Wells Fargo & Company Cuts McKesson (NYSE:MCK) Price Target to $535.00

McKesson (NYSE:MCK) had its target price decreased by Wells Fargo & Company from $576.00 to $535.00 in a research note published on Friday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Other research analysts have also recently issued reports about the stock. Citigroup decreased their price objective on shares of McKesson from $670.00 to $630.00 and set a buy rating on the stock in a research note on Tuesday, September 10th. Argus upped their price objective on McKesson from $570.00 to $670.00 and gave the stock a buy rating in a research report on Monday, June 24th. Barclays raised their price objective on McKesson from $596.00 to $616.00 and gave the company an overweight rating in a research note on Thursday, August 8th. StockNews.com downgraded McKesson from a strong-buy rating to a buy rating in a research note on Friday, August 9th. Finally, Leerink Partners reduced their price target on shares of McKesson from $670.00 to $665.00 and set an outperform rating on the stock in a research note on Thursday, September 5th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $620.93.

McKesson Price Performance

MCK stock opened at $519.82 on Friday. The business’s fifty day moving average price is $565.94 and its two-hundred day moving average price is $557.75. The stock has a market capitalization of $67.41 billion, a price-to-earnings ratio of 23.23, a PEG ratio of 1.18 and a beta of 0.44. McKesson has a fifty-two week low of $422.15 and a fifty-two week high of $637.51.

McKesson (NYSE:MCK) last issued its quarterly 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 business had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $7.27 earnings per share. Research analysts expect that McKesson will post 32.11 EPS for the current year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be paid a $0.71 dividend. This is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Friday, August 30th. McKesson’s payout ratio is currently 12.69%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the sale, the chief executive officer now directly owns 78,586 shares of the company’s stock, valued at approximately $44,094,604.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 11,259 shares of company stock valued at $6,635,492. 0.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On McKesson

Hedge funds and other institutional investors have recently bought and sold shares of the stock. LRI Investments LLC acquired a new position in McKesson during the 1st quarter worth approximately $28,000. Register Financial Advisors LLC bought a new stake in McKesson during the 1st quarter valued at $29,000. Sachetta LLC acquired a new position in McKesson during the fourth quarter worth $27,000. Newbridge Financial Services Group Inc. lifted its stake in shares of McKesson by 333.3% in the first quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock valued at $35,000 after buying an additional 50 shares in the last quarter. Finally, Richardson Financial Services Inc. acquired a new position in shares of McKesson during the fourth quarter valued at about $31,000. 85.07% of the stock is 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.