Wells Fargo & Company Raises McKesson (NYSE:MCK) Price Target to $933.00

McKesson (NYSE:MCK) had its price target raised by investment analysts at Wells Fargo & Company from $812.00 to $933.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 6.26% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Evercore reiterated an “outperform” rating on shares of McKesson in a report on Thursday. Barclays cut their price objective on McKesson from $1,050.00 to $925.00 and set an “overweight” rating for the company in a report on Wednesday, June 10th. Weiss Ratings cut shares of McKesson from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. cut their price target on McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Finally, Morgan Stanley reissued an “overweight” rating on shares of McKesson in a research report on Friday. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $977.00.

McKesson Trading Up 1.0%

Shares of MCK opened at $878.01 on Tuesday. McKesson has a 12-month low of $637.00 and a 12-month high of $999.00. The stock has a market cap of $102.37 billion, a P/E ratio of 23.50, a PEG ratio of 1.71 and a beta of 0.30. The company has a 50-day moving average of $803.51 and a two-hundred day moving average of $841.38.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, topping analysts’ consensus estimates of $9.56 by $0.37. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The business had revenue of $105.38 billion during the quarter, compared to analysts’ expectations of $103.88 billion. During the same period last year, the company posted $8.26 EPS. The company’s revenue was up 7.7% on a year-over-year basis. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. As a group, analysts forecast that McKesson will post 44.59 EPS for the current fiscal year.

Insider Activity at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $764.00, for a total value of $101,612.00. Following the completion of the transaction, the chief accounting officer owned 632 shares in the company, valued at $482,848. The trade was a 17.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michele Lau sold 3,550 shares of McKesson stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total value of $2,701,869.50. Following the completion of the sale, the executive vice president owned 3,247 shares of the company’s stock, valued at approximately $2,471,259.23. The trade was a 52.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 28,748 shares of company stock worth $22,262,035. 0.06% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On McKesson

Several institutional investors have recently modified their holdings of the stock. University of Texas Texas AM Investment Management Co. bought a new position in shares of McKesson during the fourth quarter worth $25,000. Swiss RE Ltd. acquired a new stake in McKesson during the 4th quarter worth approximately $26,000. State of Wyoming bought a new position in McKesson in the second quarter valued at approximately $29,000. Kingdom Financial Group LLC. acquired a new position in shares of McKesson in the fourth quarter valued at approximately $33,000. Finally, Birchwood Financial Partners Inc. bought a new stake in shares of McKesson during the fourth quarter worth $33,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

About McKesson

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.