Leerink Partners Issues Positive Forecast for McKesson (NYSE:MCK) Stock Price

McKesson (NYSE:MCK) had its target price hoisted by Leerink Partners from $785.00 to $850.00 in a research note released on Wednesday morning,Benzinga reports. Leerink Partners currently has an outperform rating on the stock.

MCK has been the subject of a number of other reports. Wall Street Zen downgraded shares of McKesson from a “buy” rating to a “hold” rating in a report on Saturday, September 20th. Morgan Stanley restated an “overweight” rating and set a $810.00 price target (up previously from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Bank of America lifted their price target on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research note on Wednesday. Cowen reiterated a “buy” rating on shares of McKesson in a research report on Thursday, August 7th. Finally, Evercore ISI raised their price objective on McKesson from $760.00 to $800.00 and gave the company an “outperform” rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $826.91.

McKesson Trading Up 2.6%

Shares of NYSE MCK opened at $760.73 on Wednesday. McKesson has a 12 month low of $472.29 and a 12 month high of $770.00. The firm has a market capitalization of $94.62 billion, a price-to-earnings ratio of 30.33, a PEG ratio of 1.43 and a beta of 0.51. The business has a 50-day moving average of $696.23 and a 200-day moving average of $697.91.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $97.83 billion during the quarter, compared to analysts’ expectations of $95.93 billion. During the same period in the prior year, the business earned $7.88 earnings per share. The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. On average, analysts predict that McKesson will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a $0.82 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. McKesson’s payout ratio is presently 13.08%.

Insider Activity at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares of the company’s stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the transaction, the chief executive officer owned 4,012 shares in the company, valued at $2,830,987.56. This represents a 74.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,560 shares of company stock valued at $30,438,602 in the last quarter. Corporate insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On McKesson

Hedge funds have recently modified their holdings of the company. Solstein Capital LLC boosted its holdings in shares of McKesson by 171.4% during the second quarter. Solstein Capital LLC now owns 38 shares of the company’s stock worth $28,000 after purchasing an additional 24 shares during the period. Bank of Jackson Hole Trust increased its holdings in McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after purchasing an additional 18 shares during the period. State of Wyoming bought a new position in McKesson during the 2nd quarter valued at approximately $29,000. CBIZ Investment Advisory Services LLC lifted its holdings in McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after buying an additional 41 shares during the period. Finally, GFG Capital LLC purchased a new stake in McKesson in the 2nd quarter worth approximately $30,000. Hedge funds and other institutional investors 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.