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

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

Other equities research analysts have also recently issued research reports about the company. Wall Street Zen upgraded McKesson from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 5th. Morgan Stanley boosted their price objective on shares of McKesson from $745.00 to $770.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Cfra Research downgraded shares of McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the company an "equal weight" rating in a research note on Tuesday, June 3rd. Finally, UBS Group increased their price objective on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Three research 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 stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $706.83.

McKesson Stock Down 1.9%

Shares of NYSE:MCK traded down $13.84 during midday trading on Wednesday, reaching $713.39. 245,498 shares of the company were exchanged, compared to its average volume of 925,285. The firm has a market cap of $89.25 billion, a PE ratio of 27.62, a P/E/G ratio of 1.44 and a beta of 0.48. McKesson has a fifty-two week low of $464.42 and a fifty-two week high of $737.89. The stock has a fifty day simple moving average of $715.50 and a two-hundred day simple moving average of $660.30.

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

McKesson Dividend Announcement

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

Insider Transactions at McKesson

In other news, EVP Thomas L. Rodgers sold 2,891 shares of McKesson stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the completion of the transaction, the executive vice president directly owned 2,544 shares in the company, valued at approximately $1,811,785.92. The trade was a 53.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Britt J. Vitalone sold 1,878 shares of the stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $1,348,234.98. Following the completion of the sale, the chief financial officer owned 14,028 shares in the company, valued at approximately $10,070,841.48. This trade represents a 11.81% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,117 shares of company stock valued at $23,526,451. Company insiders own 0.08% of the company's stock.

Institutional Trading of McKesson

Several hedge funds and other institutional investors have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. boosted its holdings in shares of McKesson by 8.5% during the fourth 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% during the 4th 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 last quarter. Franklin Resources Inc. boosted its stake 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 purchasing an additional 114,396 shares during the period. GAMMA Investing LLC boosted its stake in McKesson by 75,632.7% in the 1st 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 acquired a new position in McKesson in the 4th quarter valued at $1,200,361,000. 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.