Bank of America Lowers McKesson (NYSE:MCK) Price Target to $650.00

McKesson (NYSE:MCK) had its price target lowered by stock analysts at Bank of America from $680.00 to $650.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 11.37% from the stock’s current price.

MCK has been the topic of several other reports. Leerink Partners lowered their target price on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Citigroup increased their target price on shares of McKesson from $630.00 to $713.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Wells Fargo & Company boosted their price target on shares of McKesson from $535.00 to $641.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a research note on Wednesday, September 25th. Finally, Mizuho assumed coverage on McKesson in a research report on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price target for the company. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $648.71.

McKesson Price Performance

Shares of NYSE MCK traded up $6.20 during trading on Monday, hitting $583.64. The stock had a trading volume of 438,421 shares, compared to its average volume of 496,311. The firm has a fifty day moving average of $584.70 and a two-hundred day moving average of $561.54. The company has a market capitalization of $74.09 billion, a PE ratio of 30.22, a PEG ratio of 1.25 and a beta of 0.49. McKesson has a 12 month low of $464.42 and a 12 month high of $637.51.

McKesson (NYSE:MCK) last announced its quarterly earnings data 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 firm had revenue of $93.65 billion during the quarter, compared to the consensus estimate of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The business’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.23 EPS. On average, equities analysts expect that McKesson will post 32.73 earnings per share for the current fiscal year.

Insider Activity

In other McKesson news, EVP Leann B. Smith sold 579 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $572.79, for a total value of $331,645.41. Following the completion of the sale, the executive vice president now owns 864 shares in the company, valued at approximately $494,890.56. The trade was a 40.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On McKesson

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCK. Wolff Wiese Magana LLC increased its position in shares of McKesson by 742.9% in the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock valued at $29,000 after acquiring an additional 52 shares during the period. MidAtlantic Capital Management Inc. purchased a new position in McKesson during the 3rd quarter valued at about $29,000. RPg Family Wealth Advisory LLC bought a new position in McKesson during the 3rd quarter valued at approximately $31,000. ORG Wealth Partners LLC bought a new position in McKesson during the 3rd quarter valued at approximately $40,000. Finally, Centennial Bank AR purchased a new stake in McKesson in the 2nd quarter worth approximately $53,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Company Profile

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.