West Family Investments Inc. bought a new stake in shares of McKesson Corporation (NYSE:MCK – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,036 shares of the company’s stock, valued at approximately $783,000.
Other institutional investors have also recently made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of McKesson by 0.5% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,262 shares of the company’s stock valued at $1,855,000 after purchasing an additional 11 shares during the last quarter. Investment Research Partners LLC lifted its position in McKesson by 0.7% during the fourth quarter. Investment Research Partners LLC now owns 1,624 shares of the company’s stock valued at $1,332,000 after purchasing an additional 11 shares during the period. IHT Wealth Management LLC boosted its holdings in McKesson by 0.9% in the fourth quarter. IHT Wealth Management LLC now owns 1,196 shares of the company’s stock worth $981,000 after purchasing an additional 11 shares during the last quarter. LRI Investments LLC boosted its holdings in McKesson by 12.1% in the fourth quarter. LRI Investments LLC now owns 111 shares of the company’s stock worth $91,000 after purchasing an additional 12 shares during the last quarter. Finally, Macroview Investment Management LLC grew its position in McKesson by 3.9% in the 4th quarter. Macroview Investment Management LLC now owns 322 shares of the company’s stock worth $264,000 after purchasing an additional 12 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.
McKesson Price Performance
Shares of MCK stock opened at $853.53 on Thursday. The company has a market cap of $99.51 billion, a price-to-earnings ratio of 22.84, a PEG ratio of 1.71 and a beta of 0.30. McKesson Corporation has a 1 year low of $673.38 and a 1 year high of $999.00. The firm has a fifty day moving average price of $818.34 and a 200-day moving average price of $843.66.
McKesson Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 0.4%. This is an increase from McKesson’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Tuesday, September 1st. McKesson’s dividend payout ratio is 8.78%.
Analysts Set New Price Targets
A number of brokerages have weighed in on MCK. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $875.00 target price on shares of McKesson in a research note on Friday, May 8th. TD Cowen raised their price target on McKesson from $989.00 to $1,006.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Royal Bank Of Canada assumed coverage on McKesson in a report on Wednesday. They issued a “sector perform” rating and a $845.00 price objective for the company. Wells Fargo & Company increased their target price on McKesson from $812.00 to $933.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. Finally, Citigroup increased their target price on McKesson from $945.00 to $1,000.00 and gave the company a “buy” rating in a report on Friday, July 24th. Fourteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and a consensus price target of $973.44.
View Our Latest Stock Analysis on MCK
Insider Transactions at McKesson
In other news, Director Bradley E. Lerman sold 301 shares of McKesson stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $892.33, for a total transaction of $268,591.33. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $764.00, for a total value of $101,612.00. Following the transaction, the chief accounting officer owned 632 shares of the company’s stock, valued at approximately $482,848. This trade represents a 17.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 29,049 shares of company stock valued at $22,530,626. Company insiders own 0.06% of the company’s stock.
About McKesson
McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.
The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.
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