JPMorgan Chase & Co. Forecasts Strong Price Appreciation for McKesson (NYSE:MCK) Stock

McKesson (NYSE:MCK) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $1,042.00 to $1,255.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 16.78% from the company’s current price.

Several other brokerages have also recently issued reports on MCK. Weiss Ratings raised shares of McKesson from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, September 4th. Royal Bank Of Canada increased their target price on McKesson from $845.00 to $965.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 5th. UBS Group increased their target price on McKesson from $1,200.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Thursday, November 5th. Mizuho lifted their target price on McKesson from $905.00 to $1,020.00 and gave the company a “neutral” rating in a report on Tuesday, October 20th. Finally, Leerink Partners boosted their price target on McKesson from $1,070.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, November 5th. Fifteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,040.29.

McKesson Stock Performance

McKesson stock traded up $15.30 during trading on Tuesday, reaching $1,074.67. The company had a trading volume of 123,262 shares, compared to its average volume of 913,802. McKesson has a 12-month low of $723.68 and a 12-month high of $1,121.50. The stock’s 50 day moving average price is $941.40 and its two-hundred day moving average price is $869.30. The firm has a market capitalization of $125.30 billion, a price-to-earnings ratio of 27.60, a PEG ratio of 2.13 and a beta of 0.27.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $11.68 EPS for the quarter, topping the consensus estimate of $10.72 by $0.96. The firm had revenue of $110.96 billion during the quarter, compared to analyst estimates of $109.90 billion. McKesson had a net margin of 1.12% and a negative return on equity of 235.48%. McKesson’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $9.86 earnings per share. As a group, research analysts expect that McKesson will post 46.21 earnings per share for the current year.

Insider Buying and Selling

In other McKesson news, CAO B Jr sold 111 shares of McKesson stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $891.45, for a total transaction of $98,950.95. Following the transaction, the chief accounting officer directly owned 521 shares of the company’s stock, valued at $464,445.45. The trade was a 17.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Francisco Fraga sold 800 shares of the business’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $995.80, for a total transaction of $796,640.00. Following the sale, the executive vice president owned 5,423 shares of the company’s stock, valued at approximately $5,400,223.40. This represents a 12.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 2,161 shares of company stock worth $2,242,515. 0.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On McKesson

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nvwm LLC increased its holdings in McKesson by 933.3% in the 3rd quarter. Nvwm LLC now owns 31 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares in the last quarter. Delos Wealth Advisors LLC purchased a new position in McKesson in the second quarter valued at about $27,000. Trellis Wealth Advisors LLC purchased a new position in McKesson in the third quarter valued at about $32,000. GK Wealth Management LLC acquired a new position in shares of McKesson during the third quarter worth about $38,000. Finally, Curry Webb Wealth Management LLC acquired a new position in shares of McKesson during the third quarter worth about $38,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

About McKesson

McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and other medical products. Its customers include pharmacies, hospitals, health systems, clinics and other healthcare providers.

The company also provides medical-surgical supplies and technology and services that support pharmacy operations, prescription management and care delivery. Its offerings include specialized support for oncology and other areas of care.

Founded in 1833, McKesson serves customers primarily in the United States and Canada.