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

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

A number of other research firms also recently commented on MCK. Cfra Research downgraded McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Wall Street Zen upgraded McKesson from a "buy" rating to a "strong-buy" rating in a report on Saturday. UBS Group increased their price target on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Morgan Stanley increased their price target on McKesson from $745.00 to $770.00 and gave the company an "overweight" rating in a report on Wednesday, June 11th. Finally, Mizuho increased their price target on McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, McKesson presently has a consensus rating of "Moderate Buy" and a consensus target price of $706.83.

McKesson Trading Up 0.4%

MCK stock traded up $3.02 during mid-day trading on Wednesday, reaching $727.13. 627,452 shares of the stock traded hands, compared to its average volume of 926,381. The stock's fifty day moving average is $715.21 and its 200-day moving average is $659.83. The company has a market cap of $90.97 billion, a P/E ratio of 28.15, a P/E/G ratio of 1.47 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 posted its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.83 by $0.29. The business 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%. The firm's revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.18 earnings per share. Equities research analysts expect that McKesson will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd were given a $0.71 dividend. The ex-dividend date was Monday, June 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.39%. McKesson's dividend payout ratio is 10.99%.

Insider Buying and Selling

In related news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the firm's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the completion of the transaction, the chief accounting officer directly owned 1,972 shares of the company's stock, valued at $1,432,677.72. This trade represents a 21.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Leann B. Smith sold 341 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total value of $244,807.31. Following the completion of the transaction, the executive vice president directly owned 2,800 shares of the company's stock, valued at approximately $2,010,148. This trade represents a 10.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,117 shares of company stock valued at $23,526,451 in the last ninety days. Company insiders own 0.08% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MCK. T. Rowe Price Investment Management Inc. lifted 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 valued at $1,622,754,000 after acquiring an additional 222,496 shares during the period. Geode Capital Management LLC grew its position in shares of 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 buying an additional 10,015 shares during the period. Franklin Resources Inc. lifted its holdings in shares of McKesson by 4.6% during 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 in the last quarter. GAMMA Investing LLC lifted 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 acquiring an additional 2,389,992 shares in the last quarter. Finally, Norges Bank bought a new stake in McKesson in the 4th quarter valued at approximately $1,200,361,000. 85.07% of the stock is owned by institutional investors.

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.