McKesson (NYSE:MCK) Sets New 52-Week High After Analyst Upgrade

Shares of McKesson Co. (NYSE:MCK) hit a new 52-week high on Thursday after Morgan Stanley raised their price target on the stock from $745.00 to $770.00. Morgan Stanley currently has an overweight rating on the stock. McKesson traded as high as $731.18 and last traded at $730.39, with a volume of 494940 shares. The stock had previously closed at $717.76.

MCK has been the topic of a number of other reports. Bank of America boosted their price objective on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Wells Fargo & Company set a $766.00 target price on McKesson and gave the company an “equal weight” rating in a report on Tuesday, June 3rd. UBS Group upped their price target on McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Cfra Research lowered McKesson from a “moderate buy” rating to a “hold” rating in a research report on Friday, April 4th. Finally, Mizuho upped their price target on McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a research note on Thursday, April 3rd. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $694.38.

Insider Transactions at McKesson

In related news, EVP Leann B. Smith sold 341 shares of the business’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total transaction of $244,807.31. Following the completion of the sale, the executive vice president now owns 2,800 shares of the company’s stock, valued at $2,010,148. This represents a 10.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the transaction, the chief accounting officer now owns 1,972 shares of the company’s stock, valued at approximately $1,432,677.72. This trade represents a 21.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,117 shares of company stock worth $23,526,451. Company insiders own 0.11% of the company’s stock.

Institutional Investors Weigh In On McKesson

Several hedge funds have recently made changes to their positions in MCK. CVA Family Office LLC raised its holdings in shares of McKesson by 6.0% during the 1st quarter. CVA Family Office LLC now owns 265 shares of the company’s stock valued at $178,000 after purchasing an additional 15 shares in the last quarter. Palisade Asset Management LLC lifted its stake in McKesson by 2.1% during the first quarter. Palisade Asset Management LLC now owns 715 shares of the company’s stock worth $481,000 after purchasing an additional 15 shares during the period. SteelPeak Wealth LLC increased its holdings in shares of McKesson by 0.5% during the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock worth $1,867,000 after buying an additional 15 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of McKesson by 0.6% in the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company’s stock valued at $1,683,000 after purchasing an additional 16 shares in the last quarter. Finally, Frank Rimerman Advisors LLC boosted its stake in McKesson by 2.2% in the fourth quarter. Frank Rimerman Advisors LLC now owns 807 shares of the company’s stock valued at $460,000 after acquiring an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Price Performance

The business’s 50 day simple moving average is $701.80 and its 200-day simple moving average is $643.67. The stock has a market capitalization of $91.38 billion, a P/E ratio of 33.44, a PEG ratio of 1.29 and a beta of 0.49.

McKesson (NYSE:MCK) last released its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.83 by $0.29. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. The company had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. During the same period in the previous year, the business earned $6.18 EPS. McKesson’s revenue for the quarter was up 18.9% compared to the same quarter last year. Research analysts anticipate that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.39%. The ex-dividend date is Monday, June 2nd. McKesson’s dividend payout ratio (DPR) is currently 10.99%.

McKesson Company Profile

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.