McKesson (NYSE:MCK) Price Target Increased to $670.00 by Analysts at Argus

McKesson (NYSE:MCK) had its price objective raised by Argus from $570.00 to $670.00 in a research note published on Monday, Benzinga reports. Argus currently has a buy rating on the stock.

A number of other research analysts also recently issued reports on the stock. Morgan Stanley boosted their target price on shares of McKesson from $522.00 to $548.00 and gave the company an overweight rating in a research report on Monday, April 15th. Barclays raised their target price on McKesson from $571.00 to $596.00 and gave the company an overweight rating in a research note on Wednesday, May 8th. Wells Fargo & Company increased their price target on McKesson from $502.00 to $551.00 and gave the stock an equal weight rating in a report on Thursday, May 9th. Leerink Partnrs reaffirmed an outperform rating on shares of McKesson in a research report on Monday, February 26th. Finally, TD Cowen lifted their price target on shares of McKesson from $563.00 to $652.00 and gave the company a buy rating in a research report on Wednesday, May 8th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $590.47.

McKesson Stock Performance

MCK stock opened at $593.20 on Monday. The company has a market capitalization of $77.08 billion, a P/E ratio of 26.51, a PEG ratio of 1.41 and a beta of 0.47. The company has a fifty day moving average price of $563.21 and a 200-day moving average price of $523.26. McKesson has a 52-week low of $395.30 and a 52-week high of $612.17.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The company had revenue of $76.36 billion for the quarter, compared to the consensus estimate of $79.32 billion. During the same quarter last year, the business earned $7.19 earnings per share. McKesson’s revenue was up 10.8% compared to the same quarter last year. As a group, sell-side analysts forecast that McKesson will post 31.54 earnings per share for the current fiscal year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.48 dividend on an annualized basis and a yield of 0.42%. McKesson’s dividend payout ratio (DPR) is presently 11.08%.

Insider Buying and Selling at McKesson

In related news, Director Maria Martinez sold 483 shares of McKesson stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $585.88, for a total value of $282,980.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Leann B. Smith sold 704 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total value of $392,895.36. Following the completion of the transaction, the executive vice president now directly owns 2,215 shares of the company’s stock, valued at $1,236,169.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Maria Martinez sold 483 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $585.88, for a total value of $282,980.04. The disclosure for this sale can be found here. Insiders have sold a total of 25,814 shares of company stock worth $14,511,649 over the last three months. 0.21% of the stock is currently owned by insiders.

Institutional Trading of McKesson

A number of hedge funds and other institutional investors have recently bought and sold shares of MCK. Intrust Bank NA bought a new stake in McKesson during the fourth quarter valued at $206,000. Raymond James & Associates lifted its position in McKesson by 6.1% during the fourth quarter. Raymond James & Associates now owns 153,180 shares of the company’s stock valued at $70,919,000 after purchasing an additional 8,784 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of McKesson by 6.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock worth $39,714,000 after buying an additional 5,425 shares during the last quarter. Heritage Wealth Management LLC bought a new stake in shares of McKesson in the 4th quarter worth approximately $1,538,000. Finally, Insight Wealth Strategies LLC purchased a new position in shares of McKesson during the fourth quarter valued at approximately $1,813,000. Institutional investors 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.