McKesson Corporation (MCK) Expected to Post Quarterly Sales of $51.60 Billion
Wall Street analysts forecast that McKesson Corporation (NYSE:MCK) will announce sales of $51.60 billion for the current quarter, Zacks reports. Five analysts have issued estimates for McKesson Corporation’s earnings, with the highest sales estimate coming in at $51.74 billion and the lowest estimate coming in at $51.45 billion. McKesson Corporation reported sales of $49.96 billion in the same quarter last year, which indicates a positive year over year growth rate of 3.3%. The company is expected to issue its next earnings results on Thursday, October 26th.
On average, analysts expect that McKesson Corporation will report full-year sales of $51.60 billion for the current fiscal year, with estimates ranging from $204.40 billion to $206.70 billion. For the next fiscal year, analysts anticipate that the business will post sales of $209.40 billion per share, with estimates ranging from $202.78 billion to $213.17 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for McKesson Corporation.
McKesson Corporation (NYSE:MCK) last posted its quarterly earnings data on Thursday, July 27th. The company reported $2.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.81 by $0.35. McKesson Corporation had a net margin of 2.42% and a return on equity of 25.76%. The firm had revenue of $51.05 billion for the quarter, compared to the consensus estimate of $51.22 billion. During the same quarter last year, the firm earned $3.50 EPS. The company’s revenue was up 2.7% on a year-over-year basis.
MCK has been the subject of a number of recent research reports. Jefferies Group LLC initiated coverage on McKesson Corporation in a research note on Wednesday, May 17th. They issued a “hold” rating and a $153.00 target price for the company. Vetr raised McKesson Corporation from a “buy” rating to a “strong-buy” rating and set a $181.27 target price for the company in a research note on Monday, June 19th. BidaskClub downgraded McKesson Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. J P Morgan Chase & Co raised McKesson Corporation from a “neutral” rating to an “overweight” rating and set a $189.00 target price for the company in a research note on Tuesday, May 23rd. Finally, Zacks Investment Research raised McKesson Corporation from a “hold” rating to a “buy” rating and set a $184.00 target price for the company in a research note on Wednesday, July 12th. Two equities 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. The company has an average rating of “Hold” and a consensus target price of $172.31.
McKesson Corporation (MCK) opened at 156.94 on Friday. McKesson Corporation has a 52-week low of $114.53 and a 52-week high of $181.53. The firm’s 50-day moving average is $153.75 and its 200-day moving average is $152.84. The company has a market cap of $33.00 billion, a PE ratio of 7.12 and a beta of 1.16.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 1st will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 0.87%. This is a boost from McKesson Corporation’s previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, August 30th. McKesson Corporation’s dividend payout ratio (DPR) is 6.07%.
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In related news, Director M Christine Jacobs sold 1,083 shares of the firm’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $145.43, for a total transaction of $157,500.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Erin M. Lampert sold 900 shares of the firm’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $155.65, for a total value of $140,085.00. The disclosure for this sale can be found here. Insiders have sold a total of 3,066 shares of company stock valued at $473,627 over the last 90 days. 1.20% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in MCK. BlackRock Inc. boosted its holdings in McKesson Corporation by 2,026.2% during the 1st quarter. BlackRock Inc. now owns 14,198,977 shares of the company’s stock valued at $2,105,140,000 after acquiring an additional 13,531,173 shares during the period. Ballentine Partners LLC purchased a new position in McKesson Corporation during the 1st quarter valued at about $191,000. Parnassus Investments CA boosted its holdings in McKesson Corporation by 310.0% during the 1st quarter. Parnassus Investments CA now owns 4,280,594 shares of the company’s stock valued at $620,727,000 after acquiring an additional 3,236,594 shares during the period. Pzena Investment Management LLC boosted its holdings in McKesson Corporation by 1,015.0% during the 1st quarter. Pzena Investment Management LLC now owns 2,077,104 shares of the company’s stock valued at $307,951,000 after acquiring an additional 1,890,815 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in McKesson Corporation by 288.6% during the 1st quarter. Ameriprise Financial Inc. now owns 1,752,850 shares of the company’s stock valued at $259,883,000 after acquiring an additional 1,301,803 shares during the period. Institutional investors own 85.28% of the company’s stock.
About McKesson Corporation
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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