Morgan Stanley Increases McKesson (NYSE:MCK) Price Target to $770.00

McKesson (NYSE:MCK - Get Free Report) had its price target increased by stock analysts at Morgan Stanley from $745.00 to $770.00 in a report released on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's price objective suggests a potential upside of 5.89% from the stock's current price.

Several other research analysts also recently weighed in on the stock. UBS Group upped their price objective on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Bank of America raised their price objective on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Mizuho boosted their price target on shares of McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the company an "equal weight" rating in a research note on Tuesday, June 3rd. Finally, Wall Street Zen upgraded shares of McKesson from a "buy" rating to a "strong-buy" rating in a report on Friday, May 30th. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, McKesson has an average rating of "Moderate Buy" and a consensus target price of $694.38.

McKesson Trading Down 0.5%

MCK traded down $3.65 during trading on Wednesday, reaching $727.15. 518,101 shares of the company's stock were exchanged, compared to its average volume of 920,038. McKesson has a one year low of $464.42 and a one year high of $732.99. The stock has a market capitalization of $90.98 billion, a PE ratio of 33.29, a price-to-earnings-growth ratio of 1.29 and a beta of 0.49. The firm has a fifty day moving average price of $703.28 and a two-hundred day moving average price of $644.37.

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

Insiders Place Their Bets

In other McKesson news, CFO Britt J. Vitalone sold 6,336 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $717.30, for a total value of $4,544,812.80. Following the transaction, the chief financial officer now owns 14,760 shares in the company, valued at approximately $10,587,348. This represents a 30.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $726.51, for a total transaction of $394,494.93. Following the transaction, the chief accounting officer now owns 1,972 shares in the company, valued at approximately $1,432,677.72. This trade represents a 21.59% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,117 shares of company stock valued at $23,526,451. Insiders own 0.11% of the company's stock.

Institutional Inflows and Outflows

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