McKesson (NYSE:MCK) Hits New 52-Week High – What’s Next?

McKesson Corporation (NYSE:MCK)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $869.08 and last traded at $867.64, with a volume of 385497 shares. The stock had previously closed at $849.46.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Zacks Research upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 27th. Morgan Stanley boosted their price objective on shares of McKesson from $857.00 to $916.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Mizuho boosted their price target on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research note on Wednesday, September 24th. Cowen reiterated a “buy” rating on shares of McKesson in a research report on Wednesday, September 24th. Finally, UBS Group lifted their price objective on McKesson from $920.00 to $980.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and a consensus target price of $887.69.

McKesson Trading Up 2.2%

The stock has a market capitalization of $107.13 billion, a P/E ratio of 34.61, a P/E/G ratio of 1.46 and a beta of 0.51. The firm’s fifty day moving average is $785.37 and its 200-day moving average is $733.49.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 earnings per share for the quarter, topping the consensus estimate of $8.84 by $1.02. The company had revenue of $103.15 billion during the quarter, compared to analyst estimates of $103.80 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company’s revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the business posted $7.07 earnings per share. Equities research analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 1st will be given a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, December 1st. McKesson’s payout ratio is currently 10.21%.

Insider Transactions at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $861.63, for a total value of $283,476.27. Following the completion of the transaction, the chief accounting officer directly owned 328 shares of the company’s stock, valued at approximately $282,614.64. This trade represents a 50.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On McKesson

Institutional investors have recently made changes to their positions in the company. Brighton Jones LLC raised its stake in McKesson by 46.3% during the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company’s stock worth $1,438,000 after acquiring an additional 798 shares in the last quarter. Crestwood Advisors Group LLC grew its position in shares of McKesson by 31.4% in the 1st quarter. Crestwood Advisors Group LLC now owns 574 shares of the company’s stock valued at $386,000 after buying an additional 137 shares during the last quarter. Venturi Wealth Management LLC increased its position in McKesson by 4.2% during the 1st quarter. Venturi Wealth Management LLC now owns 2,742 shares of the company’s stock valued at $1,845,000 after purchasing an additional 110 shares during the period. Wedbush Securities Inc. increased its position in shares of McKesson by 29.3% during the first quarter. Wedbush Securities Inc. now owns 1,951 shares of the company’s stock worth $1,313,000 after buying an additional 442 shares during the period. Finally, AE Wealth Management LLC raised its stake in McKesson by 4.9% during the first quarter. AE Wealth Management LLC now owns 5,760 shares of the company’s stock worth $3,877,000 after buying an additional 271 shares during the last quarter. Institutional investors 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.