Wells Fargo & Company Issues Positive Forecast for McKesson (NYSE:MCK) Stock Price

McKesson (NYSE:MCK) had its price target hoisted by investment analysts at Wells Fargo & Company from $535.00 to $641.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 11.24% from the stock’s current price.

Other analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft lowered their price target on McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Mizuho started coverage on McKesson in a research note on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 target price for the company. StockNews.com raised McKesson from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. Robert W. Baird upgraded shares of McKesson from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $531.00 to $688.00 in a research note on Thursday, November 7th. Finally, Baird R W raised shares of McKesson from a “hold” rating to a “strong-buy” rating in a research report 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $643.43.

McKesson Trading Down 0.5 %

Shares of McKesson stock opened at $576.24 on Friday. The stock has a market capitalization of $73.15 billion, a P/E ratio of 29.84, a PEG ratio of 1.25 and a beta of 0.49. The business’s fifty day moving average price is $564.01 and its 200 day moving average price is $562.74. McKesson has a twelve month low of $431.35 and a twelve month high of $637.51.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping 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 business 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 business earned $6.23 EPS. The company’s revenue for the quarter was up 21.3% on a year-over-year basis. As a group, sell-side analysts predict that McKesson will post 32.73 EPS for the current year.

Insider Buying and Selling at McKesson

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

Hedge Funds Weigh In On McKesson

Hedge funds have recently added to or reduced their stakes in the business. Wolff Wiese Magana LLC lifted its position in shares of McKesson by 742.9% in the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after buying an additional 52 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in McKesson in the third quarter worth about $29,000. RPg Family Wealth Advisory LLC acquired a new position in McKesson in the third quarter valued at approximately $31,000. ORG Wealth Partners LLC bought a new position in shares of McKesson during the third quarter valued at approximately $40,000. Finally, Carmichael Hill & Associates Inc. acquired a new stake in shares of McKesson during the 2nd quarter worth approximately $52,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

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.