McKesson (NYSE:MCK) Hits New 52-Week High at $466.99

McKesson Co. (NYSE:MCK)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $466.99 and last traded at $466.63, with a volume of 49155 shares changing hands. The stock had previously closed at $461.86.

Analyst Ratings Changes

Several research firms recently weighed in on MCK. TD Cowen increased their price objective on shares of McKesson from $491.00 to $495.00 and gave the stock an “outperform” rating in a research note on Monday, August 7th. Evercore ISI increased their price objective on shares of McKesson from $485.00 to $490.00 in a research note on Wednesday, October 11th. Mizuho increased their price objective on shares of McKesson from $427.00 to $450.00 and gave the stock a “neutral” rating in a research note on Friday, November 3rd. Credit Suisse Group increased their price objective on shares of McKesson from $450.00 to $485.00 and gave the stock an “outperform” rating in a research note on Friday, August 11th. Finally, Argus upped their target price on shares of McKesson from $450.00 to $480.00 and gave the stock a “buy” rating in a research report on Monday, October 9th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $469.09.

McKesson Price Performance

The firm’s fifty day moving average price is $443.17 and its 200-day moving average price is $418.06. The firm has a market capitalization of $63.31 billion, a P/E ratio of 18.54, a PEG ratio of 1.62 and a beta of 0.56.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, November 1st. The company reported $6.23 earnings per share for the quarter, topping analysts’ consensus estimates of $6.11 by $0.12. The firm had revenue of $77.22 billion during the quarter, compared to analysts’ expectations of $76.03 billion. McKesson had a net margin of 1.20% and a negative return on equity of 241.79%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period last year, the firm posted $6.06 earnings per share. Analysts expect that McKesson Co. will post 27.23 earnings per share for the current year.

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 1st will be given a $0.62 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $2.48 annualized dividend and a dividend yield of 0.53%. McKesson’s dividend payout ratio (DPR) is presently 9.80%.

Insiders Place Their Bets

In other McKesson news, EVP Leann B. Smith sold 660 shares of the stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $461.26, for a total value of $304,431.60. Following the completion of the sale, the executive vice president now owns 1,325 shares in the company, valued at approximately $611,169.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Leann B. Smith sold 660 shares of the stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $461.26, for a total transaction of $304,431.60. Following the transaction, the executive vice president now owns 1,325 shares in the company, valued at approximately $611,169.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 10,521 shares of the stock in a transaction on Thursday, October 12th. The stock was sold at an average price of $460.00, for a total transaction of $4,839,660.00. Following the transaction, the chief executive officer now owns 67,408 shares in the company, valued at approximately $31,007,680. The disclosure for this sale can be found here. Insiders sold a total of 69,082 shares of company stock worth $30,258,690 in the last quarter. 0.21% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Bailard Inc. grew its stake in McKesson by 4.1% in the 1st quarter. Bailard Inc. now owns 1,563 shares of the company’s stock valued at $557,000 after buying an additional 61 shares during the last quarter. GW&K Investment Management LLC acquired a new position in McKesson in the 1st quarter valued at $71,000. Kendall Capital Management grew its stake in McKesson by 73.9% in the 2nd quarter. Kendall Capital Management now owns 1,687 shares of the company’s stock valued at $721,000 after buying an additional 717 shares during the last quarter. Zimmermann Investment Management & Planning LLC grew its stake in McKesson by 5.1% in the 2nd quarter. Zimmermann Investment Management & Planning LLC now owns 3,541 shares of the company’s stock valued at $1,513,000 after buying an additional 171 shares during the last quarter. Finally, Strategy Asset Managers LLC grew its stake in McKesson by 1.9% in the 1st quarter. Strategy Asset Managers LLC now owns 2,492 shares of the company’s stock valued at $887,000 after buying an additional 46 shares during the last quarter. Institutional investors and hedge funds own 82.69% 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.