Wells Fargo & Company Trims McKesson (NYSE:MCK) Target Price to $535.00

McKesson (NYSE:MCK) had its target price lowered by Wells Fargo & Company from $576.00 to $535.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other brokerages have also recently commented on MCK. Bank of America raised their price objective on McKesson from $590.00 to $670.00 and gave the company a buy rating in a research note on Tuesday, June 25th. Robert W. Baird decreased their price target on shares of McKesson from $694.00 to $671.00 and set an outperform rating for the company in a research note on Thursday, August 8th. StockNews.com lowered shares of McKesson from a strong-buy rating to a buy rating in a research note on Friday, August 9th. Evercore ISI decreased their target price on shares of McKesson from $660.00 to $630.00 and set an outperform rating for the company in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. raised their price target on shares of McKesson from $656.00 to $661.00 and gave the company an overweight rating in a research report on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, McKesson has a consensus rating of Moderate Buy and an average target price of $620.93.

McKesson Stock Up 1.5 %

NYSE:MCK opened at $518.81 on Friday. The firm has a market capitalization of $67.28 billion, a P/E ratio of 23.18, a P/E/G ratio of 1.18 and a beta of 0.44. McKesson has a twelve month low of $417.65 and a twelve month high of $637.51. The company has a fifty day moving average of $567.33 and a 200-day moving average of $557.76.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating the consensus estimate of $7.21 by $0.67. The firm had revenue of $79.28 billion during the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The business’s revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $7.27 earnings per share. On average, analysts anticipate that McKesson will post 32.11 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, August 30th. This is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a dividend yield of 0.55%. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total value of $2,180,192.76. Following the sale, the chief executive officer now owns 86,092 shares of the company’s stock, valued at $50,012,564.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 11,259 shares of company stock valued at $6,635,492. 0.11% of the stock is owned by insiders.

Institutional Trading of McKesson

Hedge funds have recently made changes to their positions in the company. LRI Investments LLC purchased a new stake in McKesson in the 1st quarter worth about $28,000. Register Financial Advisors LLC purchased a new position in shares of McKesson in the first quarter worth about $29,000. Sachetta LLC bought a new stake in shares of McKesson in the fourth quarter valued at approximately $27,000. Newbridge Financial Services Group Inc. lifted its stake in shares of McKesson by 333.3% during the 1st quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock valued at $35,000 after buying an additional 50 shares in the last quarter. Finally, Richardson Financial Services Inc. bought a new position in McKesson in the 4th quarter worth approximately $31,000. 85.07% of the stock is currently owned by 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.