McKesson Corporation (NYSE:MCK) was upgraded by Cowen and Company from a “market perform” rating to an “outperform” rating in a research report issued on Tuesday. The brokerage presently has a $189.00 price target on the stock, up from their prior price target of $176.00. Cowen and Company’s target price indicates a potential upside of 26.05% from the company’s previous close.
Several other equities research analysts have also weighed in on the stock. TheStreet lowered shares of McKesson Corporation from a “b” rating to a “c+” rating in a report on Friday, August 25th. Morgan Stanley lowered shares of McKesson Corporation from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $184.00 to $172.00 in a report on Thursday, September 14th. Needham & Company LLC upgraded shares of McKesson Corporation from a “hold” rating to a “buy” rating and set a $179.00 target price on the stock in a report on Friday, September 8th. Vetr upgraded shares of McKesson Corporation from a “buy” rating to a “strong-buy” rating and set a $181.27 target price on the stock in a report on Monday, June 12th. Finally, Leerink Swann increased their target price on shares of McKesson Corporation to $170.00 and gave the stock a “market perform” rating in a report on Thursday, June 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $172.45.
McKesson Corporation (NYSE:MCK) last posted its earnings results on Thursday, July 27th. The company reported $2.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.81 by ($0.35). The firm had revenue of $51.05 billion during the quarter, compared to analyst estimates of $51.22 billion. McKesson Corporation had a return on equity of 25.76% and a net margin of 2.42%. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the business posted $3.50 earnings per share.
In other McKesson Corporation news, Director Marie L/Ca Knowles sold 1,083 shares of McKesson Corporation stock in a transaction on Monday, July 31st. The shares were sold at an average price of $162.55, for a total value of $176,041.65. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Erin M. Lampert sold 900 shares of McKesson Corporation stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $155.65, for a total transaction of $140,085.00. The disclosure for this sale can be found here. Insiders sold a total of 952,066 shares of company stock worth $145,736,987 over the last quarter. Company insiders own 1.20% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP grew its position in shares of McKesson Corporation by 0.9% in the 1st quarter. Wellington Management Group LLP now owns 22,730,846 shares of the company’s stock valued at $3,370,074,000 after acquiring an additional 192,254 shares during the period. BlackRock Inc. grew its position in shares of McKesson Corporation by 8.0% in the 2nd quarter. BlackRock Inc. now owns 15,330,001 shares of the company’s stock valued at $2,522,396,000 after acquiring an additional 1,131,024 shares during the period. Vanguard Group Inc. grew its position in shares of McKesson Corporation by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 14,090,544 shares of the company’s stock valued at $2,318,457,000 after acquiring an additional 62,004 shares during the period. Ballentine Partners LLC bought a new position in shares of McKesson Corporation in the 1st quarter valued at about $191,000. Finally, Massachusetts Financial Services Co. MA grew its position in shares of McKesson Corporation by 3.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 4,927,553 shares of the company’s stock valued at $730,560,000 after acquiring an additional 180,107 shares during the period. 85.19% of the stock is owned by institutional investors.
About McKesson Corporation
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.
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