McKesson (NYSE:MCK) PT Lowered to $630.00 at Citigroup

McKesson (NYSE:MCK) had its target price decreased by Citigroup from $670.00 to $630.00 in a report issued on Tuesday morning, Benzinga reports. Citigroup currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Barclays increased their price objective on shares of McKesson from $596.00 to $616.00 and gave the stock an overweight rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. boosted their price objective on shares of McKesson from $656.00 to $661.00 and gave the company an overweight rating in a research report on Wednesday, August 21st. Argus upped their price objective on McKesson from $570.00 to $670.00 and gave the stock a buy rating in a research note on Monday, June 24th. StockNews.com downgraded McKesson from a strong-buy rating to a buy rating in a research report on Friday, August 9th. Finally, Evercore ISI reduced their price target on McKesson from $660.00 to $630.00 and set an outperform rating for the company in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $622.07.

McKesson Trading Up 0.1 %

Shares of MCK stock opened at $511.17 on Tuesday. McKesson has a 12-month low of $417.65 and a 12-month high of $637.51. The stock has a market capitalization of $66.29 billion, a P/E ratio of 22.84, a P/E/G ratio of 1.16 and a beta of 0.44. The firm’s 50 day moving average is $568.71 and its 200 day moving average is $557.26.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. The firm had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the business posted $7.27 EPS. As a group, equities analysts predict that McKesson will post 32.14 earnings per share for the current year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Friday, August 30th. This is an increase from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is 12.69%.

Insider Activity at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $626.03, for a total value of $2,349,490.59. Following the sale, the chief executive officer now owns 82,339 shares in the company, valued at approximately $51,546,684.17. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 11,259 shares of company stock valued at $6,635,492. Corporate insiders own 0.11% of the company’s stock.

Institutional Investors Weigh In On McKesson

A number of hedge funds have recently made changes to their positions in MCK. Councilmark Asset Management LLC bought a new stake in McKesson in the 1st quarter worth approximately $5,160,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in McKesson during the fourth quarter valued at $2,487,000. Vaughan David Investments LLC IL bought a new position in McKesson during the second quarter valued at $238,000. Treasurer of the State of North Carolina grew its stake in shares of McKesson by 6.5% in the 4th quarter. Treasurer of the State of North Carolina now owns 65,266 shares of the company’s stock worth $30,217,000 after buying an additional 3,982 shares in the last quarter. Finally, BDF Gestion bought a new stake in shares of McKesson in the 2nd quarter worth about $3,504,000. 85.07% of the stock is currently owned by hedge funds and other 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.