McKesson (NYSE:MCK) Price Target Cut to $677.00 by Analysts at Citigroup

McKesson (NYSE:MCK) had its target price decreased by Citigroup from $713.00 to $677.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 15.48% from the company’s previous close.

A number of other research analysts have also recently issued reports on MCK. Leerink Partners decreased their price target on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a report on Monday, October 7th. Mizuho started coverage on McKesson in a report on Wednesday, December 4th. They set a “neutral” rating and a $630.00 target price on the stock. Baird R W raised McKesson from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. StockNews.com raised shares of McKesson from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Finally, Bank of America lowered their price target on shares of McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a report on Monday. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $646.14.

McKesson Price Performance

McKesson stock traded down $4.03 during trading hours on Friday, reaching $586.23. The stock had a trading volume of 266,524 shares, compared to its average volume of 554,963. McKesson has a 52 week low of $464.42 and a 52 week high of $637.51. The business’s 50 day moving average price is $591.44 and its 200-day moving average price is $561.65. The company has a market cap of $74.42 billion, a price-to-earnings ratio of 30.36, a PEG ratio of 1.25 and a beta of 0.52.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, beating the consensus estimate of $6.88 by $0.19. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The firm had revenue of $93.65 billion during the quarter, compared to analyst estimates of $89.33 billion. During the same quarter in the prior year, the business posted $6.23 EPS. The business’s revenue for the quarter was up 21.3% compared to the same quarter last year. On average, sell-side analysts forecast that McKesson will post 32.73 EPS for the current fiscal year.

Insider Transactions at McKesson

In other news, EVP Leann B. Smith sold 579 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total transaction of $331,645.41. Following the completion of the sale, the executive vice president now owns 864 shares in the company, valued at $494,890.56. This trade represents a 40.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.11% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Distillate Capital Partners LLC increased its holdings in McKesson by 127,542.9% in the 2nd quarter. Distillate Capital Partners LLC now owns 35,740 shares of the company’s stock valued at $20,874,000 after purchasing an additional 35,712 shares during the last quarter. Chase Investment Counsel Corp lifted its position in shares of McKesson by 50.8% during the second quarter. Chase Investment Counsel Corp now owns 8,985 shares of the company’s stock worth $5,247,000 after purchasing an additional 3,027 shares in the last quarter. Wealthspire Advisors LLC grew its holdings in shares of McKesson by 8.9% in the second quarter. Wealthspire Advisors LLC now owns 1,623 shares of the company’s stock valued at $948,000 after purchasing an additional 133 shares in the last quarter. Newbridge Financial Services Group Inc. increased its position in shares of McKesson by 2,143.1% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,458 shares of the company’s stock worth $851,000 after acquiring an additional 1,393 shares during the period. Finally, Commerce Bank boosted its stake in shares of McKesson by 2.0% in the 3rd quarter. Commerce Bank now owns 156,781 shares of the company’s stock valued at $77,516,000 after buying an additional 3,020 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

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.