McKesson (NYSE:MCK) Price Target Increased to $652.00 by Analysts at TD Cowen

McKesson (NYSE:MCK) had its price objective increased by TD Cowen from $563.00 to $652.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on MCK. Robert W. Baird increased their target price on shares of McKesson from $603.00 to $671.00 and gave the stock an outperform rating in a report on Wednesday. UBS Group lifted their target price on McKesson from $620.00 to $630.00 and gave the company a buy rating in a report on Wednesday. SVB Leerink started coverage on McKesson in a report on Monday, February 26th. They set an outperform rating and a $600.00 price target on the stock. Evercore ISI increased their price target on McKesson from $590.00 to $600.00 and gave the company an outperform rating in a research report on Wednesday. Finally, Leerink Partnrs reissued an outperform rating on shares of McKesson in a research report on Monday, February 26th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, McKesson presently has an average rating of Moderate Buy and an average price target of $571.47.

McKesson Price Performance

Shares of NYSE:MCK traded up $11.51 during midday trading on Wednesday, reaching $555.12. 969,156 shares of the company’s stock were exchanged, compared to its average volume of 716,168. The firm’s 50 day simple moving average is $531.56 and its two-hundred day simple moving average is $494.15. McKesson has a fifty-two week low of $373.28 and a fifty-two week high of $566.01. The stock has a market cap of $72.95 billion, a price-to-earnings ratio of 24.80, a P/E/G ratio of 1.41 and a beta of 0.45.

McKesson (NYSE:MCK) last released its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). McKesson had a net margin of 0.99% and a negative return on equity of 262.63%. The company had revenue of $76.36 billion during the quarter, compared to analysts’ expectations of $79.32 billion. During the same period last year, the firm posted $7.19 earnings per share. McKesson’s revenue was up 10.8% on a year-over-year basis. Equities research analysts predict that McKesson will post 27.59 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 0.45%. The ex-dividend date is Friday, May 31st. McKesson’s payout ratio is 11.08%.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,473 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the transaction, the chief executive officer now owns 43,445 shares in the company, valued at approximately $22,789,074.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Leann B. Smith sold 186 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total value of $92,256.00. Following the completion of the sale, the executive vice president now owns 1,511 shares in the company, valued at approximately $749,456. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 3,473 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the transaction, the chief executive officer now directly owns 43,445 shares in the company, valued at $22,789,074.75. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On McKesson

Several hedge funds have recently made changes to their positions in MCK. Intrust Bank NA purchased a new position in shares of McKesson in the 4th quarter valued at approximately $206,000. Raymond James & Associates increased its stake in McKesson by 6.1% in the 4th quarter. Raymond James & Associates now owns 153,180 shares of the company’s stock valued at $70,919,000 after buying an additional 8,784 shares during the period. Allspring Global Investments Holdings LLC raised its position in McKesson by 6.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock worth $39,714,000 after buying an additional 5,425 shares during the last quarter. Heritage Wealth Management LLC acquired a new stake in shares of McKesson in the 4th quarter worth $1,538,000. Finally, Insight Wealth Strategies LLC purchased a new stake in McKesson in the 4th quarter valued at approximately $1,813,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Company Profile

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.