Citigroup Lowers McKesson (NYSE:MCK) Price Target to $630.00

McKesson (NYSE:MCK) had its price target dropped by Citigroup from $670.00 to $630.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 23.42% from the stock’s previous close.

A number of other research analysts have also weighed in on MCK. Mizuho raised their target price on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Leerink Partners decreased their target price on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Evercore ISI decreased their target price on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. JPMorgan Chase & Co. raised their target price on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Finally, Robert W. Baird cut their price target on shares of McKesson from $694.00 to $671.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, McKesson presently has a consensus rating of “Moderate Buy” and an average price target of $622.07.

McKesson Trading Up 0.9 %

Shares of MCK opened at $510.45 on Tuesday. The stock has a fifty day moving average price of $570.15 and a 200-day moving average price of $557.58. McKesson has a 12 month low of $417.65 and a 12 month high of $637.51. The firm has a market cap of $66.20 billion, a PE ratio of 22.81, a P/E/G ratio of 1.16 and a beta of 0.44.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. The firm had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. McKesson’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the company posted $7.27 EPS. As a group, research analysts forecast that McKesson will post 32.14 EPS for the current year.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 11,259 shares of company stock worth $6,635,492 over the last 90 days. Corporate insiders own 0.11% of the company’s stock.

Institutional Investors Weigh In On McKesson

Several institutional investors have recently modified their holdings of the company. Newbridge Financial Services Group Inc. lifted its position in shares of McKesson by 2,143.1% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,458 shares of the company’s stock worth $851,000 after purchasing an additional 1,393 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of McKesson during the 2nd quarter worth $12,331,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of McKesson during the 2nd quarter worth $1,090,000. Centennial Bank AR purchased a new stake in shares of McKesson during the 2nd quarter worth $53,000. Finally, RiverFront Investment Group LLC purchased a new stake in shares of McKesson during the 2nd quarter worth $264,000. 85.07% of the stock is owned by hedge funds and other 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.