McKesson (NYSE:MCK) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

McKesson (NYSE:MCK) had its price objective boosted by Wells Fargo & Company from $535.00 to $641.00 in a research note issued to investors on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other equities research analysts also recently issued reports on MCK. Baird R W raised shares of McKesson from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Citigroup raised their price target on shares of McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. upped their price target on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. StockNews.com upgraded McKesson from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. Finally, Evercore ISI raised their price target on McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Two equities research 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $643.43.

McKesson Stock Performance

Shares of McKesson stock opened at $576.58 on Friday. The stock has a market capitalization of $73.19 billion, a P/E ratio of 29.86, a P/E/G ratio of 1.25 and a beta of 0.49. The stock’s 50-day simple moving average is $564.01 and its 200 day simple moving average is $562.64. McKesson has a 52-week low of $431.35 and a 52-week high of $637.51.

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

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.71 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.49%. McKesson’s dividend payout ratio is currently 14.71%.

Insider Activity

In related news, EVP Leann B. Smith sold 579 shares of McKesson stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $602.81, for a total transaction of $349,026.99. Following the sale, the executive vice president now directly owns 1,443 shares in the company, valued at $869,854.83. The trade was a 28.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.11% of the company’s stock.

Institutional Trading of McKesson

A number of hedge funds and other institutional investors have recently modified their holdings of the business. MidAtlantic Capital Management Inc. purchased a new position in shares of McKesson during the third quarter valued at approximately $29,000. Wolff Wiese Magana LLC boosted its stake in McKesson by 742.9% in the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after purchasing an additional 52 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new position in shares of McKesson in the third quarter worth approximately $31,000. ORG Wealth Partners LLC purchased a new stake in shares of McKesson during the third quarter valued at approximately $40,000. Finally, Carmichael Hill & Associates Inc. purchased a new position in McKesson in the 2nd quarter worth approximately $52,000. 85.07% of the stock is 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.