McKesson (NYSE:MCK) Given New $641.00 Price Target at Wells Fargo & Company

McKesson (NYSE:MCK - Get Free Report) had its price target boosted by equities research analysts at Wells Fargo & Company from $535.00 to $641.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective points to a potential upside of 11.24% from the stock's current price.

Other equities research analysts also recently issued research reports about the company. Robert W. Baird upgraded McKesson from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $531.00 to $688.00 in a research report on Thursday, November 7th. StockNews.com raised McKesson from a "hold" rating to a "buy" rating in a report on Wednesday, November 6th. Mizuho started coverage on McKesson in a research note on Wednesday, December 4th. They issued a "neutral" rating and a $630.00 price target on the stock. Evercore ISI upped their price objective on shares of McKesson from $560.00 to $680.00 and gave the company an "outperform" rating in a research note on Thursday, November 7th. Finally, Leerink Partners decreased their target price on shares of McKesson from $665.00 to $630.00 and set an "outperform" rating for the company in a report on Monday, October 7th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $643.43.

McKesson Price Performance

Shares of McKesson stock traded down $3.05 on Friday, hitting $576.24. The company had a trading volume of 509,590 shares, compared to its average volume of 816,910. McKesson has a 52 week low of $431.35 and a 52 week high of $637.51. The company has a market cap of $73.15 billion, a PE ratio of 29.86, a PEG ratio of 1.25 and a beta of 0.49. The business has a 50-day simple moving average of $564.01 and a 200-day simple moving average of $562.64.

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

Insider Buying and Selling at McKesson

In other McKesson news, EVP Leann B. Smith sold 579 shares of McKesson stock in a transaction that occurred on Monday, December 9th. The shares were 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 $869,854.83. The trade was a 28.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.11% of the company's stock.

Institutional Investors Weigh In On McKesson

Several institutional investors and hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC boosted its holdings in shares of McKesson by 1,020.2% during the 3rd quarter. International Assets Investment Management LLC now owns 806,878 shares of the company's stock worth $398,937,000 after buying an additional 734,849 shares during the period. FMR LLC grew its position in shares of McKesson by 17.3% in the third quarter. FMR LLC now owns 2,968,239 shares of the company's stock valued at $1,467,557,000 after purchasing an additional 438,423 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of McKesson by 55.8% in the third quarter. The Manufacturers Life Insurance Company now owns 1,189,377 shares of the company's stock valued at $588,048,000 after purchasing an additional 425,875 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of McKesson by 126.8% in the third quarter. Janus Henderson Group PLC now owns 574,440 shares of the company's stock worth $283,903,000 after purchasing an additional 321,119 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of McKesson by 2.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,943,520 shares of the company's stock worth $2,444,175,000 after purchasing an additional 138,685 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

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.