Needham & Company LLC Reiterates $179.00 Price Target for McKesson Corporation (MCK)
Several other equities analysts have also recently weighed in on MCK. Vetr raised McKesson Corporation from a buy rating to a strong-buy rating and set a $181.27 price objective for the company in a research report on Monday, June 19th. UBS AG reissued a neutral rating and set a $166.00 price objective (up previously from $156.00) on shares of McKesson Corporation in a research report on Monday, June 26th. Leerink Swann boosted their price objective on McKesson Corporation to $170.00 and gave the stock a market perform rating in a research report on Thursday, June 29th. Zacks Investment Research raised McKesson Corporation from a hold rating to a buy rating and set a $184.00 price objective for the company in a research report on Wednesday, July 12th. Finally, Jefferies Group LLC raised McKesson Corporation from a hold rating to a buy rating and set a $153.00 price objective for the company in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $172.45.
Shares of McKesson Corporation (NYSE:MCK) opened at 149.96 on Monday. McKesson Corporation has a 12-month low of $114.53 and a 12-month high of $169.29. The firm’s 50-day moving average price is $151.85 and its 200 day moving average price is $153.48. The stock has a market capitalization of $31.53 billion, a P/E ratio of 6.80 and a beta of 1.17.
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 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 business had revenue of $51.05 billion for the quarter, compared to analyst estimates of $51.22 billion. During the same period in the prior year, the firm posted $3.50 EPS. McKesson Corporation’s revenue for the quarter was up 2.7% on a year-over-year basis. Analysts predict that McKesson Corporation will post $12.06 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 1st were given a dividend of $0.34 per share. The ex-dividend date was Wednesday, August 30th. This is a positive change from McKesson Corporation’s previous quarterly dividend of $0.28. This represents a $1.36 dividend on an annualized basis and a yield of 0.91%. McKesson Corporation’s dividend payout ratio is 6.07%.
In related news, Director Marie L/Ca Knowles sold 1,083 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $162.55, for a total transaction of $176,041.65. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Erin M. Lampert sold 900 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $155.65, for a total value of $140,085.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 952,066 shares of company stock worth $145,736,987. 1.20% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in McKesson Corporation by 0.9% during the 1st quarter. Wellington Management Group LLP now owns 22,730,846 shares of the company’s stock worth $3,370,074,000 after acquiring an additional 192,254 shares during the last quarter. BlackRock Inc. grew its position in McKesson Corporation by 8.0% during the 2nd quarter. BlackRock Inc. now owns 15,330,001 shares of the company’s stock worth $2,522,396,000 after acquiring an additional 1,131,024 shares during the last quarter. Vanguard Group Inc. grew its position in McKesson Corporation by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 14,090,544 shares of the company’s stock worth $2,318,457,000 after acquiring an additional 62,004 shares during the last quarter. Ballentine Partners LLC bought a new stake in McKesson Corporation during the 1st quarter worth approximately $191,000. Finally, Massachusetts Financial Services Co. MA grew its position in McKesson Corporation by 3.8% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 4,927,553 shares of the company’s stock worth $730,560,000 after acquiring an additional 180,107 shares during the last quarter. Institutional investors and hedge funds own 85.16% of the company’s stock.
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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