McKesson (MCK) to Release Quarterly Earnings on Wednesday

Posted by Defense World Staff on Oct 25th, 2023

McKesson (NYSE:MCK – Get Free Report) is scheduled to be announcing its earnings results after the market closes on Wednesday, November 1st. Analysts expect the company to announce earnings of $6.13 per share for the quarter. McKesson has set its FY24 guidance at $26.55-$27.35 EPS.Investors interested in listening to the company’s conference call can do so using this link.

McKesson (NYSE:MCK – Get Free Report) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported $7.27 earnings per share for the quarter, topping the consensus estimate of $5.85 by $1.42. McKesson had a net margin of 1.32% and a negative return on equity of 252.54%. The company had revenue of $74.48 billion for the quarter, compared to the consensus estimate of $70.28 billion. During the same quarter in the prior year, the company earned $5.83 EPS. McKesson’s quarterly revenue was up 10.9% on a year-over-year basis. On average, analysts expect McKesson to post $27 EPS for the current fiscal year and $31 EPS for the next fiscal year.

McKesson Trading Up 0.5 %

Shares of NYSE:MCK opened at $452.05 on Wednesday. McKesson has a twelve month low of $331.75 and a twelve month high of $465.90. The company’s 50 day moving average is $434.05 and its 200 day moving average is $409.90. The company has a market cap of $60.98 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 1.56 and a beta of 0.58.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 25,246 shares of the company’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $422.58, for a total value of $10,668,454.68. Following the transaction, the chief executive officer now owns 92,654 shares in the company, valued at approximately $39,153,727.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other McKesson news, CEO Brian S. Tyler sold 10,521 shares of the stock in a transaction that occurred on Thursday, October 12th. The stock was sold at an average price of $460.00, for a total transaction of $4,839,660.00. Following the transaction, the chief executive officer now owns 67,408 shares in the company, valued at $31,007,680. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Brian S. Tyler sold 25,246 shares of the stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $422.58, for a total value of $10,668,454.68. Following the transaction, the chief executive officer now owns 92,654 shares in the company, valued at approximately $39,153,727.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,831 shares of company stock valued at $33,145,697. 0.21% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On McKesson

Several hedge funds have recently modified their holdings of MCK. Live Oak Investment Partners acquired a new position in McKesson during the fourth quarter worth $30,000. Covestor Ltd increased its position in McKesson by 72.3% in the first quarter. Covestor Ltd now owns 81 shares of the company’s stock worth $25,000 after purchasing an additional 34 shares during the period. Castleview Partners LLC lifted its holdings in shares of McKesson by 87.8% during the 2nd quarter. Castleview Partners LLC now owns 92 shares of the company’s stock valued at $39,000 after purchasing an additional 43 shares in the last quarter. Almanack Investment Partners LLC. bought a new position in shares of McKesson during the 3rd quarter valued at about $41,000. Finally, Worth Asset Management LLC bought a new position in shares of McKesson during the 1st quarter valued at about $41,000. 82.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MCK shares. Credit Suisse Group boosted their price target on shares of McKesson from $450.00 to $485.00 and gave the stock an “outperform” rating in a research report on Friday, August 11th. Evercore ISI boosted their price target on shares of McKesson from $485.00 to $490.00 in a report on Wednesday, October 11th. Bank of America upped their target price on shares of McKesson from $470.00 to $485.00 in a report on Monday, July 17th. Mizuho upped their price target on shares of McKesson from $390.00 to $427.00 in a research report on Tuesday, July 11th. Finally, TD Cowen upped their price target on shares of McKesson from $491.00 to $495.00 and gave the company an “outperform” rating in a research report on Monday, August 7th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, McKesson presently has an average rating of “Moderate Buy” and an average price target of $457.54.

Read Our Latest Stock Analysis on McKesson

McKesson Company Profile

(Get Free Report)

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.