McKesson (NYSE:MCK) PT Lowered to $579.00

McKesson (NYSE:MCK) had its target price cut by Deutsche Bank Aktiengesellschaft from $623.00 to $579.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also commented on MCK. Wells Fargo & Company reduced their price objective on shares of McKesson from $576.00 to $535.00 and set an equal weight rating for the company in a research note on Friday, September 13th. Baird R W lowered shares of McKesson from a strong-buy rating to a hold rating in a research report on Tuesday. Leerink Partners lowered their price objective on McKesson from $670.00 to $665.00 and set an outperform rating on the stock in a research report on Thursday, September 5th. JPMorgan Chase & Co. boosted their target price on McKesson from $656.00 to $661.00 and gave the stock an overweight rating in a research report on Wednesday, August 21st. Finally, Barclays upped their price objective on shares of McKesson from $596.00 to $616.00 and gave the stock an overweight rating in a research report on Thursday, August 8th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $613.36.

McKesson Trading Down 0.3 %

NYSE:MCK opened at $479.24 on Wednesday. The firm’s 50 day moving average is $556.72 and its 200 day moving average is $556.74. McKesson has a 12 month low of $431.35 and a 12 month high of $637.51. The stock has a market capitalization of $62.15 billion, a PE ratio of 21.41, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping the consensus estimate of $7.21 by $0.67. The company had revenue of $79.28 billion during the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $7.27 EPS. Research analysts predict that McKesson will post 32.07 earnings per share for the current year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be given a $0.71 dividend. The ex-dividend date is Friday, August 30th. This represents a $2.84 annualized dividend and a yield of 0.59%. This is an increase from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is presently 12.69%.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the completion of the sale, the chief executive officer now directly owns 82,339 shares in the company, valued at approximately $51,546,684.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders sold 11,259 shares of company stock valued at $6,635,492. 0.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On McKesson

Hedge funds have recently modified their holdings of the company. Swedbank AB bought a new stake in shares of McKesson in the first quarter worth about $669,326,000. Bessemer Group Inc. increased its stake in shares of McKesson by 3,621.7% during the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after buying an additional 340,007 shares during the period. Bristol Gate Capital Partners Inc. bought a new position in shares of McKesson during the first quarter valued at approximately $97,510,000. Third Point LLC purchased a new stake in McKesson in the fourth quarter worth $76,392,000. Finally, American Century Companies Inc. boosted its holdings in McKesson by 134.6% in the second quarter. American Century Companies Inc. now owns 220,619 shares of the company’s stock valued at $128,850,000 after acquiring an additional 126,567 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

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.