McKesson (NYSE:MCK) Price Target Cut to $579.00

McKesson (NYSE:MCK) had its target price decreased by equities research analysts at Deutsche Bank Aktiengesellschaft from $623.00 to $579.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft’s price target would indicate a potential upside of 20.86% from the stock’s current price.

A number of other brokerages have also recently issued reports on MCK. JPMorgan Chase & Co. upped their price target on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Leerink Partners dropped their target price on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Robert W. Baird reissued a “neutral” rating and set a $531.00 price target (down previously from $603.00) on shares of McKesson in a research report on Tuesday. Citigroup decreased their price objective on shares of McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a report on Tuesday, September 10th. Finally, Barclays increased their target price on McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $613.36.

McKesson Stock Performance

Shares of NYSE MCK opened at $479.05 on Wednesday. The company has a 50 day simple moving average of $554.66 and a two-hundred day simple moving average of $556.20. McKesson has a fifty-two week low of $431.35 and a fifty-two week high of $637.51. The company has a market capitalization of $62.12 billion, a price-to-earnings ratio of 21.48, a P/E/G ratio of 1.18 and a beta of 0.44.

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

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 82,339 shares in the company, valued at approximately $51,546,684.17. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders sold a total of 11,259 shares of company stock worth $6,635,492 over the last quarter. 0.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On McKesson

Institutional investors and hedge funds have recently bought and sold shares of the business. Distillate Capital Partners LLC lifted its holdings in shares of McKesson by 127,542.9% in the second quarter. Distillate Capital Partners LLC now owns 35,740 shares of the company’s stock worth $20,874,000 after buying an additional 35,712 shares in the last quarter. Wealthspire Advisors LLC grew its position in shares of McKesson by 8.9% during the second quarter. Wealthspire Advisors LLC now owns 1,623 shares of the company’s stock valued at $948,000 after purchasing an additional 133 shares in the last quarter. Councilmark Asset Management LLC bought a new stake in shares of McKesson in the first quarter worth about $5,160,000. Vaughan David Investments LLC IL purchased a new stake in shares of McKesson in the second quarter worth about $238,000. Finally, Treasurer of the State of North Carolina boosted its stake in McKesson by 6.5% during the fourth quarter. Treasurer of the State of North Carolina now owns 65,266 shares of the company’s stock valued at $30,217,000 after buying an additional 3,982 shares during the last quarter. 85.07% of the stock is owned by institutional investors.

About McKesson

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.