McKesson (NYSE:MCK) Upgraded by StockNews.com to Buy Rating

McKesson (NYSE:MCK) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Wednesday.

Several other research analysts have also issued reports on MCK. Evercore ISI reduced their target price on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Baird R W lowered shares of McKesson from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Mizuho raised their target price on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. raised their target price on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Finally, Barclays raised their target price on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, McKesson has a consensus rating of “Moderate Buy” and an average price target of $610.86.

McKesson Stock Performance

MCK traded up $24.03 during midday trading on Wednesday, hitting $549.31. The company had a trading volume of 1,686,871 shares, compared to its average volume of 812,653. The company has a market capitalization of $71.23 billion, a PE ratio of 24.57, a P/E/G ratio of 1.23 and a beta of 0.44. McKesson has a twelve month low of $431.35 and a twelve month high of $637.51. The firm’s 50-day simple moving average is $510.96 and its 200-day simple moving average is $550.61.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating the consensus estimate of $7.21 by $0.67. The firm had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the company posted $7.27 EPS. As a group, sell-side analysts anticipate that McKesson will post 31.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.11% of the company’s stock.

Institutional Trading of McKesson

A number of hedge funds and other institutional investors have recently made changes to their positions in MCK. Norden Group LLC acquired a new stake in shares of McKesson in the first quarter valued at approximately $295,000. Geneos Wealth Management Inc. increased its holdings in McKesson by 16.4% during the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the company’s stock worth $320,000 after buying an additional 84 shares during the last quarter. Bard Financial Services Inc. acquired a new position in McKesson during the first quarter worth $201,000. Manchester Capital Management LLC increased its holdings in McKesson by 164.9% during the first quarter. Manchester Capital Management LLC now owns 890 shares of the company’s stock worth $478,000 after buying an additional 554 shares during the last quarter. Finally, MGB Wealth Management LLC increased its holdings in McKesson by 12.7% during the first quarter. MGB Wealth Management LLC now owns 3,142 shares of the company’s stock worth $1,688,000 after buying an additional 355 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

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.