1% in the 3rd quarter. PDS Planning Inc now owns 1,209 shares of the company’s stock valued at $934,000 after purchasing an additional 13 shares during the last quarter. Berkshire Asset Management LLC PA grew its stake in shares of McKesson by 4.6% in the 3rd quarter. Berkshire Asset Management LLC PA now owns 294 shares of the company’s stock valued at $227,000 after buying an additional 13 shares during the period. MassMutual Private Wealth & Trust FSB increased its holdings in shares of McKesson by 1.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock worth $632,000 after buying an additional 14 shares during the last quarter. Finally, Cardinal Point Capital Management ULC raised its position in shares of McKesson by 2.2% during the 2nd quarter. Cardinal Point Capital Management ULC now owns 645 shares of the company’s stock valued at $473,000 after buying an additional 14 shares during the period. 85.07% of the stock is 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.