McKesson (NYSE:MCK) Lowered to Hold at Baird R W

McKesson (NYSE:MCK) was downgraded by investment analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports.

Other analysts have also recently issued research reports about the stock. Robert W. Baird restated a “neutral” rating and set a $531.00 target price (down previously from $603.00) on shares of McKesson in a research note on Tuesday. Argus lifted their price objective on shares of McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Mizuho lifted their price objective on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Citigroup dropped their price objective on shares of McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a research note on Tuesday, September 10th. Finally, Bank of America lifted their price objective on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research note on Tuesday, June 25th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $610.93.

McKesson Price Performance

Shares of MCK stock opened at $480.49 on Tuesday. The stock has a market cap of $62.31 billion, a P/E ratio of 21.47, a P/E/G ratio of 1.18 and a beta of 0.44. The company has a fifty day moving average price of $556.72 and a two-hundred day moving average price of $556.74. McKesson has a one year low of $431.35 and a one year high of $637.51.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. The company had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. McKesson’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the company posted $7.27 EPS. As a group, equities research analysts anticipate that McKesson will post 32.07 EPS for the current fiscal year.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the sale, the chief executive officer now directly owns 82,339 shares in the company, valued at approximately $51,546,684.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders have sold 11,259 shares of company stock valued at $6,635,492. 0.11% of the stock is owned by insiders.

Institutional Investors Weigh In On McKesson

Several hedge funds have recently added to or reduced their stakes in the business. RFP Financial Group LLC boosted its position in McKesson by 9.8% during the 2nd quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock worth $112,000 after buying an additional 17 shares during the period. Modera Wealth Management LLC boosted its position in McKesson by 2.2% during the 2nd quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock worth $470,000 after buying an additional 17 shares during the period. Larson Financial Group LLC lifted its position in shares of McKesson by 1.6% in the 2nd quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock worth $639,000 after purchasing an additional 17 shares during the period. First Western Trust Bank lifted its position in shares of McKesson by 2.0% in the 1st quarter. First Western Trust Bank now owns 913 shares of the company’s stock worth $490,000 after purchasing an additional 18 shares during the period. Finally, Lindbrook Capital LLC lifted its position in shares of McKesson by 1.7% in the 1st quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock worth $608,000 after purchasing an additional 19 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

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.