McKesson (NYSE:MCK) PT Raised to $670.00 at Bank of America

McKesson (NYSE:MCK) had its price target boosted by Bank of America from $590.00 to $670.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 10.23% from the company’s previous close.

Several other equities analysts have also issued reports on the stock. SVB Leerink initiated coverage on shares of McKesson in a report on Monday, February 26th. They issued an “outperform” rating and a $600.00 price target on the stock. Leerink Partnrs reaffirmed an “outperform” rating on shares of McKesson in a research report on Monday, February 26th. Citigroup upped their price target on shares of McKesson from $575.00 to $620.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. TD Cowen boosted their price target on McKesson from $563.00 to $652.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Finally, Morgan Stanley raised their price objective on McKesson from $522.00 to $548.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $590.47.

McKesson Stock Up 0.8 %

McKesson stock opened at $607.81 on Tuesday. The firm has a market cap of $79.01 billion, a P/E ratio of 27.16, a P/E/G ratio of 1.41 and a beta of 0.47. The business has a fifty day moving average of $560.22 and a two-hundred day moving average of $521.70. McKesson has a twelve month low of $395.30 and a twelve month high of $609.57.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $6.18 earnings per share for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The company had revenue of $76.36 billion for the quarter, compared to analysts’ expectations of $79.32 billion. During the same quarter last year, the company earned $7.19 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities analysts expect that McKesson will post 31.54 earnings per share for the current year.

Insider Buying and Selling at McKesson

In related news, EVP Leann B. Smith sold 704 shares of McKesson stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total value of $392,895.36. Following the sale, the executive vice president now directly owns 2,215 shares in the company, valued at approximately $1,236,169.35. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Leann B. Smith sold 704 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total value of $392,895.36. Following the completion of the transaction, the executive vice president now directly owns 2,215 shares of the company’s stock, valued at approximately $1,236,169.35. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Susan R. Salka sold 606 shares of McKesson stock in a transaction on Friday, May 10th. The stock was sold at an average price of $558.04, for a total transaction of $338,172.24. The disclosure for this sale can be found here. Insiders have sold a total of 25,814 shares of company stock valued at $14,511,649 over the last ninety days. Corporate insiders own 0.21% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its holdings in shares of McKesson by 1.1% in the first quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock valued at $2,342,190,000 after purchasing an additional 46,659 shares during the last quarter. Morgan Stanley increased its stake in shares of McKesson by 14.0% in the 3rd quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock worth $1,042,937,000 after acquiring an additional 294,832 shares during the last quarter. Norges Bank acquired a new stake in shares of McKesson in the 4th quarter worth $1,024,140,000. Putnam Investments LLC boosted its position in shares of McKesson by 3.2% during the 4th quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock valued at $925,017,000 after acquiring an additional 62,242 shares during the last quarter. Finally, Swedbank AB purchased a new stake in shares of McKesson in the first quarter valued at about $669,326,000. 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.