Citigroup Raises McKesson (NYSE:MCK) Price Target to $713.00

McKesson (NYSE:MCK) had its price objective lifted by equities research analysts at Citigroup from $630.00 to $713.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 13.73% from the stock’s previous close.

Several other research analysts also recently weighed in on MCK. Barclays boosted their price target on McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. lifted their price target on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Evercore ISI lifted their price target on shares of McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Wells Fargo & Company decreased their target price on McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. Finally, StockNews.com upgraded McKesson from a “hold” rating to a “buy” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and a consensus target price of $631.57.

McKesson Price Performance

Shares of NYSE:MCK traded up $9.26 during mid-day trading on Wednesday, reaching $626.92. 292,586 shares of the company were exchanged, compared to its average volume of 822,677. The firm has a market cap of $79.58 billion, a price-to-earnings ratio of 32.47, a P/E/G ratio of 1.33 and a beta of 0.44. McKesson has a 1 year low of $431.35 and a 1 year high of $637.51. The firm’s 50-day simple moving average is $515.00 and its 200 day simple moving average is $552.91.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, beating analysts’ consensus estimates of $6.88 by $0.19. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The company had revenue of $93.65 billion during the quarter, compared to analysts’ expectations of $89.33 billion. During the same period last year, the business posted $6.23 EPS. McKesson’s revenue for the quarter was up 21.3% on a year-over-year basis. On average, research analysts forecast that McKesson will post 32.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred 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 transaction, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.11% of the company’s stock.

Institutional Investors Weigh In On McKesson

Several hedge funds and other institutional investors have recently made changes to their positions in MCK. Swedbank AB acquired a new position in shares of McKesson during the first quarter worth approximately $669,326,000. International Assets Investment Management LLC boosted its holdings in McKesson by 1,020.2% in the 3rd quarter. International Assets Investment Management LLC now owns 806,878 shares of the company’s stock valued at $398,937,000 after purchasing an additional 734,849 shares during the period. FMR LLC grew its position in McKesson by 17.3% in the 3rd quarter. FMR LLC now owns 2,968,239 shares of the company’s stock worth $1,467,557,000 after purchasing an additional 438,423 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of McKesson by 55.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,189,377 shares of the company’s stock worth $588,048,000 after purchasing an additional 425,875 shares during the period. Finally, Bessemer Group Inc. raised its position in shares of McKesson by 3,621.7% during the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after buying an additional 340,007 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

McKesson Company Profile

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.