McKesson (NYSE:MCK) Given New $800.00 Price Target at Bank of America

McKesson (NYSE:MCK) had its price objective raised by Bank of America from $755.00 to $800.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also issued reports about the company. Evercore ISI boosted their price target on McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Wells Fargo & Company increased their price target on shares of McKesson from $641.00 to $691.00 and gave the company an “equal weight” rating in a research report on Friday, March 14th. Mizuho lifted their price objective on shares of McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a research report on Thursday, April 3rd. Morgan Stanley boosted their price objective on shares of McKesson from $642.00 to $745.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. Finally, UBS Group raised their target price on shares of McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $686.69.

McKesson Price Performance

MCK stock opened at $694.12 on Friday. McKesson has a 1-year low of $464.42 and a 1-year high of $728.48. The business has a 50-day moving average price of $678.24 and a 200 day moving average price of $620.09. The company has a market capitalization of $86.99 billion, a P/E ratio of 31.78, a PEG ratio of 1.29 and a beta of 0.53.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating the consensus estimate of $9.83 by $0.29. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. The business had revenue of $90.82 billion during the quarter, compared to analyst estimates of $94 billion. During the same quarter in the previous year, the business posted $6.18 EPS. The company’s quarterly revenue was up 18.9% compared to the same quarter last year. On average, analysts anticipate that McKesson will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.41%. The ex-dividend date is Monday, June 2nd. McKesson’s payout ratio is 13.00%.

Insider Buying and Selling

In other news, CEO Brian S. Tyler sold 8,961 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $597.99, for a total value of $5,358,588.39. Following the completion of the transaction, the chief executive officer now directly owns 60,664 shares in the company, valued at $36,276,465.36. This trade represents a 12.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Leann B. Smith sold 188 shares of McKesson stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total value of $114,602.92. Following the sale, the executive vice president now directly owns 1,051 shares of the company’s stock, valued at $640,679.09. This trade represents a 15.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,110 shares of company stock worth $10,855,706 in the last 90 days. Insiders own 0.11% of the company’s stock.

Institutional Trading of McKesson

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. raised its stake in shares of McKesson by 8.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company’s stock valued at $1,622,754,000 after buying an additional 222,496 shares during the last quarter. Geode Capital Management LLC grew its holdings in McKesson by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company’s stock worth $1,513,195,000 after acquiring an additional 10,015 shares during the period. Franklin Resources Inc. raised its position in McKesson by 4.6% during the fourth quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company’s stock valued at $1,493,704,000 after acquiring an additional 114,396 shares in the last quarter. GAMMA Investing LLC lifted its holdings in McKesson by 75,632.7% in the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock valued at $1,610,567,000 after acquiring an additional 2,389,992 shares during the period. Finally, Norges Bank acquired a new stake in shares of McKesson during the 4th quarter worth approximately $1,200,361,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

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.