McKesson (NYSE:MCK) Price Target Raised to $661.00 at JPMorgan Chase & Co.

McKesson (NYSE:MCK) had its price objective hoisted by research analysts at JPMorgan Chase & Co. from $656.00 to $661.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 19.21% from the company’s current price.

Several other equities research analysts also recently issued reports on MCK. Deutsche Bank Aktiengesellschaft lowered their price target on McKesson from $547.00 to $545.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Evercore ISI lowered their target price on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. StockNews.com cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday, August 9th. Robert W. Baird reduced their price objective on shares of McKesson from $694.00 to $671.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Finally, Mizuho lifted their target price on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $620.29.

McKesson Price Performance

Shares of NYSE MCK traded up $5.96 during mid-day trading on Wednesday, reaching $554.48. 79,044 shares of the company’s stock traded hands, compared to its average volume of 739,851. The business has a 50-day simple moving average of $586.71 and a 200 day simple moving average of $553.79. The stock has a market cap of $72.05 billion, a P/E ratio of 24.71, a PEG ratio of 1.46 and a beta of 0.45. McKesson has a 1-year low of $404.72 and a 1-year high of $637.51.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating the consensus estimate of $7.21 by $0.67. The business had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter last year, the firm earned $7.27 EPS. Equities research analysts anticipate that McKesson will post 31.68 earnings per share for the current fiscal year.

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $626.03, for a total value of $2,349,490.59. Following the completion of the transaction, the chief executive officer now owns 82,339 shares in the company, valued at $51,546,684.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the completion of the transaction, the chief executive officer now directly owns 82,339 shares of the company’s stock, valued at $51,546,684.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Maria Martinez sold 483 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $585.88, for a total value of $282,980.04. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,713 shares of company stock worth $18,702,605. 0.11% of the stock is owned by company insiders.

Institutional Trading of McKesson

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Intrust Bank NA purchased a new stake in shares of McKesson in the 4th quarter valued at about $206,000. Heritage Wealth Management LLC purchased a new stake in McKesson in the fourth quarter valued at approximately $1,538,000. Councilmark Asset Management LLC bought a new stake in McKesson during the first quarter valued at approximately $5,160,000. Atlantic Edge Private Wealth Management LLC purchased a new position in McKesson in the 4th quarter worth approximately $2,487,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of McKesson by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 804,338 shares of the company’s stock worth $372,393,000 after buying an additional 10,977 shares during the last quarter. Institutional investors 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.