McKesson (NYSE:MCK) Price Target Raised to $1,255.00

McKesson (NYSE:MCK) had its price target boosted by JPMorgan Chase & Co. from $1,042.00 to $1,255.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other brokerages also recently commented on MCK. Citigroup raised their price objective on McKesson from $945.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Morgan Stanley set a $977.00 target price on McKesson in a research note on Tuesday, October 6th. Royal Bank Of Canada raised their target price on McKesson from $845.00 to $965.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 5th. Evercore reiterated an “outperform” rating and set a $950.00 price target (down from $1,000.00) on shares of McKesson in a research note on Thursday, August 6th. Finally, TD Cowen upped their target price on shares of McKesson from $1,006.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, November 5th. Fifteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,040.29.

McKesson Price Performance

NYSE MCK opened at $1,076.26 on Tuesday. The company’s fifty day moving average is $951.81 and its two-hundred day moving average is $873.19. McKesson has a 52-week low of $723.68 and a 52-week high of $1,121.50. The firm has a market capitalization of $124.27 billion, a price-to-earnings ratio of 25.32, a P/E/G ratio of 1.82 and a beta of 0.27.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $11.68 EPS for the quarter, beating analysts’ consensus estimates of $10.72 by $0.96. McKesson had a net margin of 1.12% and a negative return on equity of 202.94%. The business had revenue of $110.96 billion during the quarter, compared to analyst estimates of $109.90 billion. During the same quarter in the prior year, the business earned $9.86 earnings per share. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. As a group, sell-side analysts expect that McKesson will post 46.16 earnings per share for the current fiscal year.

McKesson Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 1st will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Tuesday, December 1st. McKesson’s dividend payout ratio is presently 9.67%.

Insider Activity at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 111 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $891.45, for a total value of $98,950.95. Following the completion of the sale, the chief accounting officer owned 521 shares of the company’s stock, valued at $464,445.45. This trade represents a 17.56% decrease in their ownership of the stock. The sale 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 Francisco Fraga sold 650 shares of the business’s stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $1,102.96, for a total transaction of $716,924.00. Following the completion of the transaction, the executive vice president owned 4,414 shares of the company’s stock, valued at $4,868,465.44. This trade represents a 12.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 2,161 shares of company stock worth $2,242,515 over the last three months. 0.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MCK. Twin Peaks Wealth Advisors LLC grew its holdings in McKesson by 4.1% during the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 966 shares of the company’s stock worth $825,000 after acquiring an additional 38 shares during the period. Meeder Advisory Services Inc. lifted its stake in shares of McKesson by 6.0% in the 3rd quarter. Meeder Advisory Services Inc. now owns 4,422 shares of the company’s stock valued at $3,776,000 after purchasing an additional 249 shares during the period. Benjamin Edwards Inc. boosted its position in shares of McKesson by 0.6% in the 3rd quarter. Benjamin Edwards Inc. now owns 2,781 shares of the company’s stock worth $2,374,000 after purchasing an additional 17 shares during the last quarter. BNP Paribas bought a new position in shares of McKesson in the 3rd quarter worth $47,243,000. Finally, Allianz SE grew its stake in shares of McKesson by 92.6% during the third quarter. Allianz SE now owns 597 shares of the company’s stock worth $510,000 after purchasing an additional 287 shares during the period. 85.07% of the stock is currently owned by institutional investors.

About McKesson

McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and other medical products. Its customers include pharmacies, hospitals, health systems, clinics and other healthcare providers. The company also provides medical-surgical supplies and technology and services that support pharmacy operations, prescription management and care delivery. Its offerings include specialized support for oncology and other areas of care. Founded in 1833, McKesson serves customers primarily in the United States and Canada.