Todd Asset Management LLC bought a new position in McKesson (NYSE:MCK) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 99,244 shares of the company’s stock, valued at approximately $13,981,000.
Other institutional investors have also recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in McKesson by 1.8% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 85,203 shares of the company’s stock worth $13,287,000 after purchasing an additional 1,537 shares in the last quarter. Legacy Capital Partners Inc. raised its holdings in McKesson by 11.5% in the fourth quarter. Legacy Capital Partners Inc. now owns 3,303 shares of the company’s stock worth $515,000 after purchasing an additional 340 shares in the last quarter. Cornerstone Wealth Management LLC bought a new position in McKesson in the fourth quarter worth about $311,000. LPL Financial LLC raised its holdings in McKesson by 7.6% in the fourth quarter. LPL Financial LLC now owns 39,623 shares of the company’s stock worth $6,179,000 after purchasing an additional 2,795 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in McKesson by 1.3% in the fourth quarter. Rhumbline Advisers now owns 405,094 shares of the company’s stock worth $63,174,000 after purchasing an additional 5,389 shares in the last quarter. Institutional investors and hedge funds own 88.37% of the company’s stock.
A number of brokerages have commented on MCK. Credit Suisse Group reiterated a “sell” rating and issued a $130.00 target price on shares of McKesson in a report on Friday, February 2nd. Mizuho cut their price objective on shares of McKesson from $186.00 to $179.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Zacks Investment Research upgraded shares of McKesson from a “hold” rating to a “buy” rating and set a $189.00 price objective on the stock in a report on Friday, February 2nd. Bank of America initiated coverage on shares of McKesson in a report on Tuesday, February 27th. They set a “buy” rating and a $179.00 price objective on the stock. Finally, Barclays initiated coverage on shares of McKesson in a report on Thursday, March 8th. They set an “equal weight” rating and a $165.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. McKesson currently has a consensus rating of “Hold” and an average target price of $175.53.
In related news, SVP Erin M. Lampert sold 1,413 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $149.38, for a total value of $211,073.94. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.20% of the stock is owned by corporate insiders.
Shares of McKesson opened at $145.81 on Friday, according to MarketBeat. The company has a market capitalization of $30.09 billion, a P/E ratio of 11.54, a PEG ratio of 1.34 and a beta of 1.31. McKesson has a 52 week low of $134.25 and a 52 week high of $178.86. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.61 and a current ratio of 1.01.
McKesson (NYSE:MCK) last issued its earnings results on Thursday, May 24th. The company reported $3.49 EPS for the quarter, missing the Zacks’ consensus estimate of $3.56 by ($0.07). The firm had revenue of $51.63 billion during the quarter, compared to analysts’ expectations of $51.36 billion. McKesson had a net margin of 0.03% and a return on equity of 23.55%. McKesson’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.41 EPS. sell-side analysts predict that McKesson will post 13.36 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 1st will be given a $0.34 dividend. The ex-dividend date of this dividend is Thursday, May 31st. This represents a $1.36 dividend on an annualized basis and a yield of 0.93%. McKesson’s dividend payout ratio is currently 10.78%.
McKesson Company Profile
McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. The company operates in two segments, McKesson Distribution Solutions and McKesson Technology Solutions. The McKesson Distribution Solutions segment distributes branded and generic pharmaceutical drugs, and other healthcare-related products; and provides practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices.
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