Analysts Set Expectations for McKesson FY2029 Earnings

McKesson Corporation (NYSE:MCK) – Investment analysts at Leerink Partnrs issued their FY2029 earnings estimates for McKesson in a report issued on Monday, October 6th. Leerink Partnrs analyst M. Cherny expects that the company will earn $56.30 per share for the year. The consensus estimate for McKesson’s current full-year earnings is $32.77 per share.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company increased their price target on shares of McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 24th. Leerink Partners increased their price target on shares of McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. Bank of America increased their price target on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Evercore ISI increased their price target on shares of McKesson from $800.00 to $825.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. Finally, Cowen reiterated a “buy” rating on shares of McKesson in a research note on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $829.08.

McKesson Stock Performance

MCK stock opened at $750.13 on Tuesday. The firm has a market capitalization of $93.30 billion, a price-to-earnings ratio of 29.91, a PEG ratio of 1.34 and a beta of 0.52. McKesson has a fifty-two week low of $486.77 and a fifty-two week high of $776.14. The company’s 50 day moving average price is $704.07 and its 200 day moving average price is $704.37.

McKesson (NYSE:MCK) last released 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 negative return on equity of 196.66% and a net margin of 0.84%.The firm had revenue of $97.83 billion for the quarter, compared to analysts’ expectations of $95.93 billion. During the same quarter in the previous year, the company posted $7.88 earnings per share. The firm’s quarterly revenue was up 23.4% on a year-over-year basis.

Institutional Investors Weigh In On McKesson

Hedge funds have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. lifted its holdings in shares of McKesson by 54.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company’s stock worth $3,056,000 after purchasing an additional 1,592 shares during the period. Dynamic Advisor Solutions LLC lifted its holdings in shares of McKesson by 16.6% during the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock worth $524,000 after purchasing an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of McKesson by 18.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock worth $15,501,000 after purchasing an additional 3,659 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of McKesson by 22.0% during the first quarter. Acadian Asset Management LLC now owns 378,926 shares of the company’s stock worth $254,979,000 after purchasing an additional 68,294 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of McKesson by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company’s stock worth $123,332,000 after purchasing an additional 7,556 shares during the period. 85.07% of the stock is owned by institutional investors and hedge funds.

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 value 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the sale, the chief executive officer directly owned 4,012 shares of the company’s stock, valued at $2,830,987.56. The trade was a 74.83% 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 three months. Corporate insiders own 0.08% of the company’s stock.

McKesson Increases Dividend

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

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.