Wells Fargo & Company Raises McKesson (NYSE:MCK) Price Target to $691.00

McKesson (NYSE:MCK) had its price objective raised by Wells Fargo & Company from $641.00 to $691.00 in a report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 7.45% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. Evercore ISI upped their price objective on McKesson from $650.00 to $675.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Mizuho initiated coverage on shares of McKesson in a research note on Wednesday, December 4th. They set a “neutral” rating and a $630.00 price target for the company. Morgan Stanley upped their price objective on McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Bank of America decreased their target price on McKesson from $680.00 to $650.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, Citigroup dropped their price target on McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $649.36.

McKesson Stock Down 0.1 %

MCK traded down $0.62 during trading on Friday, hitting $643.07. The company’s stock had a trading volume of 45,801 shares, compared to its average volume of 789,700. McKesson has a twelve month low of $464.42 and a twelve month high of $663.62. The stock’s fifty day moving average price is $607.07 and its 200-day moving average price is $569.97. The firm has a market capitalization of $80.59 billion, a P/E ratio of 29.53, a PEG ratio of 1.29 and a beta of 0.52.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share for the quarter, missing analysts’ consensus estimates of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. Equities research analysts expect that McKesson will post 32.77 EPS for the current fiscal year.

Insider Buying and Selling

In other McKesson news, EVP Leann B. Smith sold 579 shares of McKesson stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $572.79, for a total transaction of $331,645.41. Following the completion of the transaction, the executive vice president now owns 864 shares in the company, valued at approximately $494,890.56. The trade was a 40.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian S. Tyler sold 8,961 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $597.99, for a total transaction of $5,358,588.39. Following the completion of the transaction, the chief executive officer now owns 60,664 shares in the company, valued at approximately $36,276,465.36. The trade was a 12.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,689 shares of company stock worth $11,187,351 in the last ninety days. 0.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. raised its stake in McKesson by 3.3% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 3,090 shares of the company’s stock valued at $1,528,000 after buying an additional 98 shares during the last quarter. Huntington National Bank lifted its holdings in shares of McKesson by 5.9% in the 3rd quarter. Huntington National Bank now owns 6,236 shares of the company’s stock worth $3,083,000 after buying an additional 347 shares during the period. Metis Global Partners LLC lifted its holdings in McKesson by 2.1% during the third quarter. Metis Global Partners LLC now owns 5,840 shares of the company’s stock worth $2,887,000 after buying an additional 120 shares during the period. Impax Asset Management Group plc grew its holdings in McKesson by 64.1% in the third quarter. Impax Asset Management Group plc now owns 1,805 shares of the company’s stock worth $892,000 after purchasing an additional 705 shares during the last quarter. Finally, King Wealth Management Group acquired a new position in McKesson during the 3rd quarter valued at approximately $264,000. Institutional investors own 85.07% of the company’s stock.

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.