McKesson (NYSE:MCK) Price Target Raised to $856.00 at Deutsche Bank Aktiengesellschaft

McKesson (NYSE:MCK) had its target price lifted by Deutsche Bank Aktiengesellschaft from $775.00 to $856.00 in a research report sent to investors on Wednesday, Marketbeat.com reports. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock.

A number of other equities analysts also recently commented on the company. Bank of America raised their price objective on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday. Wall Street Zen downgraded McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, September 20th. Wells Fargo & Company raised their target price on McKesson from $766.00 to $772.00 and gave the company an “equal weight” rating in a report on Wednesday, August 13th. Cowen restated a “buy” rating on shares of McKesson in a research note on Thursday, August 7th. Finally, Evercore ISI boosted their price objective on shares of McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $829.08.

McKesson Stock Up 3.3%

Shares of NYSE:MCK opened at $760.82 on Wednesday. The company has a market cap of $94.63 billion, a P/E ratio of 30.34, a P/E/G ratio of 1.32 and a beta of 0.51. The business has a fifty day simple moving average of $697.79 and a 200-day simple moving average of $699.19. McKesson has a 52 week low of $479.15 and a 52 week high of $770.00.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate of $8.33 by ($0.07). The business had revenue of $97.83 billion during the quarter, compared to analysts’ expectations of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm’s quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter last year, the firm earned $7.88 EPS. Sell-side analysts expect that McKesson will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a $0.82 dividend. This is a boost from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s dividend payout ratio is 13.08%.

Insider Activity

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares of the company’s stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the sale, the chief executive officer owned 4,012 shares in the company, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,560 shares of company stock worth $30,438,602. 0.08% of the stock is currently owned by insiders.

Institutional Investors Weigh In On McKesson

A number of institutional investors have recently added to or reduced their stakes in MCK. Solstein Capital LLC boosted its position in shares of McKesson by 171.4% during the 2nd quarter. Solstein Capital LLC now owns 38 shares of the company’s stock valued at $28,000 after purchasing an additional 24 shares in the last quarter. State of Wyoming acquired a new stake in shares of McKesson during the second quarter worth $29,000. GFG Capital LLC purchased a new stake in shares of McKesson during the second quarter valued at $30,000. CBIZ Investment Advisory Services LLC boosted its position in shares of McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after purchasing an additional 41 shares during the period. Finally, Bank of Jackson Hole Trust increased its position in shares of McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after acquiring an additional 18 shares in the last quarter. 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.