King Wealth Management Group Acquires New Stake in McKesson Co. (NYSE:MCK)

King Wealth Management Group acquired a new position in shares of McKesson Co. (NYSE:MCK) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 534 shares of the company’s stock, valued at approximately $264,000.

Several other hedge funds have also recently made changes to their positions in the business. Impax Asset Management Group plc lifted its holdings in shares of McKesson by 64.1% in the 3rd quarter. Impax Asset Management Group plc now owns 1,805 shares of the company’s stock worth $892,000 after purchasing an additional 705 shares in the last quarter. ING Groep NV lifted its stake in shares of McKesson by 269.7% in the third quarter. ING Groep NV now owns 101,993 shares of the company’s stock valued at $50,427,000 after buying an additional 74,402 shares in the last quarter. Sivik Global Healthcare LLC grew its holdings in shares of McKesson by 11.1% during the third quarter. Sivik Global Healthcare LLC now owns 20,000 shares of the company’s stock valued at $9,888,000 after buying an additional 2,000 shares during the last quarter. Metis Global Partners LLC increased its position in shares of McKesson by 2.1% during the third quarter. Metis Global Partners LLC now owns 5,840 shares of the company’s stock worth $2,887,000 after acquiring an additional 120 shares in the last quarter. Finally, Hourglass Capital LLC raised its holdings in shares of McKesson by 2.8% in the 3rd quarter. Hourglass Capital LLC now owns 5,422 shares of the company’s stock worth $2,681,000 after acquiring an additional 150 shares during the last quarter. 85.07% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MCK. Citigroup upped their price target on McKesson from $630.00 to $713.00 and gave the stock a “buy” rating in a report on Wednesday. Mizuho increased their target price on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. upped their price objective on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Barclays upped their target price on McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Finally, Leerink Partners cut their price objective on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $631.57.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares of the company’s stock, valued at approximately $44,094,604.60. This trade represents a 4.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.11% of the company’s stock.

McKesson Stock Performance

MCK opened at $610.03 on Friday. The firm’s fifty day moving average is $516.06 and its 200 day moving average is $553.41. The stock has a market cap of $77.44 billion, a price-to-earnings ratio of 31.59, a price-to-earnings-growth ratio of 1.35 and a beta of 0.44. McKesson Co. has a fifty-two week low of $431.35 and a fifty-two week high of $637.51.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.88 by $0.19. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The business had revenue of $93.65 billion during the quarter, compared to analyst estimates of $89.33 billion. During the same period last year, the firm posted $6.23 EPS. The company’s revenue was up 21.3% on a year-over-year basis. On average, equities research analysts predict that McKesson Co. will post 32.81 earnings per share for the current year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, December 2nd. McKesson’s dividend payout ratio (DPR) is presently 14.71%.

McKesson Company 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.