McKesson (NYSE:MCK) Price Target Raised to $620.00 at Citigroup

McKesson (NYSE:MCK) had its price target increased by Citigroup from $575.00 to $620.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 15.43% from the company’s current price.

MCK has been the topic of several other research reports. UBS Group boosted their price target on shares of McKesson from $575.00 to $620.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Mizuho upped their target price on shares of McKesson from $450.00 to $505.00 and gave the stock a “neutral” rating in a research report on Friday, February 9th. Argus lifted their price target on shares of McKesson from $510.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Leerink Partnrs reiterated an “outperform” rating on shares of McKesson in a report on Monday, February 26th. Finally, Barclays began coverage on McKesson in a research note on Wednesday, January 3rd. They issued an “overweight” rating and a $537.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $536.71.

McKesson Price Performance

MCK traded up $1.02 during midday trading on Tuesday, reaching $537.11. 70,491 shares of the company’s stock traded hands, compared to its average volume of 685,190. McKesson has a 52 week low of $352.34 and a 52 week high of $544.81. The firm has a fifty day moving average of $528.65 and a two-hundred day moving average of $490.49. The stock has a market capitalization of $70.58 billion, a price-to-earnings ratio of 24.30, a P/E/G ratio of 1.44 and a beta of 0.45.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On McKesson

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Register Financial Advisors LLC bought a new position in McKesson in the 1st quarter worth approximately $29,000. Sachetta LLC bought a new position in shares of McKesson during the 4th quarter valued at about $27,000. Legacy Financial Group LLC purchased a new position in shares of McKesson during the third quarter valued at about $27,000. OFI Invest Asset Management purchased a new stake in shares of McKesson in the third quarter worth about $26,000. Finally, Newbridge Financial Services Group Inc. boosted its stake in McKesson by 333.3% during the first quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock valued at $35,000 after buying an additional 50 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

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.