McKesson Corporation (MCK) Upgraded to “Buy” at Needham & Company LLC
McKesson Corporation (NYSE:MCK) was upgraded by Needham & Company LLC from a “hold” rating to a “buy” rating in a note issued to investors on Friday, MarketBeat reports. The brokerage currently has a $179.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 14.06% from the stock’s previous close.
A number of other brokerages also recently commented on MCK. BidaskClub downgraded shares of McKesson Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Zacks Investment Research upgraded shares of McKesson Corporation from a “hold” rating to a “buy” rating and set a $184.00 target price for the company in a report on Wednesday, July 12th. Vetr upgraded shares of McKesson Corporation from a “hold” rating to a “buy” rating and set a $174.15 target price for the company in a report on Thursday, May 25th. J P Morgan Chase & Co upgraded shares of McKesson Corporation from a “neutral” rating to an “overweight” rating and set a $189.00 target price for the company in a report on Tuesday, May 23rd. Finally, Leerink Swann set a $140.00 target price on shares of McKesson Corporation and gave the stock a “hold” rating in a report on Friday, May 19th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. McKesson Corporation presently has an average rating of “Hold” and a consensus price target of $172.31.
Shares of McKesson Corporation (NYSE MCK) traded up 0.71% on Friday, reaching $156.94. 1,437,073 shares of the company’s stock traded hands. The firm has a market cap of $33.00 billion, a P/E ratio of 7.12 and a beta of 1.16. McKesson Corporation has a 12-month low of $114.53 and a 12-month high of $181.82. The stock has a 50-day moving average of $153.98 and a 200 day moving average of $152.81.
McKesson Corporation (NYSE:MCK) last announced its earnings results on Thursday, July 27th. The company reported $2.46 EPS for the quarter, missing the Zacks’ consensus estimate of $2.81 by $0.35. The firm had revenue of $51.05 billion during the quarter, compared to the consensus estimate of $51.22 billion. McKesson Corporation had a return on equity of 25.76% and a net margin of 2.42%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.50 earnings per share. On average, equities research analysts expect that McKesson Corporation will post $12.07 earnings per share for the current year.
In related news, SVP Erin M. Lampert sold 900 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $155.65, for a total value of $140,085.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Marie L/Ca Knowles sold 1,083 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $162.55, for a total value of $176,041.65. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,066 shares of company stock worth $473,627. 1.20% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of MCK. American Beacon Advisors Inc. purchased a new stake in McKesson Corporation in the first quarter valued at approximately $100,000. Captrust Financial Advisors purchased a new stake in McKesson Corporation in the second quarter valued at approximately $107,000. Archford Capital Strategies LLC boosted its position in McKesson Corporation by 52.8% in the first quarter. Archford Capital Strategies LLC now owns 776 shares of the company’s stock valued at $115,000 after buying an additional 268 shares during the last quarter. WFG Advisors LP boosted its position in McKesson Corporation by 123.5% in the first quarter. WFG Advisors LP now owns 818 shares of the company’s stock valued at $121,000 after buying an additional 452 shares during the last quarter. Finally, Orrstown Financial Services Inc. boosted its position in McKesson Corporation by 6.0% in the second quarter. Orrstown Financial Services Inc. now owns 758 shares of the company’s stock valued at $124,000 after buying an additional 43 shares during the last quarter. Hedge funds and other institutional investors own 85.28% of the company’s stock.
McKesson Corporation Company Profile
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.
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