McKesson Corporation (MCK) Downgraded by Morgan Stanley
McKesson Corporation (NYSE:MCK) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. They currently have a $172.00 price objective on the stock, down from their previous price objective of $184.00. Morgan Stanley’s target price indicates a potential upside of 14.76% from the stock’s current price.
Several other equities research analysts have also recently commented on the company. TheStreet cut McKesson Corporation from a “b” rating to a “c+” rating in a research note on Friday, August 25th. Vetr upgraded McKesson Corporation from a “buy” rating to a “strong-buy” rating and set a $181.27 target price on the stock in a research note on Monday, June 12th. Leerink Swann set a $140.00 target price on McKesson Corporation and gave the company a “hold” rating in a research note on Friday, May 19th. J P Morgan Chase & Co upgraded McKesson Corporation from a “neutral” rating to an “overweight” rating and set a $189.00 target price on the stock in a research note on Tuesday, May 23rd. Finally, Jefferies Group LLC started coverage on McKesson Corporation in a research note on Wednesday, May 17th. They issued a “hold” rating and a $153.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $171.92.
McKesson Corporation (MCK) traded down 1.19% during trading on Thursday, reaching $149.88. The company had a trading volume of 2,903,086 shares. McKesson Corporation has a 52-week low of $114.53 and a 52-week high of $169.29. The company has a 50 day moving average price of $152.20 and a 200 day moving average price of $153.01. The company has a market capitalization of $31.51 billion, a PE ratio of 6.80 and a beta of 1.16.
McKesson Corporation (NYSE:MCK) last released its earnings results on Thursday, July 27th. The company reported $2.46 EPS for the quarter, missing the Thomson Reuters’ 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 net margin of 2.42% and a return on equity of 25.76%. The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.50 EPS. On average, equities analysts forecast that McKesson Corporation will post $12.07 EPS for the current fiscal year.
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In related news, Director Marie L/Ca Knowles sold 1,083 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $162.55, for a total transaction of $176,041.65. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Erin M. Lampert sold 900 shares of the business’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 disclosure for this sale can be found here. Insiders have sold a total of 3,066 shares of company stock worth $473,627 over the last three months. 1.20% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN grew its holdings in McKesson Corporation by 12.7% in the 2nd quarter. Wells Fargo & Company MN now owns 2,121,171 shares of the company’s stock valued at $349,017,000 after buying an additional 239,358 shares in the last quarter. Loews Corp acquired a new position in McKesson Corporation in the 1st quarter valued at $253,000. HealthInvest Partners AB grew its holdings in McKesson Corporation by 23.7% in the 2nd quarter. HealthInvest Partners AB now owns 63,100 shares of the company’s stock valued at $10,382,000 after buying an additional 12,100 shares in the last quarter. ProVise Management Group LLC grew its holdings in McKesson Corporation by 495.7% in the 2nd quarter. ProVise Management Group LLC now owns 25,525 shares of the company’s stock valued at $4,200,000 after buying an additional 21,240 shares in the last quarter. Finally, GHP Investment Advisors Inc. grew its holdings in McKesson Corporation by 6.1% in the 2nd quarter. GHP Investment Advisors Inc. now owns 11,201 shares of the company’s stock valued at $1,843,000 after buying an additional 642 shares in the last quarter. 85.28% of the stock is currently owned by hedge funds and other institutional investors.
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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