McKesson (NYSE:MCK) Stock Price Expected to Rise, Evercore ISI Analyst Says

McKesson (NYSE:MCK) had its price objective upped by equities researchers at Evercore ISI from $760.00 to $800.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s price target would suggest a potential upside of 12.04% from the company’s previous close.

MCK has been the topic of several other research reports. Bank of America raised their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Morgan Stanley upped their price objective on McKesson from $745.00 to $770.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 11th. Mizuho lifted their target price on McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a research report on Thursday, April 3rd. Wall Street Zen upgraded McKesson from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 5th. Finally, Wells Fargo & Company set a $766.00 target price on McKesson and gave the company an “equal weight” rating in a research report on Tuesday, June 3rd. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and an average target price of $706.83.

McKesson Stock Down 1.8%

Shares of MCK opened at $714.05 on Wednesday. The company has a market capitalization of $89.33 billion, a P/E ratio of 27.64, a price-to-earnings-growth ratio of 1.45 and a beta of 0.48. The firm has a 50 day moving average of $715.65 and a 200 day moving average of $661.24. McKesson has a twelve month low of $464.42 and a twelve month high of $737.89.

McKesson (NYSE:MCK) last announced its quarterly earnings results 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. The company had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The firm’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter last year, the firm earned $6.18 earnings per share. On average, sell-side analysts expect that McKesson will post 32.77 EPS for the current year.

Insider Activity at McKesson

In other McKesson news, CFO Britt J. Vitalone sold 6,336 shares of McKesson stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $717.30, for a total value of $4,544,812.80. Following the sale, the chief financial officer directly owned 14,760 shares in the company, valued at approximately $10,587,348. The trade was a 30.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of McKesson stock in a transaction on Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the sale, the chief accounting officer owned 1,972 shares in the company, valued at approximately $1,432,677.72. This represents a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,117 shares of company stock worth $23,526,451 in the last 90 days. Company insiders own 0.08% of the company’s stock.

Institutional Trading of McKesson

Institutional investors and hedge funds have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. increased its holdings in shares of McKesson by 54.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company’s stock worth $3,056,000 after buying an additional 1,592 shares during the last quarter. Dynamic Advisor Solutions LLC increased its holdings in shares of McKesson by 16.6% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock worth $524,000 after buying an additional 111 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in shares of McKesson by 18.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock worth $15,501,000 after buying an additional 3,659 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of McKesson by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company’s stock worth $123,332,000 after buying an additional 7,556 shares during the last quarter. Finally, CWA Asset Management Group LLC increased its holdings in shares of McKesson by 6.3% in the 1st quarter. CWA Asset Management Group LLC now owns 979 shares of the company’s stock worth $659,000 after buying an additional 58 shares during the last quarter. 85.07% of the stock is currently owned by 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.