RiverFront Investment Group LLC Acquires New Shares in McKesson Co. (NYSE:MCK)

RiverFront Investment Group LLC purchased a new position in McKesson Co. (NYSE:MCK) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 391 shares of the company’s stock, valued at approximately $223,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Millstone Evans Group LLC purchased a new stake in McKesson in the fourth quarter worth approximately $28,000. Synergy Asset Management LLC purchased a new position in shares of McKesson in the 4th quarter worth $32,000. Crews Bank & Trust purchased a new position in shares of McKesson in the 4th quarter worth $33,000. Atala Financial Inc purchased a new stake in McKesson during the fourth quarter valued at $34,000. Finally, Graney & King LLC purchased a new stake in McKesson during the fourth quarter valued at $38,000. 85.07% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MCK. StockNews.com cut McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 14th. Wells Fargo & Company boosted their target price on shares of McKesson from $641.00 to $691.00 and gave the company an “equal weight” rating in a research report on Friday, March 14th. Evercore ISI increased their price target on shares of McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Citigroup cut their price objective on shares of McKesson from $713.00 to $677.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Finally, Mizuho started coverage on McKesson in a report on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, McKesson has a consensus rating of “Moderate Buy” and an average price target of $649.36.

McKesson Stock Performance

MCK stock opened at $668.25 on Friday. The company has a market capitalization of $83.75 billion, a PE ratio of 30.60, a price-to-earnings-growth ratio of 1.29 and a beta of 0.52. McKesson Co. has a one year low of $464.42 and a one year high of $672.00. The company’s fifty day moving average price is $623.58 and its 200-day moving average price is $579.34.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share (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%. On average, research analysts predict that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date is Monday, March 3rd. McKesson’s dividend payout ratio (DPR) is presently 13.00%.

Insider Buying and Selling

In other news, CEO Brian S. Tyler sold 8,961 shares of the business’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 sale, the chief executive officer now directly owns 69,625 shares in the company, valued at $41,820,952.50. The trade was a 11.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Leann B. Smith sold 188 shares of the company’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total transaction 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 represents a 15.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,689 shares of company stock worth $11,187,351. Insiders own 0.11% of the company’s stock.

McKesson 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.