McKesson (NYSE:MCK) Price Target Raised to $691.00 at Wells Fargo & Company

McKesson (NYSE:MCK) had its price target hoisted by Wells Fargo & Company from $641.00 to $691.00 in a report released on Friday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other research analysts also recently commented on MCK. Bank of America cut their price target on shares of McKesson from $680.00 to $650.00 and set a “buy” rating for the company in a report on Monday, January 6th. Evercore ISI boosted their target price on McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Citigroup lowered their price target on McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a report on Friday, January 10th. StockNews.com cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 14th. Finally, Morgan Stanley lifted their target price 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 analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and a consensus target price of $649.36.

McKesson Price Performance

NYSE:MCK opened at $650.96 on Friday. The company has a market cap of $81.58 billion, a P/E ratio of 29.81, a P/E/G ratio of 1.29 and a beta of 0.52. McKesson has a 1 year low of $464.42 and a 1 year high of $663.62. The stock’s fifty day moving average price is $608.54 and its two-hundred day moving average price is $570.95.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share for the quarter, missing analysts’ consensus estimates of $8.60 by ($0.57). McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. On average, analysts expect that McKesson will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend is Monday, March 3rd. McKesson’s dividend payout ratio (DPR) is presently 13.00%.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 8,961 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $600.66, for a total value of $5,382,514.26. Following the sale, the chief executive officer now directly owns 69,625 shares of the company’s stock, valued at $41,820,952.50. This trade represents a 11.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Leann B. Smith sold 579 shares of the company’s stock in a transaction that occurred on 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 directly owns 864 shares of the company’s stock, valued at $494,890.56. The trade was a 40.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,689 shares of company stock valued at $11,187,351 over the last three months. 0.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On McKesson

Hedge funds have recently made changes to their positions in the business. Oppenheimer Asset Management Inc. raised its holdings in McKesson by 3.3% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 3,090 shares of the company’s stock worth $1,528,000 after purchasing an additional 98 shares in the last quarter. Huntington National Bank raised its stake in McKesson by 5.9% in the third quarter. Huntington National Bank now owns 6,236 shares of the company’s stock worth $3,083,000 after buying an additional 347 shares in the last quarter. Metis Global Partners LLC lifted its holdings in McKesson by 2.1% in the third quarter. Metis Global Partners LLC now owns 5,840 shares of the company’s stock worth $2,887,000 after buying an additional 120 shares during the period. Impax Asset Management Group plc boosted its position in McKesson by 64.1% during the 3rd quarter. Impax Asset Management Group plc now owns 1,805 shares of the company’s stock valued at $892,000 after acquiring an additional 705 shares in the last quarter. Finally, King Wealth Management Group purchased a new position in shares of McKesson during the 3rd quarter worth approximately $264,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

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.