McKesson (NYSE:MCK) Given New $800.00 Price Target at Bank of America

McKesson (NYSE:MCK - Get Free Report) had its target price boosted by stock analysts at Bank of America from $755.00 to $800.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price target suggests a potential upside of 15.25% from the stock's current price.

Several other equities research analysts also recently issued reports on the company. StockNews.com downgraded McKesson from a "strong-buy" rating to a "buy" rating in a report on Friday, February 14th. Wells Fargo & Company upped their price target on shares of McKesson from $641.00 to $691.00 and gave the company an "equal weight" rating in a report on Friday, March 14th. Mizuho raised their price objective on shares of McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd. UBS Group boosted their target price on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Finally, Citigroup reduced their price target on shares of McKesson from $713.00 to $677.00 and set a "buy" rating on the stock in a research report on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $686.69.

McKesson Price Performance

McKesson stock traded up $3.87 during midday trading on Friday, hitting $694.12. 2,028,420 shares of the stock were exchanged, compared to its average volume of 899,241. McKesson has a 1 year low of $464.42 and a 1 year high of $728.48. The firm has a market cap of $86.99 billion, a P/E ratio of 31.78, a P/E/G ratio of 1.29 and a beta of 0.53. The company has a 50 day moving average price of $678.24 and a two-hundred day moving average price of $621.72.

McKesson (NYSE:MCK - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, beating the consensus estimate of $9.83 by $0.29. McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. The company had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. During the same period last year, the firm earned $6.18 earnings per share. The company's revenue was up 18.9% on a year-over-year basis. As a group, analysts predict that McKesson will post 32.77 EPS for the current year.

Insider Transactions at McKesson

In other McKesson news, CEO Brian S. Tyler sold 8,961 shares of the firm's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $600.66, for a total value of $5,382,514.26. Following the sale, the chief executive officer now directly owns 69,625 shares in the company, valued at approximately $41,820,952.50. This trade represents a 11.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Leann B. Smith sold 188 shares of the company's stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total transaction of $114,602.92. Following the transaction, the executive vice president now owns 1,051 shares of the company's stock, valued at $640,679.09. This represents a 15.17% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,110 shares of company stock worth $10,855,706. 0.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On McKesson

Several hedge funds and other institutional investors have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. boosted its position in McKesson by 8.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company's stock worth $1,622,754,000 after acquiring an additional 222,496 shares during the period. Geode Capital Management LLC lifted its holdings in McKesson by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company's stock worth $1,513,195,000 after purchasing an additional 10,015 shares during the period. Franklin Resources Inc. grew its position in McKesson by 4.6% in the 4th quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company's stock valued at $1,493,704,000 after buying an additional 114,396 shares in the last quarter. GAMMA Investing LLC increased its stake in McKesson by 75,632.7% during the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after buying an additional 2,389,992 shares during the period. Finally, Norges Bank bought a new stake in shares of McKesson during the 4th quarter worth about $1,200,361,000. 85.07% of the stock is currently 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.