Wells Fargo & Company Forecasts Strong Price Appreciation for McKesson (NYSE:MCK) Stock

McKesson (NYSE:MCK) had its target price hoisted by analysts at Wells Fargo & Company from $535.00 to $641.00 in a research note 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 11.24% from the stock’s current price.

MCK has been the subject of several other reports. Citigroup upped their price objective on McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Evercore ISI upped their price target on McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Baird R W upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Leerink Partners cut their price objective on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Finally, Robert W. Baird raised shares of McKesson from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $531.00 to $688.00 in a report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, McKesson presently has an average rating of “Moderate Buy” and a consensus target price of $643.43.

McKesson Trading Down 0.5 %

Shares of NYSE MCK opened at $576.24 on Friday. The stock has a market cap of $73.15 billion, a P/E ratio of 29.84, a P/E/G ratio of 1.25 and a beta of 0.49. The stock has a 50 day moving average of $564.01 and a two-hundred day moving average of $562.74. McKesson has a twelve month low of $431.35 and a twelve month high of $637.51.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, topping analysts’ consensus estimates of $6.88 by $0.19. The firm had revenue of $93.65 billion during the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. McKesson’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.23 EPS. As a group, research analysts predict that McKesson will post 32.73 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Leann B. Smith sold 579 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $602.81, for a total value of $349,026.99. Following the sale, the executive vice president now owns 1,443 shares of the company’s stock, valued at approximately $869,854.83. This represents a 28.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.11% of the company’s stock.

Hedge Funds Weigh In On McKesson

A number of institutional investors have recently made changes to their positions in MCK. International Assets Investment Management LLC raised its position in shares of McKesson by 1,020.2% in the third quarter. International Assets Investment Management LLC now owns 806,878 shares of the company’s stock valued at $398,937,000 after buying an additional 734,849 shares during the last quarter. FMR LLC grew its stake in McKesson by 17.3% in the 3rd quarter. FMR LLC now owns 2,968,239 shares of the company’s stock worth $1,467,557,000 after acquiring an additional 438,423 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of McKesson by 55.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,189,377 shares of the company’s stock worth $588,048,000 after purchasing an additional 425,875 shares during the period. Janus Henderson Group PLC lifted its stake in shares of McKesson by 126.8% during the 3rd quarter. Janus Henderson Group PLC now owns 574,440 shares of the company’s stock worth $283,903,000 after purchasing an additional 321,119 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of McKesson by 2.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,943,520 shares of the company’s stock valued at $2,444,175,000 after purchasing an additional 138,685 shares during the period. 85.07% of the stock is 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.