McKesson (NYSE:MCK) PT Lowered to $579.00

McKesson (NYSE:MCK) had its price objective cut by Deutsche Bank Aktiengesellschaft from $623.00 to $579.00 in a report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

MCK has been the subject of several other reports. JPMorgan Chase & Co. upped their target price on McKesson from $656.00 to $661.00 and gave the company an overweight rating in a report on Wednesday, August 21st. Citigroup lowered their target price on McKesson from $670.00 to $630.00 and set a buy rating for the company in a report on Tuesday, September 10th. Baird R W lowered McKesson from a strong-buy rating to a hold rating in a report on Tuesday, September 24th. Barclays upped their target price on McKesson from $596.00 to $616.00 and gave the company an overweight rating in a report on Thursday, August 8th. Finally, Mizuho upped their target price on McKesson from $540.00 to $570.00 and gave the company a neutral rating in a report on Thursday, August 8th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $613.36.

McKesson Stock Performance

NYSE:MCK opened at $488.25 on Wednesday. McKesson has a one year low of $431.35 and a one year high of $637.51. The business’s 50-day simple moving average is $550.84 and its 200 day simple moving average is $555.40. The stock has a market cap of $63.44 billion, a price-to-earnings ratio of 21.82, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping the consensus estimate of $7.21 by $0.67. The business had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $7.27 earnings per share. On average, equities research analysts predict that McKesson will post 32.07 EPS for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.58%. This is an increase from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. McKesson’s dividend payout ratio is presently 12.69%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the sale, the chief executive officer now directly owns 82,339 shares of the company’s stock, valued at $51,546,684.17. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 11,259 shares of company stock worth $6,635,492 over the last ninety days. Company insiders own 0.11% of the company’s stock.

Institutional Investors Weigh In On McKesson

Several hedge funds and other institutional investors have recently made changes to their positions in MCK. Distillate Capital Partners LLC grew 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 worth $20,874,000 after buying an additional 35,712 shares in the last quarter. Wealthspire Advisors LLC boosted its holdings in McKesson by 8.9% during the second quarter. Wealthspire Advisors LLC now owns 1,623 shares of the company’s stock valued at $948,000 after purchasing an additional 133 shares in the last quarter. Councilmark Asset Management LLC acquired a new stake in McKesson during the first quarter valued at approximately $5,160,000. Vaughan David Investments LLC IL acquired a new stake in McKesson during the second quarter valued at approximately $238,000. Finally, Treasurer of the State of North Carolina boosted its holdings in McKesson by 6.5% during the fourth quarter. Treasurer of the State of North Carolina now owns 65,266 shares of the company’s stock valued at $30,217,000 after purchasing an additional 3,982 shares in 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.