McKesson (NYSE:MCK) Price Target Cut to $650.00 by Analysts at Bank of America

McKesson (NYSE:MCK) had its price objective decreased by Bank of America from $680.00 to $650.00 in a report published on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

A number of other brokerages also recently issued reports on MCK. Wells Fargo & Company increased their price target on McKesson from $535.00 to $641.00 and gave the stock an “equal weight” rating in a research report on Friday, December 13th. StockNews.com raised McKesson from a “hold” rating to a “buy” rating in a report on Wednesday, November 6th. Citigroup boosted their price target on McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Leerink Partners decreased 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. Finally, Baird R W upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $648.71.

McKesson Price Performance

Shares of MCK opened at $580.34 on Monday. The company’s 50-day moving average is $586.13 and its 200-day moving average is $561.38. The firm has a market capitalization of $73.67 billion, a PE ratio of 30.05, a PEG ratio of 1.25 and a beta of 0.49. McKesson has a fifty-two week low of $464.42 and a fifty-two week high of $637.51.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.88 by $0.19. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The business had revenue of $93.65 billion during the quarter, compared to the consensus estimate of $89.33 billion. During the same period in the previous year, the company posted $6.23 EPS. The firm’s quarterly revenue was up 21.3% on a year-over-year basis. Analysts predict that McKesson will post 32.73 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 2nd were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.49%. The ex-dividend date was Monday, December 2nd. McKesson’s dividend payout ratio (DPR) is 14.71%.

Insider Buying and Selling

In related news, EVP Leann B. Smith sold 579 shares of McKesson stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total transaction of $331,645.41. Following the sale, the executive vice president now directly owns 864 shares in the company, valued at $494,890.56. This trade represents a 40.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On McKesson

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Distillate Capital Partners LLC boosted its position in McKesson by 127,542.9% during the second quarter. Distillate Capital Partners LLC now owns 35,740 shares of the company’s stock valued at $20,874,000 after acquiring an additional 35,712 shares during the last quarter. Chase Investment Counsel Corp grew its stake in McKesson by 50.8% during the second quarter. Chase Investment Counsel Corp now owns 8,985 shares of the company’s stock worth $5,247,000 after purchasing an additional 3,027 shares during the period. Wealthspire Advisors LLC increased its holdings in McKesson by 8.9% in the second quarter. Wealthspire Advisors LLC now owns 1,623 shares of the company’s stock worth $948,000 after purchasing an additional 133 shares in the last quarter. Vaughan David Investments LLC IL acquired a new position in McKesson in the second quarter valued at approximately $238,000. Finally, Newbridge Financial Services Group Inc. boosted its holdings in shares of McKesson by 2,143.1% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,458 shares of the company’s stock worth $851,000 after buying an additional 1,393 shares in the last quarter. Institutional investors and hedge funds 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.