Mizuho Forecasts Strong Price Appreciation for McKesson (NYSE:MCK) Stock

McKesson (NYSE:MCK) had its price objective upped by stock analysts at Mizuho from $630.00 to $690.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Mizuho’s target price indicates a potential downside of 4.25% from the company’s previous close.

Several other analysts also recently weighed in on the stock. Bank of America cut their price objective on shares of McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Morgan Stanley raised their target price on McKesson from $642.00 to $745.00 and gave the company an “overweight” rating in a research report on Wednesday. Evercore ISI boosted their price target on McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Citigroup decreased their price target on McKesson from $713.00 to $677.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Finally, Wells Fargo & Company upped their price objective on shares of McKesson from $641.00 to $691.00 and gave the stock an “equal weight” rating in a report on Friday, March 14th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and a consensus target price of $661.00.

McKesson Stock Up 3.9 %

MCK stock traded up $27.06 during midday trading on Thursday, reaching $720.59. The company had a trading volume of 429,566 shares, compared to its average volume of 839,560. The stock has a 50 day moving average price of $629.16 and a 200 day moving average price of $582.85. The firm has a market capitalization of $90.31 billion, a PE ratio of 32.85, a P/E/G ratio of 1.29 and a beta of 0.52. McKesson has a fifty-two week low of $464.42 and a fifty-two week high of $722.81.

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

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 8,961 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $597.99, for a total value of $5,358,588.39. Following the completion of the sale, the chief executive officer now owns 60,664 shares of the company’s stock, valued at $36,276,465.36. This trade represents a 12.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Leann B. Smith sold 188 shares of the company’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total value of $114,602.92. Following the transaction, the executive vice president now directly owns 1,051 shares in the company, valued at $640,679.09. The trade was a 15.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,110 shares of company stock worth $10,855,706 over the last ninety days. 0.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On McKesson

A number of hedge funds have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. increased its position in McKesson by 8.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company’s stock worth $1,622,754,000 after purchasing an additional 222,496 shares during the last quarter. Geode Capital Management LLC increased its holdings in McKesson by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company’s stock worth $1,513,195,000 after buying an additional 10,015 shares during the last quarter. Franklin Resources Inc. raised its position in McKesson by 4.6% during the fourth quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company’s stock valued at $1,493,704,000 after acquiring an additional 114,396 shares in the last quarter. Norges Bank bought a new stake in shares of McKesson during the 4th quarter worth $1,200,361,000. Finally, Northern Trust Corp grew its stake in McKesson by 9.0% in the 4th quarter. Northern Trust Corp now owns 1,532,203 shares of the company’s stock valued at $873,218,000 after buying an additional 126,940 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

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.