McKesson (NYSE:MCK) Given New $989.00 Price Target at TD Cowen

McKesson (NYSE:MCK) had its price objective lowered by analysts at TD Cowen from $1,012.00 to $989.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price target would indicate a potential upside of 19.51% from the stock’s current price.

A number of other research analysts also recently issued reports on MCK. Wall Street Zen downgraded McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Barclays lowered their price target on shares of McKesson from $1,050.00 to $925.00 and set an “overweight” rating on the stock in a report on Wednesday, June 10th. Bank of America reduced their price objective on shares of McKesson from $1,040.00 to $1,000.00 and set a “buy” rating for the company in a research note on Monday, April 6th. UBS Group raised their price objective on shares of McKesson from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, Wells Fargo & Company lowered their target price on shares of McKesson from $925.00 to $812.00 and set an “equal weight” rating on the stock in a research note on Tuesday, May 12th. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $959.00.

McKesson Trading Down 0.5%

McKesson stock traded down $3.90 during trading on Tuesday, reaching $827.56. The company had a trading volume of 97,919 shares, compared to its average volume of 938,376. The firm has a market capitalization of $96.89 billion, a price-to-earnings ratio of 21.48, a price-to-earnings-growth ratio of 1.38 and a beta of 0.31. The firm’s 50-day simple moving average is $773.47 and its 200 day simple moving average is $838.42. McKesson has a 52 week low of $637.00 and a 52 week high of $999.00.

McKesson (NYSE:MCK) last released its quarterly earnings results on Thursday, May 7th. The company reported $11.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $11.56 by $0.13. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The business had revenue of $96.30 billion during the quarter, compared to analyst estimates of $101.35 billion. During the same quarter in the previous year, the company posted $10.12 earnings per share. McKesson’s revenue for the quarter was up 6.0% on a year-over-year basis. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. On average, analysts predict that McKesson will post 44.28 earnings per share for the current year.

Insider Activity at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $764.00, for a total transaction of $101,612.00. Following the completion of the transaction, the chief accounting officer directly owned 632 shares of the company’s stock, valued at approximately $482,848. This trade represents a 17.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michele Lau sold 3,550 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the transaction, the executive vice president directly owned 3,247 shares of the company’s stock, valued at $2,471,259.23. The trade was a 52.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 28,748 shares of company stock worth $22,262,035. 0.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. purchased a new position in McKesson during the 4th quarter valued at approximately $25,000. Swiss RE Ltd. bought a new stake in McKesson in the fourth quarter worth $26,000. State of Wyoming bought a new stake in McKesson in the second quarter worth $29,000. Kingdom Financial Group LLC. purchased a new stake in McKesson during the fourth quarter valued at $33,000. Finally, Birchwood Financial Partners Inc. bought a new position in McKesson during the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Company Profile

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.