Morgan Stanley Downgrades McKesson Corporation (MCK) to Equal Weight
McKesson Corporation (NYSE:MCK) was downgraded by investment analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report issued on Thursday. They currently have a $172.00 target price on the stock, down from their prior target price of $184.00. Morgan Stanley’s price target would suggest a potential upside of 14.76% from the company’s previous close.
MCK has been the topic of several other reports. BidaskClub lowered McKesson Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Zacks Investment Research upgraded McKesson Corporation from a “hold” rating to a “buy” rating and set a $184.00 target price on the stock in a report on Wednesday, July 12th. Vetr upgraded McKesson Corporation from a “hold” rating to a “buy” rating and set a $174.15 target price on the stock in a report on Thursday, May 25th. J P Morgan Chase & Co upgraded McKesson Corporation from a “neutral” rating to an “overweight” rating and set a $189.00 target price on the stock in a report on Tuesday, May 23rd. Finally, Leerink Swann set a $140.00 target price on McKesson Corporation and gave the company a “hold” rating in a report on Friday, May 19th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company’s stock. McKesson Corporation presently has a consensus rating of “Hold” and an average price target of $171.92.
Shares of McKesson Corporation (NYSE:MCK) opened at 149.88 on Thursday. The stock has a 50 day moving average price of $152.20 and a 200-day moving average price of $153.01. McKesson Corporation has a 1-year low of $114.53 and a 1-year high of $169.29. The firm has a market cap of $31.51 billion, a price-to-earnings ratio of 6.80 and a beta of 1.16.
McKesson Corporation (NYSE:MCK) last released its quarterly earnings data on Thursday, July 27th. The company reported $2.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.81 by ($0.35). The firm had revenue of $51.05 billion for the quarter, compared to analyst estimates of $51.22 billion. McKesson Corporation had a net margin of 2.42% and a return on equity of 25.76%. McKesson Corporation’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $3.50 EPS. On average, equities research analysts expect that McKesson Corporation will post $12.07 earnings per share for the current fiscal year.
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In related news, SVP Erin M. Lampert sold 900 shares of McKesson Corporation stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $155.65, for a total transaction of $140,085.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director M Christine Jacobs sold 1,083 shares of McKesson Corporation stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $145.43, for a total value of $157,500.69. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,066 shares of company stock worth $473,627. 1.20% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN grew its position in McKesson Corporation by 12.7% during the second quarter. Wells Fargo & Company MN now owns 2,121,171 shares of the company’s stock worth $349,017,000 after buying an additional 239,358 shares in the last quarter. Loews Corp acquired a new stake in McKesson Corporation during the first quarter valued at approximately $253,000. HealthInvest Partners AB boosted its holdings in McKesson Corporation by 23.7% during the second quarter. HealthInvest Partners AB now owns 63,100 shares of the company’s stock valued at $10,382,000 after purchasing an additional 12,100 shares in the last quarter. ProVise Management Group LLC boosted its holdings in McKesson Corporation by 495.7% during the second quarter. ProVise Management Group LLC now owns 25,525 shares of the company’s stock valued at $4,200,000 after purchasing an additional 21,240 shares in the last quarter. Finally, GHP Investment Advisors Inc. boosted its holdings in McKesson Corporation by 6.1% during the second quarter. GHP Investment Advisors Inc. now owns 11,201 shares of the company’s stock valued at $1,843,000 after purchasing an additional 642 shares in the last quarter. 85.28% of the stock is currently owned by institutional investors and hedge funds.
McKesson Corporation 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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