Bank of America Issues Pessimistic Forecast for McKesson (NYSE:MCK) Stock Price

McKesson (NYSE:MCK) had its price target dropped by equities researchers at Bank of America from $680.00 to $650.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 11.37% from the stock’s current price.

MCK has been the subject of a number of other research reports. Baird R W raised shares of McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Evercore ISI increased their price target on McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Citigroup upped their target price on McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Wells Fargo & Company raised their price objective on McKesson from $535.00 to $641.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. Finally, Leerink Partners cut their target price on McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $648.71.

McKesson Price Performance

Shares of McKesson stock traded up $6.20 on Monday, hitting $583.64. 438,421 shares of the company’s stock traded hands, compared to its average volume of 496,311. McKesson has a one year low of $464.42 and a one year high of $637.51. The stock has a market capitalization of $74.09 billion, a PE ratio of 30.22, a price-to-earnings-growth ratio of 1.25 and a beta of 0.49. The firm’s 50-day moving average price is $584.70 and its two-hundred day moving average price is $561.54.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, topping the consensus estimate of $6.88 by $0.19. The firm had revenue of $93.65 billion for the quarter, compared to analyst estimates of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The company’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same period in the previous year, the company posted $6.23 earnings per share. On average, analysts forecast that McKesson will post 32.73 earnings per share for the current fiscal year.

Insider Activity

In other McKesson news, EVP Leann B. Smith sold 579 shares of McKesson stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $572.79, for a total value of $331,645.41. Following the completion of the sale, the executive vice president now directly owns 864 shares in the company, valued at approximately $494,890.56. The trade was a 40.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.11% of the stock is owned by company insiders.

Institutional Trading of McKesson

Several hedge funds have recently modified their holdings of MCK. Wolff Wiese Magana LLC raised its holdings in shares of McKesson by 742.9% during the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock valued at $29,000 after purchasing an additional 52 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in McKesson in the 3rd quarter valued at about $29,000. RPg Family Wealth Advisory LLC acquired a new position in McKesson during the 3rd quarter worth approximately $31,000. ORG Wealth Partners LLC bought a new position in McKesson in the third quarter worth approximately $40,000. Finally, Centennial Bank AR bought a new stake in shares of McKesson during the second quarter valued at approximately $53,000. 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.