Morgan Stanley Boosts McKesson (NYSE:MCK) Price Target to $548.00

McKesson (NYSE:MCK) had its price objective hoisted by Morgan Stanley from $522.00 to $548.00 in a research report released on Monday, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other equities research analysts also recently weighed in on the company. Argus raised their price objective on McKesson from $510.00 to $570.00 and gave the company a buy rating in a report on Wednesday, April 10th. SVB Leerink initiated coverage on McKesson in a report on Monday, February 26th. They issued an outperform rating and a $600.00 price target on the stock. Barclays started coverage on McKesson in a report on Wednesday, January 3rd. They issued an overweight rating and a $537.00 target price on the stock. Citigroup increased their price target on McKesson from $530.00 to $575.00 and gave the company a buy rating in a research report on Thursday, February 8th. Finally, Mizuho increased their price target on McKesson from $450.00 to $505.00 and gave the company a neutral rating in a research report on Friday, February 9th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, McKesson presently has an average rating of Moderate Buy and an average price target of $533.50.

McKesson Stock Performance

Shares of NYSE MCK opened at $518.81 on Monday. McKesson has a 52 week low of $352.34 and a 52 week high of $543.00. The stock has a market capitalization of $68.18 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 1.43 and a beta of 0.45. The stock has a 50 day moving average price of $524.44 and a 200 day moving average price of $485.71.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, February 7th. The company reported $7.74 earnings per share for the quarter, topping analysts’ consensus estimates of $7.05 by $0.69. McKesson had a negative return on equity of 262.63% and a net margin of 0.99%. The company had revenue of $80.90 billion for the quarter, compared to analyst estimates of $77.93 billion. During the same quarter last year, the company earned $6.90 earnings per share. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. As a group, research analysts forecast that McKesson will post 27.59 EPS for the current year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 1st were given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Thursday, February 29th. McKesson’s dividend payout ratio is currently 11.24%.

Insider Activity at McKesson

In other news, EVP Leann B. Smith sold 186 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total value of $92,256.00. Following the completion of the sale, the executive vice president now directly owns 1,511 shares of the company’s stock, valued at approximately $749,456. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Leann B. Smith sold 186 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total value of $92,256.00. Following the sale, the executive vice president now directly owns 1,511 shares in the company, valued at $749,456. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Brian S. Tyler sold 3,473 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $524.55, for a total value of $1,821,762.15. Following the transaction, the chief executive officer now owns 43,445 shares in the company, valued at $22,789,074.75. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. SeaCrest Wealth Management LLC increased its holdings in shares of McKesson by 2.7% in the 1st quarter. SeaCrest Wealth Management LLC now owns 2,401 shares of the company’s stock valued at $1,289,000 after acquiring an additional 62 shares during the period. Measured Wealth Private Client Group LLC purchased a new position in McKesson during the 1st quarter worth $294,000. Leonard Rickey Investment Advisors P.L.L.C. purchased a new position in McKesson during the 1st quarter worth $206,000. Allspring Global Investments Holdings LLC grew its stake in McKesson by 5.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 90,606 shares of the company’s stock worth $48,642,000 after buying an additional 4,827 shares during the last quarter. Finally, Oak Thistle LLC purchased a new position in McKesson during the 1st quarter worth $258,000. 85.07% of the stock is currently owned by hedge funds and other 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.