56,910 Shares in McKesson Co. (NYSE:MCK) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new stake in McKesson Co. (NYSE:MCK) during the 4th quarter, Holdings Channel.com reports. The fund purchased 56,910 shares of the company’s stock, valued at approximately $32,468,000.

Several other hedge funds also recently added to or reduced their stakes in MCK. Millstone Evans Group LLC purchased a new position in McKesson in the fourth quarter valued at approximately $28,000. RPg Family Wealth Advisory LLC purchased a new position in McKesson in the third quarter valued at approximately $31,000. Synergy Asset Management LLC purchased a new position in McKesson in the fourth quarter valued at approximately $32,000. Crews Bank & Trust purchased a new position in McKesson in the fourth quarter valued at approximately $33,000. Finally, Atala Financial Inc purchased a new position in McKesson in the fourth quarter valued at approximately $34,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Stock Down 1.0 %

Shares of NYSE:MCK opened at $659.45 on Friday. The company has a market cap of $82.65 billion, a P/E ratio of 30.19, a PEG ratio of 1.29 and a beta of 0.52. McKesson Co. has a 52 week low of $464.42 and a 52 week high of $670.79. The company has a 50-day moving average price of $616.14 and a 200 day moving average price of $574.33.

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

McKesson Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be given a dividend of $0.71 per share. The ex-dividend date is Monday, March 3rd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.43%. McKesson’s payout ratio is 13.00%.

Insider Activity

In other news, EVP Leann B. Smith sold 188 shares of McKesson stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total transaction of $114,602.92. Following the completion of the sale, the executive vice president now directly owns 1,051 shares in the company, valued at approximately $640,679.09. This trade represents a 15.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 8,961 shares of McKesson stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $597.99, for a total transaction of $5,358,588.39. Following the sale, the chief executive officer now owns 60,664 shares of the company’s stock, valued at approximately $36,276,465.36. The trade was a 12.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,689 shares of company stock worth $11,187,351. Company insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on MCK. Mizuho began coverage on shares of McKesson in a research note on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price target on the stock. Wells Fargo & Company lifted their target price on shares of McKesson from $641.00 to $691.00 and gave the company an “equal weight” rating in a report on Friday, March 14th. Bank of America cut their target price on shares of McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a report on Monday, January 6th. StockNews.com cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday, February 14th. Finally, Morgan Stanley lifted their target price on shares of McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $649.36.

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.