McKesson (NYSE:MCK) Price Target Raised to $853.00

McKesson (NYSE:MCK) had its price objective increased by JPMorgan Chase & Co. from $821.00 to $853.00 in a research report released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages have also recently issued reports on MCK. Leerink Partners upped their price target on shares of McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a research report on Wednesday, September 24th. TD Cowen upped their price target on shares of McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Bank of America upped their price target on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Citigroup increased their price objective on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Wall Street Zen cut shares of McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, September 20th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $829.08.

McKesson Price Performance

Shares of NYSE:MCK opened at $760.82 on Friday. The company has a market cap of $94.63 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 1.36 and a beta of 0.51. The firm has a 50 day simple moving average of $697.79 and a 200 day simple moving average of $699.99. McKesson has a one year low of $479.15 and a one year high of $770.00.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate of $8.33 by ($0.07). The company had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. McKesson’s revenue for the quarter was up 23.4% on a year-over-year basis. During the same period in the previous year, the company earned $7.88 EPS. As a group, analysts expect that McKesson will post 32.77 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. This is an increase from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. McKesson’s payout ratio is presently 13.08%.

Insider Buying and Selling at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the sale, the chief accounting officer directly owned 657 shares of the company’s stock, valued at approximately $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the sale, the chief executive officer directly owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,560 shares of company stock valued at $30,438,602. Insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of McKesson by 2.0% during the second quarter. Vanguard Group Inc. now owns 12,072,090 shares of the company’s stock valued at $8,846,186,000 after buying an additional 232,286 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of McKesson by 4.1% during the second quarter. Geode Capital Management LLC now owns 2,820,724 shares of the company’s stock valued at $2,057,065,000 after buying an additional 112,224 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of McKesson by 75,632.7% during the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock valued at $1,610,567,000 after buying an additional 2,389,992 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of McKesson by 150.4% during the second quarter. Alliancebernstein L.P. now owns 2,268,015 shares of the company’s stock valued at $1,661,956,000 after buying an additional 1,362,386 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of McKesson during the second quarter valued at about $1,346,661,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

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.