TD Cowen Issues Positive Forecast for McKesson (NYSE:MCK) Stock Price

McKesson (NYSE:MCK) had its price target upped by TD Cowen from $830.00 to $864.00 in a research report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also weighed in on MCK. Bank of America increased their target price on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research note on Wednesday. UBS Group boosted their price target on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company raised their price objective on McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a report on Wednesday. Wall Street Zen cut McKesson from a “buy” rating to a “hold” rating in a report on Saturday, September 20th. Finally, Morgan Stanley raised their price target on McKesson from $810.00 to $857.00 and gave the company an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company. According to 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 MCK opened at $760.73 on Wednesday. The company’s fifty day simple moving average is $696.23 and its 200-day simple moving average is $697.91. The company has a market cap of $94.62 billion, a P/E ratio of 30.33, a P/E/G ratio of 1.43 and a beta of 0.51. McKesson has a twelve month low of $472.29 and a twelve month high of $770.00.

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

McKesson Increases Dividend

The business also recently announced 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 represents a $3.28 annualized dividend and a yield of 0.4%. This is a boost from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. McKesson’s payout ratio is presently 13.08%.

Insider Transactions at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, August 8th. The shares were 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 directly 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 filing with the SEC, which can be accessed through this hyperlink. Also, CEO Brian S. Tyler sold 19,371 shares of the firm’s stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the completion of the sale, the chief executive officer owned 27,872 shares in the company, valued at $19,735,884.48. This represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,560 shares of company stock valued at $30,438,602 over the last quarter. 0.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On McKesson

Large investors have recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of McKesson by 1.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock valued at $632,000 after purchasing an additional 14 shares during the last quarter. Cardinal Point Capital Management ULC raised its stake in McKesson by 2.2% in the second quarter. Cardinal Point Capital Management ULC now owns 645 shares of the company’s stock valued at $473,000 after buying an additional 14 shares during the last quarter. CVA Family Office LLC raised its stake in McKesson by 6.0% in the first quarter. CVA Family Office LLC now owns 265 shares of the company’s stock valued at $178,000 after buying an additional 15 shares during the last quarter. Palisade Asset Management LLC boosted its holdings in McKesson by 2.1% in the first quarter. Palisade Asset Management LLC now owns 715 shares of the company’s stock worth $481,000 after acquiring an additional 15 shares in the last quarter. Finally, SteelPeak Wealth LLC grew its stake in shares of McKesson by 0.5% during the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock worth $1,867,000 after acquiring an additional 15 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

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.