Principal Financial Group Inc. Sells 4,642 Shares of McKesson Co. (NYSE:MCK)

Principal Financial Group Inc. lowered its stake in shares of McKesson Co. (NYSE:MCK) by 1.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 277,133 shares of the company’s stock after selling 4,642 shares during the period. Principal Financial Group Inc.’s holdings in McKesson were worth $137,020,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. LRI Investments LLC bought a new stake in McKesson during the 1st quarter worth approximately $28,000. Wolff Wiese Magana LLC increased its stake in McKesson by 742.9% in the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after acquiring an additional 52 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in McKesson in the third quarter valued at approximately $40,000. Carmichael Hill & Associates Inc. bought a new stake in McKesson during the second quarter valued at approximately $52,000. Finally, Centennial Bank AR bought a new position in shares of McKesson in the 2nd quarter worth $53,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total value of $2,105,808.30. Following the sale, the chief executive officer now directly owns 78,586 shares of the company’s stock, valued at $44,094,604.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.11% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

MCK has been the topic of a number of research reports. Evercore ISI raised their price target on McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft decreased their price target on shares of McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a research note on Wednesday, September 25th. Mizuho upped their price objective on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Wells Fargo & Company decreased their target price on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Finally, Baird R W upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $625.64.

McKesson Stock Up 0.9 %

Shares of McKesson stock opened at $613.12 on Friday. The company has a market cap of $79.51 billion, a PE ratio of 27.42, a P/E/G ratio of 1.23 and a beta of 0.44. The business has a 50 day moving average of $513.03 and a 200 day moving average of $551.60. McKesson Co. has a 52 week low of $431.35 and a 52 week high of $637.51.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, beating analysts’ consensus estimates of $6.89 by $0.18. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm had revenue of $93.65 billion for the quarter, compared to analyst estimates of $89.33 billion. During the same quarter in the previous year, the firm posted $6.23 EPS. The company’s revenue for the quarter was up 21.3% compared to the same quarter last year. On average, research analysts anticipate that McKesson Co. will post 31.92 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.46%. The ex-dividend date is Monday, December 2nd. McKesson’s dividend payout ratio is currently 12.70%.

McKesson Company Profile

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.