McKesson (NYSE:MCK) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

McKesson (NYSE:MCK) had its price target lifted by Wells Fargo & Company from $772.00 to $816.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

MCK has been the topic of several other research reports. Wall Street Zen lowered McKesson from a “buy” rating to a “hold” rating in a report on Saturday, September 20th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of McKesson from $775.00 to $856.00 and gave the stock a “buy” rating in a report on Wednesday. Evercore ISI lifted their price objective on McKesson from $760.00 to $800.00 and gave the company an “outperform” rating in a research report on Wednesday, July 9th. Morgan Stanley restated an “overweight” rating and issued a $810.00 price target (up previously from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Finally, Bank of America boosted their price objective on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $829.08.

McKesson Trading Up 3.3%

MCK stock opened at $760.82 on Wednesday. The company’s 50 day moving average is $697.79 and its two-hundred day moving average is $699.19. The stock has a market cap of $94.63 billion, a P/E ratio of 30.34, a PEG ratio of 1.32 and a beta of 0.51. McKesson has a twelve month low of $479.15 and a twelve month high of $770.00.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). The firm had revenue of $97.83 billion during the quarter, compared to analysts’ expectations of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. McKesson’s quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $7.88 EPS. On average, equities research analysts predict that McKesson will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from McKesson’s previous quarterly dividend of $0.71. McKesson’s payout ratio is currently 13.08%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the sale, the chief executive officer owned 4,012 shares in the company, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the sale, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. This represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,560 shares of company stock worth $30,438,602 in the last ninety days. 0.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On McKesson

Several institutional investors and hedge funds have recently bought and sold shares of the business. Brighton Jones LLC grew its holdings in shares of McKesson by 46.3% in the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company’s stock worth $1,438,000 after purchasing an additional 798 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of McKesson in the 4th quarter valued at about $55,948,000. Mattson Financial Services LLC bought a new stake in shares of McKesson in the 4th quarter valued at about $228,000. Centaurus Financial Inc. grew its holdings in McKesson by 259.6% during the fourth quarter. Centaurus Financial Inc. now owns 7,739 shares of the company’s stock valued at $4,411,000 after purchasing an additional 5,587 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ bought a new stake in McKesson during the 4th quarter worth approximately $24,511,000. 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.