McKesson (NYSE:MCK) Price Target Raised to $916.00 at Morgan Stanley

McKesson (NYSE:MCK) had its target price increased by Morgan Stanley from $857.00 to $916.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 8.50% from the company’s previous close.

A number of other research analysts also recently weighed in on MCK. Mizuho upped their target price on McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a report on Wednesday, September 24th. Zacks Research upgraded McKesson from a “hold” rating to a “strong-buy” rating in a report on Monday, October 27th. Wall Street Zen upgraded McKesson from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of McKesson in a report on Wednesday, October 8th. Finally, Wells Fargo & Company lifted their target price on shares of McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a report on Wednesday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $843.69.

McKesson Price Performance

NYSE:MCK traded down $0.06 during trading hours on Thursday, hitting $844.20. The company had a trading volume of 218,283 shares, compared to its average volume of 845,264. The company has a market capitalization of $105.01 billion, a PE ratio of 33.67, a price-to-earnings-growth ratio of 1.46 and a beta of 0.52. The stock has a 50-day moving average price of $750.73 and a 200 day moving average price of $721.95. McKesson has a 52 week low of $558.13 and a 52 week high of $863.32.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share for the quarter, beating the consensus estimate of $8.84 by $1.02. The business had revenue of $103.15 billion for the quarter, compared to analysts’ expectations of $103.80 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $7.07 earnings per share. Analysts anticipate that McKesson will post 32.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the transaction, the chief executive officer directly owned 4,012 shares in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 24,189 shares of company stock worth $16,722,190. Company insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On McKesson

Several hedge funds have recently modified their holdings of MCK. Solstein Capital LLC raised its holdings in McKesson by 171.4% in the 2nd quarter. Solstein Capital LLC now owns 38 shares of the company’s stock valued at $28,000 after acquiring an additional 24 shares during the last quarter. Bank of Jackson Hole Trust increased its holdings in shares of McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after buying an additional 18 shares during the last quarter. State of Wyoming acquired a new stake in shares of McKesson during the 2nd quarter worth approximately $29,000. CBIZ Investment Advisory Services LLC increased its holdings in shares of McKesson by 1,366.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after buying an additional 41 shares during the last quarter. Finally, GFG Capital LLC acquired a new stake in shares of McKesson during the 2nd quarter worth approximately $30,000. 85.07% of the stock is 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.