McKesson (NYSE:MCK) Given New $770.00 Price Target at Mizuho

McKesson (NYSE:MCK) had its price objective hoisted by Mizuho from $750.00 to $770.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, September 20th. Bank of America raised their price target on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday. UBS Group upped their price objective on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday. Leerink Partners increased their price objective on McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Wells Fargo & Company boosted their target price on McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $826.91.

McKesson Stock Up 2.6%

MCK opened at $760.73 on Wednesday. McKesson has a 52 week low of $472.29 and a 52 week high of $770.00. The business’s 50 day moving average is $696.23 and its two-hundred day moving average is $697.91. The firm has a market cap of $94.62 billion, a price-to-earnings ratio of 30.33, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). The firm had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. McKesson’s revenue was up 23.4% compared to the same quarter last year. During the same period in the previous year, the company posted $7.88 earnings per share. Equities analysts expect that McKesson will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

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

Insider Buying and Selling

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer owned 657 shares of the company’s stock, valued at $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the transaction, the chief executive officer owned 4,012 shares of the company’s stock, valued at $2,830,987.56. The trade was a 74.83% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,560 shares of company stock worth $30,438,602. Company insiders own 0.08% of the company’s stock.

Institutional Trading of McKesson

A number of institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its holdings in McKesson by 75,632.7% in the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock valued at $1,610,567,000 after buying an additional 2,389,992 shares in the last quarter. Norges Bank acquired a new stake in shares of McKesson in the 2nd quarter worth approximately $1,346,661,000. Alliancebernstein L.P. increased its stake in McKesson by 150.4% in the 2nd quarter. Alliancebernstein L.P. now owns 2,268,015 shares of the company’s stock valued at $1,661,956,000 after purchasing an additional 1,362,386 shares in the last quarter. Nuveen LLC acquired a new position in McKesson during the first quarter worth $475,235,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in McKesson by 56.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,236,536 shares of the company’s stock worth $906,109,000 after purchasing an additional 446,060 shares during the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

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.