McKesson (NYSE:MCK) Price Target Increased to $670.00 by Analysts at Bank of America

McKesson (NYSE:MCK) had its price objective boosted by Bank of America from $590.00 to $670.00 in a research note published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

MCK has been the subject of a number of other reports. Argus increased their target price on McKesson from $570.00 to $670.00 and gave the stock a buy rating in a report on Monday. Wells Fargo & Company increased their price objective on McKesson from $502.00 to $551.00 and gave the stock an equal weight rating in a research note on Thursday, May 9th. Evercore ISI boosted their target price on shares of McKesson from $590.00 to $600.00 and gave the company an outperform rating in a research note on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of McKesson from $547.00 to $545.00 and set a buy rating for the company in a research report on Thursday, May 9th. Finally, Robert W. Baird boosted their price target on shares of McKesson from $603.00 to $671.00 and gave the company an outperform rating in a research report on Wednesday, May 8th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $590.47.

McKesson Price Performance

MCK opened at $604.42 on Tuesday. The company has a market capitalization of $78.57 billion, a P/E ratio of 27.01, a P/E/G ratio of 1.41 and a beta of 0.47. The firm’s fifty day moving average price is $561.74 and its two-hundred day moving average price is $522.73. McKesson has a fifty-two week low of $395.30 and a fifty-two week high of $612.17.

McKesson (NYSE:MCK) last released its quarterly earnings data on Tuesday, May 7th. The company reported $6.18 EPS for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). The business had revenue of $76.36 billion for the quarter, compared to the consensus estimate of $79.32 billion. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. McKesson’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the business posted $7.19 earnings per share. On average, equities research analysts expect that McKesson will post 31.54 EPS for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 0.41%. The ex-dividend date is Monday, June 3rd. McKesson’s dividend payout ratio is 11.08%.

Insiders Place Their Bets

In other news, Director Maria Martinez sold 483 shares of McKesson stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $585.88, for a total transaction of $282,980.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total value of $2,155,760.73. Following the completion of the sale, the chief executive officer now owns 89,845 shares in the company, valued at $51,607,866.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Maria Martinez sold 483 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $585.88, for a total value of $282,980.04. The disclosure for this sale can be found here. In the last three months, insiders sold 25,814 shares of company stock valued at $14,511,649. 0.21% of the stock is currently owned by insiders.

Institutional Trading of McKesson

Institutional investors and hedge funds have recently modified their holdings of the stock. Sachetta LLC bought a new stake in McKesson in the fourth quarter valued at approximately $27,000. LRI Investments LLC bought a new position in McKesson during the first quarter worth about $28,000. Register Financial Advisors LLC acquired a new position in McKesson in the first quarter valued at about $29,000. BKM Wealth Management LLC bought a new stake in shares of McKesson in the fourth quarter worth about $31,000. Finally, Richardson Financial Services Inc. acquired a new stake in shares of McKesson during the fourth quarter worth about $31,000. 85.07% of the stock is owned by institutional investors.

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.