Wells Fargo & Company Issues Positive Forecast for McKesson (NYSE:MCK) Stock Price

McKesson (NYSE:MCK - Get Free Report) had its price objective upped by analysts at Wells Fargo & Company from $691.00 to $766.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 7.90% from the company's previous close.

MCK has been the subject of a number of other research reports. Evercore ISI boosted their price objective on shares of McKesson from $650.00 to $675.00 and gave the company an "outperform" rating in a research report on Thursday, February 6th. Wall Street Zen upgraded McKesson from a "buy" rating to a "strong-buy" rating in a report on Friday, May 30th. Mizuho raised their price objective on McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd. UBS Group upped their target price on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Finally, Bank of America raised their price target on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, McKesson has an average rating of "Moderate Buy" and a consensus target price of $692.46.

McKesson Price Performance

McKesson stock traded down $4.94 during mid-day trading on Tuesday, hitting $709.94. 644,590 shares of the company were exchanged, compared to its average volume of 915,745. McKesson has a 12-month low of $464.42 and a 12-month high of $731.00. The company has a market capitalization of $88.82 billion, a P/E ratio of 32.51, a PEG ratio of 1.29 and a beta of 0.53. The business's 50 day simple moving average is $697.33 and its two-hundred day simple moving average is $639.30.

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, topping analysts' consensus estimates of $9.83 by $0.29. The firm had revenue of $90.82 billion during the quarter, compared to analysts' expectations of $94 billion. McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. The firm's quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter last year, the business posted $6.18 EPS. Equities research analysts predict that McKesson will post 32.77 earnings per share for the current year.

Insider Transactions at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the transaction, the chief accounting officer now directly owns 1,972 shares in the company, valued at $1,432,677.72. This represents a 21.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Thomas L. Rodgers sold 510 shares of McKesson stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total value of $366,134.10. Following the completion of the transaction, the executive vice president now owns 5,435 shares of the company's stock, valued at $3,901,840.85. This trade represents a 8.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,747 shares of company stock valued at $9,852,587. 0.11% of the stock is currently owned by insiders.

Institutional Trading of McKesson

A number of institutional investors and hedge funds have recently made changes to their positions in MCK. CBIZ Investment Advisory Services LLC boosted its stake in McKesson by 1,366.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after purchasing an additional 41 shares during the period. Capital A Wealth Management LLC acquired a new position in McKesson during the 4th quarter worth $26,000. Bank of Jackson Hole Trust grew its stake in shares of McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after purchasing an additional 18 shares in the last quarter. Millstone Evans Group LLC acquired a new position in shares of McKesson during the fourth quarter valued at $28,000. Finally, Saudi Central Bank bought a new stake in shares of McKesson during the first quarter valued at about $34,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

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.