McKesson Corp. (MCK) Stock Rating Lowered by Credit Suisse Group AG
McKesson Corp. (NYSE:MCK) was downgraded by analysts at Credit Suisse Group AG from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Wednesday.
A number of other equities analysts have also recently weighed in on the stock. Standpoint Research cut shares of McKesson Corp. from a “buy” rating to a “hold” rating in a research report on Friday, November 11th. Mizuho raised shares of McKesson Corp. from a “neutral” rating to a “buy” rating and set a $147.00 price objective for the company in a research report on Wednesday, November 9th. TheStreet cut shares of McKesson Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, November 3rd. Deutsche Bank AG cut shares of McKesson Corp. from a “buy” rating to a “hold” rating and reduced their price target for the stock from $196.00 to $153.00 in a research report on Friday, October 28th. Finally, Leerink Swann cut shares of McKesson Corp. from an “outperform” rating to a “market perform” rating in a research report on Friday, October 28th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $191.95.
McKesson Corp. (NYSE:MCK) opened at 141.33 on Wednesday. McKesson Corp. has a 52-week low of $114.53 and a 52-week high of $202.20. The firm has a market cap of $31.95 billion, a PE ratio of 16.94 and a beta of 1.02. The firm’s 50-day moving average price is $149.65 and its 200 day moving average price is $174.96.
McKesson Corp. (NYSE:MCK) last posted its quarterly earnings data on Thursday, October 27th. The company reported $2.94 earnings per share for the quarter, missing analysts’ consensus estimates of $3.05 by $0.11. The firm earned $49.96 billion during the quarter, compared to analysts’ expectations of $24.16 billion. McKesson Corp. had a net margin of 0.99% and a return on equity of 29.85%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the company earned $3.31 earnings per share. On average, equities analysts anticipate that McKesson Corp. will post $12.53 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 2nd. Investors of record on Thursday, December 1st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date is Tuesday, November 29th. McKesson Corp.’s payout ratio is 13.45%.
In related news, Chairman John H. Hammergren sold 100,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $184.22, for a total transaction of $18,514,110.00. Following the completion of the sale, the chairman now directly owns 100,500 shares in the company, valued at $18,514,110. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Erin M. Lampert sold 1,739 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $165.94, for a total transaction of $288,569.66. The disclosure for this sale can be found here. Corporate insiders own 1.15% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Capital Research Global Investors boosted its stake in shares of McKesson Corp. by 27.3% in the third quarter. Capital Research Global Investors now owns 11,486,482 shares of the company’s stock worth $1,915,371,000 after buying an additional 2,465,070 shares during the last quarter. Boston Partners boosted its stake in shares of McKesson Corp. by 108.6% in the second quarter. Boston Partners now owns 4,659,692 shares of the company’s stock worth $869,731,000 after buying an additional 2,425,685 shares during the last quarter. Nordea Investment Management AB boosted its stake in shares of McKesson Corp. by 3,352.6% in the third quarter. Nordea Investment Management AB now owns 1,705,825 shares of the company’s stock worth $284,446,000 after buying an additional 1,656,418 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of McKesson Corp. during the third quarter worth $138,866,000. Finally, Schroder Investment Management Group raised its position in McKesson Corp. by 687.9% in the third quarter. Schroder Investment Management Group now owns 785,555 shares of the company’s stock worth $130,992,000 after buying an additional 685,855 shares in the last quarter. Hedge funds and other institutional investors own 83.75% of the company’s stock.
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McKesson Corp. Company Profile
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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