Citigroup Boosts McKesson (NYSE:MCK) Price Target to $620.00

McKesson (NYSE:MCK) had its price objective upped by Citigroup from $575.00 to $620.00 in a research note released on Tuesday, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. Barclays assumed coverage on McKesson in a research report on Wednesday, January 3rd. They set an overweight rating and a $537.00 price target on the stock. StockNews.com raised McKesson from a buy rating to a strong-buy rating in a research note on Thursday, April 25th. Morgan Stanley increased their price objective on shares of McKesson from $522.00 to $548.00 and gave the stock an overweight rating in a research note on Monday, April 15th. SVB Leerink initiated coverage on shares of McKesson in a report on Monday, February 26th. They set an outperform rating and a $600.00 price target for the company. Finally, UBS Group lifted their price objective on shares of McKesson from $575.00 to $620.00 and gave the company a buy rating in a research note on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $536.71.

McKesson Stock Down 0.3 %

Shares of NYSE MCK traded down $1.42 during mid-day trading on Tuesday, reaching $528.85. 866,904 shares of the company were exchanged, compared to its average volume of 703,165. McKesson has a twelve month low of $352.34 and a twelve month high of $544.81. The company’s 50-day simple moving average is $530.13 and its 200-day simple moving average is $491.57. The stock has a market capitalization of $69.50 billion, a P/E ratio of 23.96, a P/E/G ratio of 1.41 and a beta of 0.45.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, February 7th. The company reported $7.74 earnings per share for the quarter, topping the consensus estimate of $7.05 by $0.69. The business had revenue of $80.90 billion during the quarter, compared to analysts’ expectations of $77.93 billion. McKesson had a negative return on equity of 262.63% and a net margin of 0.99%. The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period last year, the firm posted $6.90 EPS. As a group, equities research analysts expect that McKesson will post 27.59 EPS for the current year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend is Friday, May 31st. McKesson’s dividend payout ratio (DPR) is presently 11.24%.

Insider Activity

In other McKesson news, EVP Leann B. Smith sold 186 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total transaction of $92,256.00. Following the completion of the sale, the executive vice president now owns 1,511 shares in the company, valued at approximately $749,456. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Brian S. Tyler sold 3,473 shares of McKesson stock in a transaction on Friday, March 15th. The stock was sold at an average price of $524.55, for a total value of $1,821,762.15. Following the completion of the transaction, the chief executive officer now directly owns 43,445 shares in the company, valued at $22,789,074.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Leann B. Smith sold 186 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total value of $92,256.00. Following the sale, the executive vice president now directly owns 1,511 shares in the company, valued at approximately $749,456. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Institutional Trading of McKesson

Several institutional investors and hedge funds have recently bought and sold shares of the company. Intrust Bank NA purchased a new stake in shares of McKesson in the fourth quarter worth $206,000. Raymond James & Associates boosted its holdings in shares of McKesson by 6.1% in the 4th quarter. Raymond James & Associates now owns 153,180 shares of the company’s stock worth $70,919,000 after purchasing an additional 8,784 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in McKesson by 6.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock worth $39,714,000 after buying an additional 5,425 shares in the last quarter. Heritage Wealth Management LLC bought a new position in shares of McKesson during the 4th quarter valued at $1,538,000. Finally, Insight Wealth Strategies LLC bought a new position in shares of McKesson during the fourth quarter valued at about $1,813,000. 85.07% of the stock is currently owned by hedge funds and other 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.