McKesson (NYSE:MCK) Price Target Raised to $933.00

McKesson (NYSE:MCK) had its price target lifted by Wells Fargo & Company from $812.00 to $933.00 in a research report sent to investors on Tuesday, MarketBeat.com reports. They currently have an equal weight rating on the stock.

MCK has been the topic of several other research reports. Evercore reaffirmed an “outperform” rating on shares of McKesson in a report on Thursday, August 6th. UBS Group increased their price objective on shares of McKesson from $1,050.00 to $1,080.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Robert W. Baird set a $1,015.00 price objective on shares of McKesson in a research report on Thursday, August 6th. Wall Street Zen cut shares of McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, William Blair started coverage on shares of McKesson in a report on Tuesday, April 28th. They issued an “outperform” rating for the company. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $977.00.

McKesson Stock Performance

NYSE:MCK opened at $858.59 on Tuesday. The stock has a 50-day simple moving average of $811.60 and a two-hundred day simple moving average of $842.63. McKesson has a 52-week low of $661.69 and a 52-week high of $999.00. The firm has a market capitalization of $100.10 billion, a PE ratio of 22.98, a P/E/G ratio of 1.73 and a beta of 0.30.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 EPS for the quarter, topping analysts’ consensus estimates of $9.56 by $0.37. The business had revenue of $105.38 billion during the quarter, compared to analysts’ expectations of $103.88 billion. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The business’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $8.26 earnings per share. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Equities analysts forecast that McKesson will post 44.65 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.94 per share. This is an increase from McKesson’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.76 dividend on an annualized basis and a yield of 0.4%. McKesson’s payout ratio is 8.78%.

Insider Activity

In related news, CEO Brian S. Tyler sold 8,463 shares of the firm’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $793.56, for a total transaction of $6,715,898.28. Following the completion of the transaction, the chief executive officer directly owned 5,919 shares of the company’s stock, valued at approximately $4,697,081.64. This trade represents a 58.84% 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 Thomas L. Rodgers sold 699 shares of McKesson stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $735.27, for a total transaction of $513,953.73. Following the completion of the sale, the executive vice president owned 2,268 shares in the company, valued at approximately $1,667,592.36. This represents a 23.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 29,049 shares of company stock valued at $22,530,626. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On McKesson

Several large investors have recently made changes to their positions in MCK. BlackRock Inc. purchased a new position in McKesson during the 2nd quarter valued at approximately $8,156,743,000. Norges Bank purchased a new stake in shares of McKesson during the 4th quarter worth approximately $1,651,137,000. Bank of New York Mellon Corp bought a new position in shares of McKesson during the 2nd quarter valued at approximately $599,060,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of McKesson during the 2nd quarter valued at approximately $495,737,000. Finally, Deutsche Bank AG purchased a new position in shares of McKesson in the second quarter valued at $337,316,000. 85.07% of the stock is owned by institutional investors.

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.