Leerink Partners Cuts McKesson (NYSE:MCK) Price Target to $630.00

McKesson (NYSE:MCK) had its price target lowered by Leerink Partners from $665.00 to $630.00 in a research note released on Monday, Benzinga reports. Leerink Partners currently has an outperform rating on the stock.

A number of other equities research analysts also recently commented on the company. Robert W. Baird reaffirmed a neutral rating and set a $531.00 target price (down previously from $603.00) on shares of McKesson in a report on Tuesday, September 24th. Bank of America lifted their price objective on shares of McKesson from $590.00 to $670.00 and gave the company a buy rating in a research note on Tuesday, June 25th. Evercore ISI cut their price objective on shares of McKesson from $660.00 to $630.00 and set an outperform rating on the stock in a research note on Thursday, August 8th. Wells Fargo & Company decreased their target price on shares of McKesson from $576.00 to $535.00 and set an equal weight rating for the company in a research report on Friday, September 13th. Finally, Argus increased their price target on McKesson from $570.00 to $670.00 and gave the stock a buy rating in a research report on Monday, June 24th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $610.86.

McKesson Stock Performance

Shares of MCK stock opened at $506.25 on Monday. The firm has a market capitalization of $65.65 billion, a price-to-earnings ratio of 22.64, a PEG ratio of 1.17 and a beta of 0.44. The stock’s 50-day simple moving average is $533.68 and its 200-day simple moving average is $553.37. McKesson has a fifty-two week low of $431.35 and a fifty-two week high of $637.51.

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

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd were issued a $0.71 dividend. This is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend was Friday, August 30th. McKesson’s dividend payout ratio (DPR) is presently 12.70%.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the sale, the chief executive officer now owns 78,586 shares of the company’s stock, valued at approximately $44,094,604.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.11% of the company’s stock.

Institutional Investors Weigh In On McKesson

Institutional investors have recently bought and sold shares of the company. LRI Investments LLC acquired a new stake in shares of McKesson in the first quarter valued at about $28,000. Register Financial Advisors LLC acquired a new stake in McKesson in the 1st quarter valued at about $29,000. Richardson Financial Services Inc. purchased a new position in McKesson in the 4th quarter worth approximately $31,000. Rise Advisors LLC acquired a new position in shares of McKesson during the 1st quarter worth approximately $40,000. Finally, ZRC Wealth Management LLC purchased a new stake in shares of McKesson in the first quarter valued at approximately $48,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

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.