Leerink Partners Cuts McKesson (NYSE:MCK) Price Target to $630.00

McKesson (NYSE:MCK - Get Free Report) had its target price cut by equities researchers at Leerink Partners from $665.00 to $630.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an "outperform" rating on the stock. Leerink Partners' price objective suggests a potential upside of 30.24% from the company's current price.

MCK has been the topic of several other reports. Mizuho increased their target price on shares of McKesson from $540.00 to $570.00 and gave the stock a "neutral" rating in a research note on Thursday, August 8th. StockNews.com lowered shares of McKesson from a "buy" rating to a "hold" rating in a research note on Friday, September 27th. Bank of America increased their target price on shares of McKesson from $590.00 to $670.00 and gave the stock a "buy" rating in a research note on Tuesday, June 25th. Argus increased their target price on shares of McKesson from $570.00 to $670.00 and gave the stock a "buy" rating in a research note on Monday, June 24th. Finally, Robert W. Baird reissued a "neutral" rating and set a $531.00 target price (down from $603.00) on shares of McKesson in a research note on Tuesday, September 24th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $610.86.

McKesson Price Performance

MCK stock traded down $1.68 during trading on Monday, reaching $483.74. 792,584 shares of the company were exchanged, compared to its average volume of 809,810. The company has a 50-day moving average of $540.73 and a two-hundred day moving average of $554.35. The company has a market capitalization of $62.86 billion, a price-to-earnings ratio of 21.60, a P/E/G ratio of 1.18 and a beta of 0.44. McKesson has a twelve month low of $431.35 and a twelve month high of $637.51.

McKesson (NYSE:MCK - Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping analysts' consensus estimates of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. During the same period in the previous year, the firm posted $7.27 EPS. The company's revenue for the quarter was up 6.4% compared to the same quarter last year. On average, analysts forecast that McKesson will post 32.07 EPS for the current year.

Insiders Place Their Bets

In other 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 value of $2,105,808.30. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.11% of the company's stock.

Hedge Funds Weigh In On McKesson

A number of large investors have recently modified their holdings of MCK. LRI Investments LLC purchased a new stake in McKesson in the first quarter valued at approximately $28,000. Register Financial Advisors LLC purchased a new position in shares of McKesson during the first quarter worth approximately $29,000. Richardson Financial Services Inc. purchased a new position in shares of McKesson during the fourth quarter worth approximately $31,000. Rise Advisors LLC purchased a new position in shares of McKesson during the first quarter worth approximately $40,000. Finally, ZRC Wealth Management LLC purchased a new position in shares of McKesson during the first quarter worth approximately $48,000. 85.07% of the stock is currently owned by 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.