McKesson (NYSE:MCK) Sets New 12-Month High – Here’s What Happened

Shares of McKesson Corporation (NYSE:MCK) reached a new 52-week high on Thursday . The company traded as high as $895.58 and last traded at $884.7580, with a volume of 617006 shares. The stock had previously closed at $889.28.

Wall Street Analysts Forecast Growth

MCK has been the subject of several research reports. Zacks Research downgraded McKesson from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Jefferies Financial Group increased their price objective on shares of McKesson from $820.00 to $900.00 and gave the company a “buy” rating in a research report on Monday, October 13th. Morgan Stanley lifted their target price on shares of McKesson from $857.00 to $916.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Deutsche Bank Aktiengesellschaft upped their price target on shares of McKesson from $775.00 to $856.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Finally, Evercore ISI restated an “outperform” rating and set a $1,000.00 price objective on shares of McKesson in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $887.69.

McKesson Trading Down 0.5%

The firm has a market cap of $108.49 billion, a price-to-earnings ratio of 35.05, a PEG ratio of 1.46 and a beta of 0.51. The firm’s 50 day simple moving average is $807.11 and its two-hundred day simple moving average is $740.86.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, topping the consensus estimate of $8.84 by $1.02. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $103.15 billion for the quarter, compared to analysts’ expectations of $103.80 billion. During the same period last year, the firm earned $7.07 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

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

Insider Activity

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $861.63, for a total value of $283,476.27. Following the transaction, the chief accounting officer owned 328 shares in the company, valued at approximately $282,614.64. This trade represents a 50.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On McKesson

A number of large investors have recently bought and sold shares of MCK. Vanguard Group Inc. raised its position in shares of McKesson by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 12,072,090 shares of the company’s stock valued at $8,846,186,000 after buying an additional 232,286 shares in the last quarter. State Street Corp raised its position in McKesson by 0.9% during the third quarter. State Street Corp now owns 5,750,519 shares of the company’s stock valued at $4,447,110,000 after purchasing an additional 51,510 shares in the last quarter. Geode Capital Management LLC raised its position in McKesson by 4.1% during the second quarter. Geode Capital Management LLC now owns 2,820,724 shares of the company’s stock valued at $2,057,065,000 after purchasing an additional 112,224 shares in the last quarter. Franklin Resources Inc. lifted its stake in McKesson by 3.5% during the third quarter. Franklin Resources Inc. now owns 2,681,321 shares of the company’s stock worth $2,071,428,000 after purchasing an additional 90,948 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of McKesson by 5.6% in the 3rd quarter. Alliancebernstein L.P. now owns 2,394,699 shares of the company’s stock valued at $1,850,001,000 after purchasing an additional 126,684 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

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.