McKesson (NYSE:MCK) Sets New 52-Week High – Here’s Why

McKesson Co. (NYSE:MCK) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $666.99 and last traded at $664.09, with a volume of 753756 shares. The stock had previously closed at $661.61.

Analyst Ratings Changes

A number of brokerages have issued reports on MCK. Mizuho began coverage on McKesson in a research note on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 target price for the company. Morgan Stanley raised their target price on McKesson from $612.00 to $642.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. StockNews.com downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 14th. Wells Fargo & Company raised their price objective on McKesson from $641.00 to $691.00 and gave the stock an “equal weight” rating in a research report on Friday, March 14th. Finally, Evercore ISI raised their price objective on McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, McKesson currently has an average rating of “Moderate Buy” and an average price target of $649.36.

McKesson Trading Up 0.4 %

The business has a fifty day moving average of $611.56 and a 200 day moving average of $572.36. The company has a market capitalization of $83.23 billion, a PE ratio of 30.41, a PEG ratio of 1.29 and a beta of 0.52.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.60 by ($0.57). McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. Equities analysts forecast that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Monday, March 3rd. McKesson’s payout ratio is presently 13.00%.

Insider Activity

In related news, CEO Brian S. Tyler sold 8,961 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $600.66, for a total transaction of $5,382,514.26. Following the completion of the sale, the chief executive officer now owns 69,625 shares in the company, valued at $41,820,952.50. The trade was a 11.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Leann B. Smith sold 188 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total value of $114,602.92. Following the sale, the executive vice president now owns 1,051 shares of the company’s stock, valued at approximately $640,679.09. The trade was a 15.17 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,689 shares of company stock worth $11,187,351. 0.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On McKesson

Several institutional investors have recently added to or reduced their stakes in the business. Cibc World Market Inc. increased its position in McKesson by 6.3% during the fourth quarter. Cibc World Market Inc. now owns 20,252 shares of the company’s stock worth $11,542,000 after buying an additional 1,207 shares during the period. Commerce Bank increased its position in McKesson by 2.0% during the third quarter. Commerce Bank now owns 156,781 shares of the company’s stock worth $77,516,000 after buying an additional 3,020 shares during the period. West Oak Capital LLC increased its position in McKesson by 867.7% during the fourth quarter. West Oak Capital LLC now owns 3,000 shares of the company’s stock worth $1,710,000 after buying an additional 2,690 shares during the period. Brentview Investment Management LLC acquired a new position in McKesson during the fourth quarter worth approximately $3,018,000. Finally, Ingalls & Snyder LLC increased its position in McKesson by 8.2% during the fourth quarter. Ingalls & Snyder LLC now owns 13,824 shares of the company’s stock worth $7,878,000 after buying an additional 1,047 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

About McKesson

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.