Spouting Rock Asset Management LLC Purchases New Position in McKesson Co. (NYSE:MCK)

Spouting Rock Asset Management LLC purchased a new position in shares of McKesson Co. (NYSE:MCKFree Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 446 shares of the company’s stock, valued at approximately $206,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Intrust Bank NA purchased a new stake in shares of McKesson during the 4th quarter worth $206,000. Raymond James & Associates boosted its holdings in McKesson by 6.1% in the fourth quarter. Raymond James & Associates now owns 153,180 shares of the company’s stock worth $70,919,000 after acquiring an additional 8,784 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in McKesson by 6.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock worth $39,714,000 after purchasing an additional 5,425 shares during the last quarter. Heritage Wealth Management LLC acquired a new position in McKesson during the 4th quarter valued at approximately $1,538,000. Finally, Insight Wealth Strategies LLC purchased a new position in shares of McKesson in the fourth quarter worth $1,813,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Stock Down 0.2 %

McKesson stock traded down $1.12 during midday trading on Friday, reaching $589.95. The company’s stock had a trading volume of 579,136 shares, compared to its average volume of 707,559. The business has a 50-day simple moving average of $550.01 and a 200-day simple moving average of $514.04. The company has a market cap of $76.69 billion, a P/E ratio of 26.37, a P/E/G ratio of 1.37 and a beta of 0.47. McKesson Co. has a fifty-two week low of $392.48 and a fifty-two week high of $592.41.

McKesson (NYSE:MCKGet Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 EPS for the quarter, missing the consensus estimate of $6.34 by ($0.16). The company had revenue of $76.36 billion during the quarter, compared to analysts’ expectations of $79.32 billion. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $7.19 earnings per share. As a group, equities analysts forecast that McKesson Co. will post 31.54 earnings per share for the current year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.48 dividend on an annualized basis and a dividend yield of 0.42%. McKesson’s payout ratio is 11.08%.

Insiders Place Their Bets

In other news, EVP Leann B. Smith sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total transaction of $351,318.00. Following the completion of the transaction, the executive vice president now directly owns 2,022 shares of the company’s stock, valued at approximately $1,183,941.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Leann B. Smith sold 600 shares of McKesson stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $585.53, for a total transaction of $351,318.00. Following the completion of the sale, the executive vice president now owns 2,022 shares in the company, valued at approximately $1,183,941.66. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Maria Martinez sold 483 shares of McKesson stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $585.88, for a total transaction of $282,980.04. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,814 shares of company stock worth $14,511,649. 0.21% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MCK has been the topic of several research reports. Wells Fargo & Company upped their target price on McKesson from $502.00 to $551.00 and gave the company an “equal weight” rating in a research report on Thursday, May 9th. StockNews.com cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 5th. Barclays increased their price objective on shares of McKesson from $571.00 to $596.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft cut their target price on McKesson from $547.00 to $545.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Finally, Robert W. Baird upped their price objective on shares of McKesson from $603.00 to $671.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $571.47.

Read Our Latest Research Report on McKesson

McKesson Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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