Modern Wealth Management LLC Acquires 354 Shares of McKesson Co. (NYSE:MCK)

Modern Wealth Management LLC lifted its stake in McKesson Co. (NYSE:MCK) by 80.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 795 shares of the company’s stock after buying an additional 354 shares during the quarter. Modern Wealth Management LLC’s holdings in McKesson were worth $480,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Millstone Evans Group LLC bought a new position in McKesson during the fourth quarter valued at $28,000. Synergy Asset Management LLC purchased a new position in shares of McKesson during the 4th quarter worth about $32,000. Crews Bank & Trust bought a new position in McKesson during the 4th quarter valued at about $33,000. Atala Financial Inc purchased a new stake in McKesson in the 4th quarter worth about $34,000. Finally, RPg Family Wealth Advisory LLC bought a new stake in McKesson in the third quarter worth about $31,000. Institutional investors own 85.07% of the company’s stock.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 8,961 shares of the company’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $600.66, for a total value of $5,382,514.26. Following the completion of the transaction, the chief executive officer now owns 69,625 shares in the company, valued at approximately $41,820,952.50. This represents a 11.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Leann B. Smith sold 188 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total value of $114,602.92. Following the sale, the executive vice president now owns 1,051 shares in the company, valued at $640,679.09. This trade represents a 15.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,689 shares of company stock valued at $11,187,351. Corporate insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company increased their price target on McKesson from $641.00 to $691.00 and gave the stock an “equal weight” rating in a report on Friday, March 14th. Bank of America reduced their target price on McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. StockNews.com lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 14th. Morgan Stanley lifted their price objective on McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Finally, Evercore ISI upped their price objective on McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average price target of $649.36.

McKesson Price Performance

MCK stock opened at $666.40 on Friday. The firm’s fifty day simple moving average is $622.07 and its 200-day simple moving average is $577.72. McKesson Co. has a 12 month low of $464.42 and a 12 month high of $670.79. The company has a market capitalization of $83.52 billion, a P/E ratio of 30.51, a price-to-earnings-growth ratio of 1.29 and a beta of 0.52.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, February 5th. The company reported $8.03 EPS for the quarter, missing the consensus estimate of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. As a group, sell-side analysts forecast that McKesson Co. will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Monday, March 3rd. McKesson’s dividend payout ratio is currently 13.00%.

About McKesson

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.