McKesson (NYSE:MCK) Price Target Cut to $677.00 by Analysts at Citigroup

McKesson (NYSE:MCK) had its price objective cut by Citigroup from $713.00 to $677.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 16.38% from the stock’s previous close.

A number of other brokerages also recently weighed in on MCK. Leerink Partners lowered their target price on McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a report on Monday, October 7th. Baird R W upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Mizuho began coverage on shares of McKesson in a report on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price target for the company. Morgan Stanley upped their price objective on shares of McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Finally, StockNews.com upgraded McKesson from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Two investment 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 stock. According to MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and a consensus price target of $646.14.

McKesson Stock Performance

NYSE:MCK opened at $581.73 on Friday. McKesson has a 52 week low of $464.42 and a 52 week high of $637.51. The firm’s fifty day moving average is $592.54 and its 200-day moving average is $561.16. The firm has a market cap of $73.84 billion, a P/E ratio of 30.13, a P/E/G ratio of 1.25 and a beta of 0.52.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, beating analysts’ consensus estimates of $6.88 by $0.19. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The business had revenue of $93.65 billion for the quarter, compared to analysts’ expectations of $89.33 billion. During the same quarter in the prior year, the firm posted $6.23 earnings per share. The business’s quarterly revenue was up 21.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that McKesson will post 32.73 earnings per share for the current year.

Insider Buying and Selling at McKesson

In related news, EVP Leann B. Smith sold 579 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $572.79, for a total transaction of $331,645.41. Following the completion of the sale, the executive vice president now directly owns 864 shares of the company’s stock, valued at approximately $494,890.56. This trade represents a 40.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.11% of the company’s stock.

Hedge Funds Weigh In On McKesson

Several institutional investors have recently added to or reduced their stakes in the stock. Distillate Capital Partners LLC increased its position in McKesson by 127,542.9% in the second quarter. Distillate Capital Partners LLC now owns 35,740 shares of the company’s stock worth $20,874,000 after buying an additional 35,712 shares during the last quarter. Chase Investment Counsel Corp raised its holdings in McKesson by 50.8% during the 2nd quarter. Chase Investment Counsel Corp now owns 8,985 shares of the company’s stock valued at $5,247,000 after acquiring an additional 3,027 shares during the period. Wealthspire Advisors LLC lifted its position in shares of McKesson by 8.9% during the second quarter. Wealthspire Advisors LLC now owns 1,623 shares of the company’s stock worth $948,000 after acquiring an additional 133 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its stake in McKesson by 2,143.1% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,458 shares of the company’s stock worth $851,000 after purchasing an additional 1,393 shares during the period. Finally, Commerce Bank lifted its holdings in shares of McKesson by 2.0% in 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 in the last quarter. 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.