McKesson (NYSE:MCK) PT Raised to $600.00 at Evercore ISI

McKesson (NYSE:MCK) had its target price raised by Evercore ISI from $590.00 to $600.00 in a research report released on Wednesday, Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages also recently commented on MCK. Argus lifted their price target on McKesson from $510.00 to $570.00 and gave the stock a buy rating in a research report on Wednesday, April 10th. StockNews.com upgraded shares of McKesson from a buy rating to a strong-buy rating in a research note on Saturday, May 4th. Morgan Stanley raised their price target 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 assumed coverage on shares of McKesson in a research note on Monday, February 26th. They set an outperform rating and a $600.00 price objective on the stock. Finally, Robert W. Baird increased their price target on McKesson from $603.00 to $671.00 and gave the stock an outperform rating in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $571.47.

McKesson Stock Up 2.1 %

Shares of NYSE:MCK traded up $11.51 on Wednesday, reaching $555.12. The company had a trading volume of 969,156 shares, compared to its average volume of 716,168. The stock has a market capitalization of $72.95 billion, a P/E ratio of 24.80, a P/E/G ratio of 1.41 and a beta of 0.45. The stock has a 50-day moving average price of $531.56 and a 200 day moving average price of $494.15. McKesson has a twelve month low of $373.28 and a twelve month high of $566.01.

McKesson (NYSE:MCK) last posted its earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). McKesson had a net margin of 0.99% and a negative return on equity of 262.63%. The firm had revenue of $76.36 billion during the quarter, compared to analyst estimates of $79.32 billion. During the same quarter in the previous year, the business posted $7.19 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, sell-side analysts predict that McKesson will post 27.59 earnings per share for the current fiscal 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 given a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $2.48 annualized dividend and a yield of 0.45%. McKesson’s dividend payout ratio (DPR) is presently 11.08%.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,473 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 43,445 shares in the company, valued at $22,789,074.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Brian S. Tyler sold 3,473 shares of the business’s stock in a transaction that occurred 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 sale, 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 filing with the SEC, which is available at this link. Also, EVP Leann B. Smith sold 186 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total value of $92,256.00. Following the transaction, the executive vice president now 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 corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Intrust Bank NA bought a new stake in shares of McKesson during the 4th quarter worth $206,000. Raymond James & Associates raised its holdings in McKesson by 6.1% in the 4th quarter. Raymond James & Associates now owns 153,180 shares of the company’s stock valued at $70,919,000 after buying an additional 8,784 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in McKesson by 6.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock worth $39,714,000 after acquiring an additional 5,425 shares during the last quarter. Heritage Wealth Management LLC bought a new position in shares of McKesson during the fourth quarter valued at $1,538,000. Finally, Insight Wealth Strategies LLC acquired a new stake in McKesson in the fourth quarter valued at $1,813,000. 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.