Wells Fargo & Company Issues Positive Forecast for McKesson (NYSE:MCK) Stock Price

McKesson (NYSE:MCK) had its price objective increased by Wells Fargo & Company from $691.00 to $766.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

MCK has been the subject of several other reports. Bank of America raised their price objective on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Mizuho raised their price objective on McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Wall Street Zen raised McKesson from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 30th. Cfra Research downgraded McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Finally, UBS Group raised their price objective on McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $692.46.

McKesson Trading Down 0.9%

Shares of MCK stock opened at $715.33 on Tuesday. The company has a market cap of $89.50 billion, a price-to-earnings ratio of 32.75, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53. The stock has a 50 day simple moving average of $697.33 and a 200-day simple moving average of $639.30. McKesson has a 12-month low of $464.42 and a 12-month high of $731.00.

McKesson (NYSE:MCK) last released its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, beating the consensus estimate of $9.83 by $0.29. McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. The firm had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. During the same period last year, the business posted $6.18 EPS. McKesson’s quarterly revenue was up 18.9% on a year-over-year basis. On average, equities analysts forecast that McKesson will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.40%. The ex-dividend date is Monday, June 2nd. McKesson’s dividend payout ratio (DPR) is 10.99%.

Insider Transactions at McKesson

In other McKesson news, EVP Leann B. Smith sold 1,248 shares of the business’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total transaction of $895,190.40. Following the transaction, the executive vice president now owns 2,621 shares in the company, valued at $1,880,043.30. The trade was a 32.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Britt J. Vitalone sold 6,336 shares of the business’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $4,544,812.80. Following the transaction, the chief financial officer now owns 14,760 shares in the company, valued at approximately $10,587,348. This represents a 30.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,747 shares of company stock worth $9,852,587 over the last quarter. 0.11% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. lifted its stake in shares of McKesson by 8.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company’s stock worth $1,622,754,000 after purchasing an additional 222,496 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of McKesson by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company’s stock worth $1,513,195,000 after acquiring an additional 10,015 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of McKesson by 4.6% in the fourth quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company’s stock worth $1,493,704,000 after acquiring an additional 114,396 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of McKesson by 75,632.7% in the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock worth $1,610,567,000 after acquiring an additional 2,389,992 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of McKesson in the fourth quarter worth about $1,200,361,000. 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.