McKesson (NYSE:MCK) Given New $650.00 Price Target at Bank of America

McKesson (NYSE:MCK - Free Report) had its price objective trimmed by Bank of America from $680.00 to $650.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also commented on MCK. Baird R W upgraded shares of McKesson from a "hold" rating to a "strong-buy" rating in a research report on Thursday, November 7th. Leerink Partners decreased 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. Wells Fargo & Company lifted their price objective on McKesson from $535.00 to $641.00 and gave the company an "equal weight" rating in a research report on Friday, December 13th. Robert W. Baird raised McKesson from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $531.00 to $688.00 in a research note on Thursday, November 7th. Finally, 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. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, McKesson presently has a consensus rating of "Moderate Buy" and an average target price of $648.71.

McKesson Stock Performance

NYSE MCK traded up $2.90 during trading on Monday, reaching $580.34. 836,011 shares of the company traded hands, compared to its average volume of 639,070. McKesson has a 1-year low of $464.42 and a 1-year high of $637.51. The company has a market cap of $73.67 billion, a price-to-earnings ratio of 30.05, a P/E/G ratio of 1.25 and a beta of 0.49. The stock's 50 day moving average price is $586.13 and its two-hundred day moving average price is $561.38.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, beating the consensus estimate of $6.88 by $0.19. The business had revenue of $93.65 billion for the quarter, compared to analyst estimates of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. McKesson's quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.23 EPS. Equities research analysts expect that McKesson will post 32.73 EPS for the current fiscal year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd were given a $0.71 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.49%. McKesson's dividend payout ratio is currently 14.71%.

Insider Activity at McKesson

In related news, EVP Leann B. Smith sold 579 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total transaction of $331,645.41. Following the completion of the transaction, the executive vice president now owns 864 shares in the company, valued at approximately $494,890.56. The trade was a 40.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On McKesson

Several institutional investors and hedge funds have recently made changes to their positions in MCK. MidAtlantic Capital Management Inc. bought a new position in McKesson during the third quarter worth about $29,000. Wolff Wiese Magana LLC lifted its holdings in shares of McKesson by 742.9% during the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company's stock valued at $29,000 after purchasing an additional 52 shares in the last quarter. RPg Family Wealth Advisory LLC acquired a new position in shares of McKesson in the 3rd quarter valued at approximately $31,000. ORG Wealth Partners LLC acquired a new stake in McKesson during the 3rd quarter worth approximately $40,000. Finally, Centennial Bank AR bought a new position in McKesson in the second quarter valued at approximately $53,000. 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.