Naviter Wealth LLC Purchases New Stake in McKesson Co. (NYSE:MCK)

Naviter Wealth LLC purchased a new stake in McKesson Co. (NYSE:MCK) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 595 shares of the company’s stock, valued at approximately $276,000.

Other institutional investors have also recently modified their holdings of the company. OFI Invest Asset Management purchased a new stake in McKesson during the third quarter worth $26,000. Legacy Financial Group LLC purchased a new stake in McKesson during the third quarter worth $27,000. BKM Wealth Management LLC purchased a new stake in shares of McKesson in the fourth quarter valued at $31,000. WASHINGTON TRUST Co lifted its position in shares of McKesson by 42.5% in the fourth quarter. WASHINGTON TRUST Co now owns 114 shares of the company’s stock valued at $53,000 after acquiring an additional 34 shares in the last quarter. Finally, Milestone Investment Advisors LLC purchased a new stake in shares of McKesson in the third quarter valued at $61,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MCK has been the topic of several recent research reports. Mizuho upped their price objective on McKesson from $450.00 to $505.00 and gave the company a “neutral” rating in a research report on Friday, February 9th. Argus upped their price objective on McKesson from $510.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. SVB Leerink initiated coverage on McKesson in a research report on Monday, February 26th. They issued an “outperform” rating and a $600.00 price objective on the stock. Barclays initiated coverage on McKesson in a research report on Wednesday, January 3rd. They issued an “overweight” rating and a $537.00 price objective on the stock. Finally, Leerink Partnrs restated an “outperform” rating on shares of McKesson in a research report on Monday, February 26th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $536.71.

Insiders Place Their Bets

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

McKesson Price Performance

Shares of NYSE:MCK opened at $537.21 on Wednesday. The firm has a market capitalization of $70.59 billion, a PE ratio of 24.34, a P/E/G ratio of 1.42 and a beta of 0.45. The business has a 50-day moving average of $529.26 and a two-hundred day moving average of $491.02. McKesson Co. has a 12 month low of $352.34 and a 12 month high of $544.81.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, February 7th. The company reported $7.74 EPS for the quarter, topping the consensus estimate of $7.05 by $0.69. The company had revenue of $80.90 billion during the quarter, compared to analyst estimates of $77.93 billion. McKesson had a negative return on equity of 262.63% and a net margin of 0.99%. The firm’s revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the firm posted $6.90 earnings per share. As a group, research analysts anticipate that McKesson Co. will post 27.59 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.62 per share. The ex-dividend date is Friday, May 31st. This represents a $2.48 annualized dividend and a yield of 0.46%. McKesson’s dividend payout ratio is presently 11.24%.

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.