Bank of America Lowers McKesson (NYSE:MCK) Price Target to $650.00

McKesson (NYSE:MCK) had its price objective decreased by investment analysts at Bank of America from $680.00 to $650.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target suggests a potential upside of 11.05% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. StockNews.com upgraded McKesson from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. Robert W. Baird raised shares of McKesson from a “neutral” rating to an “outperform” rating and increased their target price for the company from $531.00 to $688.00 in a research report on Thursday, November 7th. Baird R W upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Citigroup lifted their target price on shares of McKesson from $630.00 to $713.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Morgan Stanley upped their price target on shares of McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $648.71.

McKesson Trading Up 0.8 %

Shares of MCK stock opened at $585.34 on Monday. The business’s 50-day moving average price is $587.85 and its 200-day moving average price is $561.25. McKesson has a 12 month low of $464.42 and a 12 month high of $637.51. The firm has a market capitalization of $74.30 billion, a price-to-earnings ratio of 30.31, a PEG ratio of 1.25 and a beta of 0.49.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.88 by $0.19. The firm had revenue of $93.65 billion during the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The company’s revenue was up 21.3% on a year-over-year basis. During the same period in the prior year, the company posted $6.23 EPS. On average, sell-side analysts predict that McKesson will post 32.73 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Leann B. Smith sold 579 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total value of $331,645.41. Following the transaction, the executive vice president now owns 864 shares of the company’s stock, valued at approximately $494,890.56. This trade represents a 40.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.11% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MCK. Range Financial Group LLC bought a new position in McKesson during the 4th quarter valued at $423,000. Bank of New Hampshire raised its holdings in shares of McKesson by 24.2% in the fourth quarter. Bank of New Hampshire now owns 154 shares of the company’s stock valued at $88,000 after purchasing an additional 30 shares during the last quarter. Insight Wealth Strategies LLC lifted its position in shares of McKesson by 11.0% during the fourth quarter. Insight Wealth Strategies LLC now owns 8,420 shares of the company’s stock valued at $4,799,000 after purchasing an additional 831 shares in the last quarter. CWA Asset Management Group LLC boosted its holdings in McKesson by 9.5% during the fourth quarter. CWA Asset Management Group LLC now owns 921 shares of the company’s stock worth $525,000 after purchasing an additional 80 shares during the last quarter. Finally, Pensionfund Sabic grew its position in McKesson by 49.0% in the 4th quarter. Pensionfund Sabic now owns 3,650 shares of the company’s stock worth $2,080,000 after purchasing an additional 1,200 shares in the last quarter. Institutional investors 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.