McKesson (NYSE:MCK) Given New $853.00 Price Target at JPMorgan Chase & Co.

McKesson (NYSE:MCK) had its price objective lifted by JPMorgan Chase & Co. from $821.00 to $853.00 in a research report released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

MCK has been the subject of a number of other reports. Citigroup lifted their price objective on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” 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. Evercore ISI increased their target price on McKesson from $800.00 to $825.00 and gave the company an “outperform” rating in a report on Wednesday. Leerink Partners increased their target price on McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, UBS Group increased their target price on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, McKesson has an average rating of “Moderate Buy” and an average price target of $829.08.

McKesson Stock Performance

Shares of MCK stock opened at $760.82 on Friday. The company has a market capitalization of $94.63 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 1.32 and a beta of 0.51. McKesson has a 52-week low of $479.15 and a 52-week high of $770.00. The company has a 50-day simple moving average of $697.79 and a two-hundred day simple moving average of $699.19.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (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 during the quarter, compared to the consensus estimate of $95.93 billion. During the same quarter in the previous year, the firm earned $7.88 earnings per share. The business’s quarterly revenue was up 23.4% compared to the same quarter last year. On average, sell-side analysts forecast that McKesson will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued 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 of this dividend is Tuesday, September 2nd. McKesson’s dividend payout ratio is presently 13.08%.

Insider Activity

In other news, 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 sale, the chief executive officer owned 27,872 shares of the company’s stock, valued at $19,735,884.48. This trade represents a 41.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s 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 sale, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. The trade was a 33.37% 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 over the last ninety days. Corporate insiders own 0.08% of the company’s stock.

Institutional Trading of McKesson

Institutional investors have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. boosted its holdings in shares of McKesson by 54.0% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company’s stock valued at $3,056,000 after acquiring an additional 1,592 shares during the last quarter. Dynamic Advisor Solutions LLC boosted its holdings in shares of McKesson by 16.6% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock valued at $524,000 after acquiring an additional 111 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of McKesson by 18.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock valued at $15,501,000 after purchasing an additional 3,659 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of McKesson by 22.0% during the 1st quarter. Acadian Asset Management LLC now owns 378,926 shares of the company’s stock valued at $254,979,000 after purchasing an additional 68,294 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of McKesson by 4.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company’s stock valued at $123,332,000 after purchasing an additional 7,556 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.