Citigroup Issues Positive Forecast for McKesson (NYSE:MCK) Stock Price

McKesson (NYSE:MCK) had its target price lifted by Citigroup from $630.00 to $713.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Baird R W upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Leerink Partners reduced their target price on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a report on Monday, October 7th. Robert W. Baird raised shares of McKesson from a “neutral” rating to an “outperform” rating and increased their price target for the company from $531.00 to $688.00 in a report on Thursday, November 7th. Mizuho boosted their price objective on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Finally, Wells Fargo & Company lowered their price objective on McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and a consensus price target of $631.57.

McKesson Stock Down 0.6 %

Shares of MCK stock opened at $606.29 on Wednesday. The company’s fifty day simple moving average is $520.01 and its two-hundred day simple moving average is $554.41. McKesson has a 52 week low of $431.35 and a 52 week high of $637.51. The stock has a market cap of $76.96 billion, a P/E ratio of 31.40, a PEG ratio of 1.35 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, topping analysts’ consensus estimates of $6.88 by $0.19. The company had revenue of $93.65 billion for the quarter, compared to the consensus estimate of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The firm’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same period in the previous year, the business earned $6.23 earnings per share. On average, analysts anticipate that McKesson will post 32.81 EPS for the current fiscal year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.47%. The ex-dividend date is Monday, December 2nd. McKesson’s dividend payout ratio is presently 14.71%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the sale, the chief executive officer now owns 78,586 shares of the company’s stock, valued at approximately $44,094,604.60. The trade was a 4.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. LRI Investments LLC bought a new position in shares of McKesson during the 1st quarter worth $28,000. Wolff Wiese Magana LLC grew its holdings in McKesson by 742.9% during the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after acquiring an additional 52 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in McKesson during the 3rd quarter valued at about $29,000. RPg Family Wealth Advisory LLC bought a new stake in shares of McKesson in the 3rd quarter valued at about $31,000. Finally, ORG Wealth Partners LLC purchased a new stake in shares of McKesson in the 3rd quarter worth approximately $40,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

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.