Wells Fargo & Company Trims McKesson (NYSE:MCK) Target Price to $535.00

McKesson (NYSE:MCK) had its price objective lowered by Wells Fargo & Company from $576.00 to $535.00 in a research note released on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other research firms have also recently commented on MCK. Robert W. Baird lowered their target price on McKesson from $694.00 to $671.00 and set an outperform rating on the stock in a research note on Thursday, August 8th. Bank of America raised their price target on shares of McKesson from $590.00 to $670.00 and gave the stock a buy rating in a research note on Tuesday, June 25th. JPMorgan Chase & Co. upped their price objective on McKesson from $656.00 to $661.00 and gave the company an overweight rating in a research note on Wednesday, August 21st. StockNews.com downgraded McKesson from a strong-buy rating to a buy rating in a research report on Friday, August 9th. Finally, Barclays upped their price target on McKesson from $596.00 to $616.00 and gave the company an overweight rating in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, McKesson presently has an average rating of Moderate Buy and an average target price of $620.93.

McKesson Price Performance

NYSE MCK opened at $519.82 on Friday. The company has a fifty day moving average price of $565.94 and a 200-day moving average price of $557.75. McKesson has a 1 year low of $422.15 and a 1 year high of $637.51. The firm has a market cap of $67.41 billion, a price-to-earnings ratio of 23.23, a PEG ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating the consensus estimate of $7.21 by $0.67. The firm had revenue of $79.28 billion during 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 company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter last year, the business posted $7.27 EPS. On average, research analysts anticipate that McKesson will post 32.11 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be given a $0.71 dividend. This is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Friday, August 30th. McKesson’s dividend payout ratio (DPR) is 12.69%.

Insider Activity at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the completion of the transaction, the chief executive officer now directly owns 82,339 shares in the company, valued at approximately $51,546,684.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 11,259 shares of company stock valued at $6,635,492. Corporate insiders own 0.11% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Avantax Advisory Services Inc. raised its position in shares of McKesson by 20.0% during the 4th quarter. Avantax Advisory Services Inc. now owns 1,847 shares of the company’s stock valued at $855,000 after buying an additional 308 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in McKesson by 0.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 33,163 shares of the company’s stock worth $15,354,000 after purchasing an additional 91 shares during the last quarter. Fiera Capital Corp purchased a new position in shares of McKesson in the 4th quarter worth about $713,000. Navellier & Associates Inc. bought a new position in shares of McKesson during the 4th quarter valued at about $201,000. Finally, Private Wealth Management Group LLC purchased a new position in shares of McKesson during the 4th quarter valued at about $60,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

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.