Robert W. Baird Raises McKesson (NYSE:MCK) Price Target to $671.00

McKesson (NYSE:MCK) had its target price upped by research analysts at Robert W. Baird from $603.00 to $671.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price target indicates a potential upside of 23.23% from the company’s previous close.

Other analysts also recently issued research reports about the company. StockNews.com upgraded McKesson from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Mizuho increased their price target on McKesson from $450.00 to $505.00 and gave the company a “neutral” rating in a report on Friday, February 9th. Leerink Partnrs reaffirmed an “outperform” rating on shares of McKesson in a report on Monday, February 26th. Argus lifted their target price on shares of McKesson from $510.00 to $570.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Finally, Morgan Stanley lifted their price objective on McKesson from $522.00 to $548.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $550.71.

McKesson Stock Performance

NYSE:MCK opened at $544.53 on Wednesday. The company has a market capitalization of $71.56 billion, a P/E ratio of 24.67, a P/E/G ratio of 1.41 and a beta of 0.45. The stock’s 50 day moving average price is $531.17 and its 200 day moving average price is $493.81. McKesson has a 52 week low of $364.08 and a 52 week high of $546.63.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 EPS for the quarter, missing the consensus estimate of $6.34 by ($0.16). McKesson had a negative return on equity of 262.63% and a net margin of 0.99%. The business had revenue of $76.36 billion for the quarter, compared to analyst estimates of $79.32 billion. During the same quarter last year, the company earned $7.19 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, sell-side analysts forecast that McKesson will post 27.59 earnings per share for the current fiscal year.

Insider Buying and Selling at McKesson

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

Hedge Funds Weigh In On McKesson

A number of institutional investors and hedge funds have recently bought and sold shares of MCK. Massachusetts Financial Services Co. MA increased its position in McKesson by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,148,794 shares of the company’s stock valued at $2,238,953,000 after acquiring an additional 708,438 shares in the last quarter. Morgan Stanley increased its holdings in shares of McKesson by 14.0% in the third quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock valued at $1,042,937,000 after purchasing an additional 294,832 shares in the last quarter. Norges Bank bought a new position in McKesson in the 4th quarter worth approximately $1,024,140,000. Putnam Investments LLC lifted its holdings in McKesson by 3.2% during the 4th quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock worth $925,017,000 after buying an additional 62,242 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in McKesson by 3.3% during the 3rd quarter. Northern Trust Corp now owns 1,595,162 shares of the company’s stock worth $693,656,000 after buying an additional 50,265 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

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.