McKesson (NYSE:MCK) Price Target Raised to $800.00 at Evercore ISI

McKesson (NYSE:MCK - Free Report) had its target price hoisted by Evercore ISI from $760.00 to $800.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Other research analysts have also recently issued research reports about the company. Mizuho lifted their price objective on McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. Bank of America lifted their price objective on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the stock an "equal weight" rating in a research note on Tuesday, June 3rd. Cfra Research downgraded shares of McKesson from a "moderate buy" rating to a "hold" rating in a research note on Friday, April 4th. Finally, Wall Street Zen raised McKesson from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, McKesson presently has a consensus rating of "Moderate Buy" and an average price target of $706.83.

McKesson Stock Performance

Shares of McKesson stock traded down $13.18 during trading on Wednesday, hitting $714.05. The company's stock had a trading volume of 547,012 shares, compared to its average volume of 928,558. The company has a fifty day simple moving average of $715.65 and a two-hundred day simple moving average of $661.24. The company has a market capitalization of $89.33 billion, a PE ratio of 27.64, a P/E/G ratio of 1.45 and a beta of 0.48. McKesson has a 52 week low of $464.42 and a 52 week high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.83 by $0.29. The company had revenue of $90.82 billion during the quarter, compared to analyst estimates of $94 billion. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. McKesson's quarterly revenue was up 18.9% compared to the same quarter last year. During the same period last year, the business earned $6.18 EPS. As a group, analysts predict that McKesson will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 2nd were given a dividend of $0.71 per share. The ex-dividend date was Monday, June 2nd. This represents a $2.84 annualized dividend and a yield of 0.40%. McKesson's dividend payout ratio (DPR) is presently 10.99%.

Insider Buying and Selling at McKesson

In other news, CFO Britt J. Vitalone sold 1,878 shares of the firm's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total value of $1,348,234.98. Following the transaction, the chief financial officer owned 14,028 shares of the company's stock, valued at $10,070,841.48. This trade represents a 11.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 19,370 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $705.93, for a total value of $13,673,864.10. Following the completion of the transaction, the chief executive officer directly owned 51,243 shares in the company, valued at $36,173,970.99. This trade represents a 27.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,117 shares of company stock valued at $23,526,451 in the last ninety days. 0.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MCK. Oppenheimer Asset Management Inc. grew its position in shares of McKesson by 54.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock valued at $3,056,000 after purchasing an additional 1,592 shares in the last quarter. Dynamic Advisor Solutions LLC increased its position in McKesson by 16.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock worth $524,000 after purchasing an additional 111 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in McKesson by 18.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock worth $15,501,000 after purchasing an additional 3,659 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in McKesson by 4.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock worth $123,332,000 after purchasing an additional 7,556 shares during the last quarter. Finally, CWA Asset Management Group LLC increased its position in McKesson by 6.3% in the first quarter. CWA Asset Management Group LLC now owns 979 shares of the company's stock worth $659,000 after purchasing an additional 58 shares during the last quarter. Institutional investors 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.