McKesson Corporation (MCK) Upgraded to Buy by Jefferies Group LLC
Jefferies Group LLC upgraded shares of McKesson Corporation (NYSE:MCK) from a hold rating to a buy rating in a research report released on Thursday morning. They currently have $153.00 target price on the stock.
A number of other research firms have also weighed in on MCK. UBS AG reissued a neutral rating and issued a $166.00 price objective (up from $156.00) on shares of McKesson Corporation in a research report on Monday, June 26th. Vetr lowered shares of McKesson Corporation from a strong-buy rating to a buy rating and set a $187.51 target price on the stock. in a research report on Monday, July 17th. Leerink Swann raised their target price on shares of McKesson Corporation to $170.00 and gave the stock a market perform rating in a research report on Thursday, June 29th. Barclays PLC set a $187.00 target price on shares of McKesson Corporation and gave the stock a buy rating in a research report on Sunday, June 4th. Finally, Zacks Investment Research raised shares of McKesson Corporation from a hold rating to a buy rating and set a $184.00 target price on the stock in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $171.21.
McKesson Corporation (MCK) traded down 0.23% during mid-day trading on Thursday, hitting $162.14. The company had a trading volume of 825,632 shares. The stock has a 50 day moving average price of $164.70 and a 200-day moving average price of $151.36. The stock has a market capitalization of $34.09 billion, a PE ratio of 7.36 and a beta of 1.13. McKesson Corporation has a 1-year low of $114.53 and a 1-year high of $197.08.
McKesson Corporation (NYSE:MCK) last posted its quarterly earnings data on Thursday, July 27th. The company reported $2.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.81 by $0.35. McKesson Corporation had a return on equity of 25.76% and a net margin of 2.42%. The firm had revenue of $51.05 billion during the quarter, compared to analysts’ expectations of $51.22 billion. During the same period last year, the company earned $3.50 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, analysts forecast that McKesson Corporation will post $12.11 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 1st will be paid a dividend of $0.34 per share. This is an increase from McKesson Corporation’s previous quarterly dividend of $0.28. This represents a $1.36 annualized dividend and a dividend yield of 0.84%. The ex-dividend date is Wednesday, August 30th. McKesson Corporation’s payout ratio is presently 5.00%.
In other news, Chairman John H. Hammergren sold 38,619 shares of McKesson Corporation stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $163.76, for a total transaction of $6,324,247.44. Following the completion of the sale, the chairman now directly owns 19,309 shares in the company, valued at $3,162,041.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman John H. Hammergren sold 19,316 shares of McKesson Corporation stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $162.31, for a total transaction of $3,135,179.96. Following the sale, the chairman now owns 96,644 shares of the company’s stock, valued at $15,686,287.64. The disclosure for this sale can be found here. Insiders have sold 59,148 shares of company stock valued at $9,654,255 over the last quarter. Insiders own 1.20% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of MCK. Wellington Management Group LLP boosted its position in shares of McKesson Corporation by 0.9% in the first quarter. Wellington Management Group LLP now owns 22,730,846 shares of the company’s stock valued at $3,370,074,000 after buying an additional 192,254 shares during the period. BlackRock Inc. boosted its position in shares of McKesson Corporation by 2,026.2% in the first quarter. BlackRock Inc. now owns 14,198,977 shares of the company’s stock valued at $2,105,140,000 after buying an additional 13,531,173 shares during the period. Ballentine Partners LLC acquired a new position in shares of McKesson Corporation during the first quarter valued at about $191,000. Massachusetts Financial Services Co. MA boosted its position in shares of McKesson Corporation by 3.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 4,927,553 shares of the company’s stock valued at $730,560,000 after buying an additional 180,107 shares during the period. Finally, Parnassus Investments CA boosted its position in shares of McKesson Corporation by 310.0% in the first quarter. Parnassus Investments CA now owns 4,280,594 shares of the company’s stock valued at $620,727,000 after buying an additional 3,236,594 shares during the period. 89.04% of the stock is owned by hedge funds and other institutional investors.
About McKesson Corporation
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.
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