Citigroup Boosts McKesson (NYSE:MCK) Price Target to $575.00

McKesson (NYSE:MCKFree Report) had its price target boosted by Citigroup from $530.00 to $575.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently issued reports on MCK. Barclays assumed coverage on McKesson in a research note on Wednesday, January 3rd. They issued an overweight rating and a $537.00 price objective for the company. Morgan Stanley increased their price objective on McKesson from $459.00 to $480.00 and gave the company an overweight rating in a report on Thursday, November 2nd. StockNews.com lowered McKesson from a strong-buy rating to a buy rating in a report on Thursday, January 4th. UBS Group increased their price objective on McKesson from $525.00 to $559.00 and gave the company a buy rating in a report on Monday, January 29th. Finally, Wells Fargo & Company initiated coverage on McKesson in a report on Thursday, December 14th. They set an equal weight rating and a $502.00 price objective on the stock. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, McKesson presently has a consensus rating of Moderate Buy and a consensus target price of $511.54.

View Our Latest Report on McKesson

McKesson Stock Performance

Shares of MCK stock opened at $501.35 on Thursday. McKesson has a one year low of $331.75 and a one year high of $519.75. The company’s 50-day simple moving average is $475.11 and its 200-day simple moving average is $451.85. The stock has a market capitalization of $66.71 billion, a price-to-earnings ratio of 22.72, a PEG ratio of 1.74 and a beta of 0.44.

McKesson (NYSE:MCKGet Free Report) last announced its quarterly earnings results on Wednesday, February 7th. The company reported $7.74 EPS for the quarter, beating the consensus estimate of $7.05 by $0.69. The company had revenue of $80.90 billion for the quarter, compared to analyst estimates of $77.93 billion. McKesson had a net margin of 0.99% and a negative return on equity of 262.63%. McKesson’s revenue was up 14.8% compared to the same quarter last year. During the same quarter last year, the business earned $6.90 earnings per share. As a group, research analysts forecast that McKesson will post 27.58 EPS for the current year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 1st will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 0.49%. The ex-dividend date is Thursday, February 29th. McKesson’s dividend payout ratio (DPR) is presently 11.24%.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 14,026 shares of the business’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $480.00, for a total value of $6,732,480.00. Following the sale, the chief executive officer now owns 43,445 shares of the company’s stock, valued at approximately $20,853,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On McKesson

Several large investors have recently made changes to their positions in the company. Covestor Ltd lifted its position in McKesson by 72.3% during the 1st quarter. Covestor Ltd now owns 81 shares of the company’s stock worth $25,000 after buying an additional 34 shares in the last quarter. Mine & Arao Wealth Creation & Management LLC. lifted its position in McKesson by 313.3% during the 2nd quarter. Mine & Arao Wealth Creation & Management LLC. now owns 62 shares of the company’s stock worth $26,000 after buying an additional 47 shares in the last quarter. OFI Invest Asset Management acquired a new position in McKesson during the 3rd quarter worth about $26,000. Legacy Financial Group LLC acquired a new position in McKesson during the 3rd quarter worth about $27,000. Finally, Sachetta LLC acquired a new position in McKesson during the 4th quarter worth about $27,000. Institutional investors own 82.69% of the company’s stock.

About McKesson

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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.

Further Reading

Analyst Recommendations for McKesson (NYSE:MCK)

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