McKesson (NYSE:MCK) Given New $650.00 Price Target at Bank of America

McKesson (NYSE:MCK) had its price target cut by Bank of America from $680.00 to $650.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a buy rating on the stock.

MCK has been the subject of a number of other research reports. StockNews.com upgraded McKesson from a “hold” rating to a “buy” rating in a report on Wednesday, November 6th. Wells Fargo & Company increased their price target on shares of McKesson from $535.00 to $641.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. Mizuho started coverage on shares of McKesson in a report on Wednesday, December 4th. They set a “neutral” rating and a $630.00 price objective for the company. Baird R W upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Finally, Evercore ISI lifted their price target on shares of McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $648.71.

McKesson Stock Up 0.5 %

Shares of MCK stock opened at $580.34 on Monday. The firm has a market cap of $73.67 billion, a price-to-earnings ratio of 30.05, a PEG ratio of 1.25 and a beta of 0.49. McKesson has a 12 month low of $464.42 and a 12 month high of $637.51. The stock has a 50-day moving average price of $586.13 and a 200 day moving average price of $561.38.

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

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.49%. McKesson’s dividend payout ratio is currently 14.71%.

Insider Transactions at McKesson

In other news, EVP Leann B. Smith sold 579 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $572.79, for a total value of $331,645.41. Following the completion of the transaction, the executive vice president now owns 864 shares in the company, valued at $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 is available at the SEC website. 0.11% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MCK. Insight Wealth Strategies LLC grew its stake in shares of McKesson by 11.0% in the fourth quarter. Insight Wealth Strategies LLC now owns 8,420 shares of the company’s stock valued at $4,799,000 after buying an additional 831 shares in the last quarter. CWA Asset Management Group LLC lifted its stake in McKesson by 9.5% in the fourth quarter. CWA Asset Management Group LLC now owns 921 shares of the company’s stock valued at $525,000 after acquiring an additional 80 shares during the last quarter. Pensionfund Sabic grew its position in shares of McKesson by 49.0% in the 4th quarter. Pensionfund Sabic now owns 3,650 shares of the company’s stock valued at $2,080,000 after acquiring an additional 1,200 shares during the period. Nordea Investment Management AB increased its stake in shares of McKesson by 20.0% during the 4th quarter. Nordea Investment Management AB now owns 975,935 shares of the company’s stock worth $558,606,000 after purchasing an additional 162,688 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of McKesson by 17.1% in the 4th quarter. GAMMA Investing LLC now owns 3,160 shares of the company’s stock valued at $1,801,000 after purchasing an additional 462 shares during the period. 85.07% of the stock is currently owned by 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.