Morgan Stanley Boosts McKesson (NYSE:MCK) Price Target to $642.00

McKesson (NYSE:MCK) had its target price upped by Morgan Stanley from $612.00 to $642.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also recently weighed in on the company. Leerink Partners lowered their price target on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. Citigroup lifted their price target on shares of McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Mizuho began coverage on shares of McKesson in a research note on Wednesday, December 4th. They set a “neutral” rating and a $630.00 price objective on the stock. Finally, Evercore ISI lifted their target price on shares of McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $650.14.

McKesson Stock Performance

Shares of MCK stock opened at $579.22 on Tuesday. The firm has a fifty day moving average of $569.93 and a 200-day moving average of $562.95. McKesson has a 52-week low of $445.06 and a 52-week high of $637.51. The stock has a market cap of $73.53 billion, a price-to-earnings ratio of 30.00, a P/E/G ratio of 1.25 and a beta of 0.49.

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

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.49%. The ex-dividend date is Monday, December 2nd. McKesson’s dividend payout ratio is 14.71%.

Insiders Place Their Bets

In other news, EVP Leann B. Smith sold 579 shares of McKesson stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $602.81, for a total transaction of $349,026.99. Following the completion of the sale, the executive vice president now owns 1,443 shares in the company, valued at $869,854.83. The trade was a 28.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.11% of the company’s stock.

Hedge Funds Weigh In On McKesson

Hedge funds and other institutional investors have recently bought and sold shares of the business. RFP Financial Group LLC lifted its stake in shares of McKesson by 9.8% in the 2nd quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock valued at $112,000 after purchasing an additional 17 shares during the period. Modera Wealth Management LLC boosted its holdings in McKesson by 2.2% during the second 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 last quarter. Larson Financial Group LLC grew its position in shares of McKesson by 1.6% during the 2nd quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock worth $639,000 after buying an additional 17 shares during the period. Old North State Trust LLC increased its stake in shares of McKesson by 1.6% in the 3rd quarter. Old North State Trust LLC now owns 1,138 shares of the company’s stock valued at $563,000 after acquiring an additional 18 shares during the last quarter. Finally, Lester Murray Antman dba SimplyRich increased its stake in shares of McKesson by 0.4% in the 2nd quarter. Lester Murray Antman dba SimplyRich now owns 5,026 shares of the company’s stock valued at $2,935,000 after acquiring an additional 19 shares during the last quarter. 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.