McKesson (NYSE:MCK) Price Target Raised to $596.00 at Barclays

McKesson (NYSE:MCK) had its target price lifted by Barclays from $571.00 to $596.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently issued reports on MCK. Mizuho increased their price objective on shares of McKesson from $450.00 to $505.00 and gave the stock a neutral rating in a research note on Friday, February 9th. Robert W. Baird increased their price target on McKesson from $603.00 to $671.00 and gave the stock an outperform rating in a research note on Wednesday. Citigroup boosted their price objective on McKesson from $575.00 to $620.00 and gave the company a buy rating in a research report on Tuesday, April 30th. TD Cowen increased their target price on McKesson from $563.00 to $652.00 and gave the stock a buy rating in a research report on Wednesday. Finally, Leerink Partnrs reissued an outperform rating on shares of McKesson in a report on Monday, February 26th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, McKesson presently has an average rating of Moderate Buy and a consensus target price of $571.47.

McKesson Trading Up 2.1 %

McKesson stock traded up $11.51 during trading on Wednesday, reaching $555.12. The company had a trading volume of 969,156 shares, compared to its average volume of 716,168. The firm’s 50-day simple moving average is $531.56 and its 200 day simple moving average is $494.15. McKesson has a 52 week low of $373.28 and a 52 week high of $566.01. The firm has a market capitalization of $72.95 billion, a price-to-earnings ratio of 24.80, a price-to-earnings-growth ratio of 1.41 and a beta of 0.45.

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

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be paid a $0.62 dividend. 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 Transactions at McKesson

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

Hedge Funds Weigh In On McKesson

Institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of McKesson in the 4th quarter worth approximately $1,024,140,000. International Assets Investment Management LLC grew its holdings in McKesson by 1,044.5% in the fourth quarter. International Assets Investment Management LLC now owns 821,262 shares of the company’s stock worth $380,228,000 after purchasing an additional 749,504 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of McKesson by 16.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,148,794 shares of the company’s stock worth $2,238,953,000 after purchasing an additional 708,438 shares in the last quarter. TD Asset Management Inc boosted its position in shares of McKesson by 202.8% in the 4th quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock worth $278,778,000 after purchasing an additional 403,312 shares in the last quarter. Finally, Morgan Stanley grew its stake in McKesson by 14.0% during the 3rd quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock worth $1,042,937,000 after buying an additional 294,832 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

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.