StockNews.com Lowers McKesson (NYSE:MCK) to Hold

McKesson (NYSE:MCK) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Friday.

A number of other research analysts have also issued reports on the company. Mizuho boosted their price objective on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Bank of America boosted their price target on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a report on Tuesday, June 25th. JPMorgan Chase & Co. increased their price objective on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Argus boosted their price objective on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Finally, Wells Fargo & Company lowered their price target on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and an average target price of $613.36.

McKesson Price Performance

Shares of MCK opened at $488.25 on Friday. McKesson has a 12-month low of $431.35 and a 12-month high of $637.51. The business’s fifty day moving average price is $550.84 and its 200 day moving average price is $555.40. The stock has a market capitalization of $63.44 billion, a PE ratio of 21.82, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating the consensus estimate of $7.21 by $0.67. The business had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the business posted $7.27 EPS. As a group, research analysts anticipate that McKesson will post 32.07 earnings per share for the current fiscal year.

Insider Activity

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the sale, the chief executive officer now owns 82,339 shares in the company, valued at approximately $51,546,684.17. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders sold 11,259 shares of company stock worth $6,635,492. Insiders own 0.11% of the company’s stock.

Institutional Trading of McKesson

Several hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its position in McKesson by 1.1% during the 1st quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock worth $2,342,190,000 after acquiring an additional 46,659 shares during the period. Putnam Investments LLC grew its position in McKesson by 3.2% during the fourth quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock valued at $925,017,000 after purchasing an additional 62,242 shares in the last quarter. Legal & General Group Plc lifted its position in McKesson by 2.9% in the 2nd quarter. Legal & General Group Plc now owns 1,297,620 shares of the company’s stock worth $757,862,000 after buying an additional 36,583 shares in the last quarter. Swedbank AB purchased a new position in shares of McKesson during the 1st quarter valued at $669,326,000. Finally, Boston Partners increased its stake in shares of McKesson by 4.1% in the first quarter. Boston Partners now owns 1,183,829 shares of the company’s stock worth $635,763,000 after acquiring an additional 47,140 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

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.