Salem Investment Counselors Inc. Raises Position in McKesson Co. (NYSE:MCK)

Salem Investment Counselors Inc. raised its stake in shares of McKesson Co. (NYSE:MCKFree Report) by 116.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 372 shares of the company’s stock after purchasing an additional 200 shares during the period. Salem Investment Counselors Inc.’s holdings in McKesson were worth $172,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Legacy Financial Group LLC purchased a new stake in McKesson during the third quarter valued at approximately $27,000. OFI Invest Asset Management purchased a new stake in McKesson during the third quarter valued at approximately $26,000. BKM Wealth Management LLC purchased a new stake in McKesson during the fourth quarter valued at approximately $31,000. Live Oak Investment Partners purchased a new stake in McKesson during the fourth quarter valued at approximately $30,000. Finally, Covestor Ltd grew its stake in shares of McKesson by 72.3% during the first quarter. Covestor Ltd now owns 81 shares of the company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Barclays assumed coverage on McKesson in a research note on Wednesday, January 3rd. They set an “overweight” rating and a $537.00 target price on the stock. Citigroup upped their target price on McKesson from $530.00 to $575.00 and gave the company a “buy” rating in a research note on Thursday, February 8th. UBS Group upped their target price on McKesson from $575.00 to $620.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. TD Cowen upped their target price on McKesson from $508.00 to $563.00 and gave the company an “outperform” rating in a research note on Monday, December 11th. Finally, Wells Fargo & Company assumed coverage on McKesson in a research note on Thursday, December 14th. They set an “equal weight” rating and a $502.00 target price on the stock. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $522.21.

Read Our Latest Stock Analysis on McKesson

McKesson Stock Down 0.3 %

McKesson stock opened at $532.57 on Monday. The business has a fifty day moving average of $510.02 and a two-hundred day moving average of $473.08. The firm has a market cap of $69.99 billion, a P/E ratio of 24.13, a P/E/G ratio of 1.62 and a beta of 0.44. McKesson Co. has a twelve month low of $334.79 and a twelve month high of $537.26.

McKesson (NYSE:MCKGet Free Report) last posted its earnings results on Wednesday, February 7th. The company reported $7.74 earnings per share for the quarter, topping analysts’ consensus estimates 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%. McKesson’s revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $6.90 earnings per share. Equities analysts expect that McKesson Co. will post 27.61 earnings per share for the current year.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 1st will be issued a dividend of $0.62 per share. The ex-dividend date is Thursday, February 29th. This represents a $2.48 annualized dividend and a dividend yield of 0.47%. McKesson’s dividend payout ratio is presently 11.24%.

Insider Activity

In other news, EVP Leann B. Smith sold 186 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total transaction of $92,256.00. Following the completion of the sale, the executive vice president now owns 1,511 shares in the company, valued at approximately $749,456. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Leann B. Smith sold 186 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $749,456. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 14,026 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $480.00, for a total value of $6,732,480.00. Following the completion of the transaction, the chief executive officer now owns 43,445 shares of the company’s stock, valued at approximately $20,853,600. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,685 shares of company stock worth $8,646,498. Insiders own 0.21% of the company’s stock.

McKesson 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.

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Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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