McKesson (NYSE:MCK) Price Target Raised to $816.00

Key Points

• Wells Fargo & Company has raised the price target for McKesson (NYSE:MCK) from $772.00 to $816.00, indicating a potential upside of 10.35% from its current price.
• Despite the price increase, several analysts have mixed ratings on the stock, with one downgrade to a "hold" and a consensus rating of "Moderate Buy".
• In the last 90 days, insiders have sold 43,560 shares of McKesson stock, raising concerns about their confidence in the company’s future performance.

McKesson (NYSE:MCK - Get Free Report) had its target price upped by equities researchers at Wells Fargo & Company from $772.00 to $816.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 10.35% from the company's current price.

A number of other analysts also recently issued reports on the stock. Wall Street Zen downgraded shares of McKesson from a "buy" rating to a "hold" rating in a report on Saturday. Cowen reiterated a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Evercore ISI increased their price objective on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Bank of America upped their price objective on shares of McKesson from $800.00 to $850.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $810.00 target price (up previously from $770.00) on shares of McKesson in a report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $789.70.

McKesson Stock Performance

Shares of McKesson stock opened at $739.48 on Wednesday. The firm has a fifty day moving average of $695.33 and a two-hundred day moving average of $697.47. The stock has a market capitalization of $91.98 billion, a price-to-earnings ratio of 29.48, a PEG ratio of 1.39 and a beta of 0.51. McKesson has a 52 week low of $464.42 and a 52 week high of $748.75.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The firm had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. During the same period in the prior year, the business earned $7.88 earnings per share. The company's revenue for the quarter was up 23.4% compared to the same quarter last year. As a group, research analysts forecast that McKesson will post 32.77 EPS for the current fiscal year.

Insider Buying and Selling at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Brian S. Tyler sold 19,371 shares of the firm's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the transaction, the chief executive officer owned 27,872 shares in the company, valued at approximately $19,735,884.48. This represents a 41.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,560 shares of company stock worth $30,438,602. Insiders own 0.08% of the company's stock.

Institutional Investors Weigh In On McKesson

Institutional investors and hedge funds have recently modified their holdings of the company. Caldwell Trust Co purchased a new position in McKesson during the second quarter valued at approximately $1,485,000. Valeo Financial Advisors LLC lifted its stake in shares of McKesson by 8.1% in the 2nd quarter. Valeo Financial Advisors LLC now owns 1,542 shares of the company's stock valued at $1,130,000 after purchasing an additional 116 shares during the last quarter. WT Wealth Management lifted its stake in shares of McKesson by 2.2% in the 2nd quarter. WT Wealth Management now owns 833 shares of the company's stock valued at $610,000 after purchasing an additional 18 shares during the last quarter. Osaic Holdings Inc. lifted its stake in McKesson by 49.8% during the 2nd quarter. Osaic Holdings Inc. now owns 38,670 shares of the company's stock worth $27,764,000 after acquiring an additional 12,847 shares in the last quarter. Finally, American Trust acquired a new position in McKesson during the 2nd quarter worth about $259,000. Institutional investors and hedge funds own 85.07% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.