Pinnacle Associates Ltd. Has $1.20 Million Position in McKesson Co. (NYSE:MCK)

Pinnacle Associates Ltd. cut its holdings in McKesson Co. (NYSE:MCKFree Report) by 3.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,582 shares of the company’s stock after selling 79 shares during the quarter. Pinnacle Associates Ltd.’s holdings in McKesson were worth $1,196,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of McKesson in the 4th quarter valued at approximately $633,960,000. Massachusetts Financial Services Co. MA lifted its position in McKesson by 16.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,148,794 shares of the company’s stock worth $2,238,953,000 after acquiring an additional 708,438 shares during the last quarter. Moneta Group Investment Advisors LLC boosted its holdings in McKesson by 94,078.7% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 596,151 shares of the company’s stock valued at $223,628,000 after acquiring an additional 595,518 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of McKesson by 53.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 915,949 shares of the company’s stock valued at $280,399,000 after purchasing an additional 320,588 shares during the last quarter. Finally, Morgan Stanley increased its stake in shares of McKesson by 14.0% in the third quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock worth $1,042,937,000 after purchasing an additional 294,832 shares during the period. 85.07% of the stock is owned by institutional investors.

McKesson Stock Performance

Shares of NYSE:MCK opened at $533.27 on Wednesday. The business has a fifty day moving average of $515.89 and a 200-day moving average of $477.96. McKesson Co. has a twelve month low of $352.34 and a twelve month high of $540.00. The firm has a market cap of $70.08 billion, a PE ratio of 24.16, a price-to-earnings-growth ratio of 1.64 and a beta of 0.45.

McKesson (NYSE:MCKGet Free Report) last posted its quarterly earnings data on Wednesday, February 7th. The company reported $7.74 earnings per share for the quarter, topping the consensus estimate of $7.05 by $0.69. The firm had revenue of $80.90 billion during the quarter, compared to analysts’ expectations of $77.93 billion. McKesson had a net margin of 0.99% and a negative return on equity of 262.63%. McKesson’s revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $6.90 EPS. On average, analysts anticipate that McKesson Co. will post 27.61 EPS for the current fiscal year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $2.48 dividend on an annualized basis and a yield of 0.47%. McKesson’s payout ratio is presently 11.24%.

Wall Street Analyst Weigh In

MCK has been the subject of several recent analyst reports. Mizuho increased their target price on McKesson from $450.00 to $505.00 and gave the company a “neutral” rating in a research note on Friday, February 9th. Leerink Partnrs reaffirmed an “outperform” rating on shares of McKesson in a research report on Monday, February 26th. Barclays started coverage on McKesson in a research report on Wednesday, January 3rd. They set an “overweight” rating and a $537.00 target price on the stock. StockNews.com lowered McKesson from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 4th. Finally, TD Cowen lifted their price target on shares of McKesson from $508.00 to $563.00 and gave the stock an “outperform” rating in a research note on Monday, December 11th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and a consensus target price of $522.21.

Read Our Latest Research Report on MCK

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 3,473 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $524.55, for a total value of $1,821,762.15. Following the transaction, the chief executive officer now directly owns 43,445 shares in the company, valued at $22,789,074.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other McKesson news, EVP Leann B. Smith sold 186 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total value of $92,256.00. Following the completion of the sale, the executive vice president now owns 1,511 shares of the company’s stock, valued at $749,456. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 3,473 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the completion of the transaction, the chief executive officer now directly owns 43,445 shares of the company’s stock, valued at approximately $22,789,074.75. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

About McKesson

(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.

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Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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