Allspring Global Investments Holdings LLC Decreases Holdings in McKesson Corporation (NYSE:MCK)

Allspring Global Investments Holdings LLC cut its stake in McKesson Corporation (NYSE:MCK - Free Report) by 20.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 51,474 shares of the company's stock after selling 12,890 shares during the period. Allspring Global Investments Holdings LLC's holdings in McKesson were worth $34,678,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in MCK. T. Rowe Price Investment Management Inc. lifted its position in McKesson by 8.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company's stock worth $1,622,754,000 after buying an additional 222,496 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of McKesson by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company's stock worth $1,513,195,000 after acquiring an additional 10,015 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of McKesson by 4.6% in the 4th quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company's stock worth $1,493,704,000 after acquiring an additional 114,396 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of McKesson by 75,632.7% during the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after purchasing an additional 2,389,992 shares during the last quarter. Finally, Norges Bank purchased a new position in McKesson in the 4th quarter worth $1,200,361,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

Analysts Set New Price Targets

MCK has been the topic of several analyst reports. Wells Fargo & Company set a $766.00 price objective on McKesson and gave the stock an "equal weight" rating in a report on Tuesday, June 3rd. Bank of America raised their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Mizuho boosted their price target on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Cfra Research lowered shares of McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, Morgan Stanley upped their target price on McKesson from $745.00 to $770.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $696.42.

McKesson Stock Down 1.9%

MCK traded down $13.93 on Wednesday, hitting $713.81. The company had a trading volume of 126,641 shares, compared to its average volume of 920,761. The company has a market cap of $89.30 billion, a PE ratio of 27.69, a PEG ratio of 1.46 and a beta of 0.48. The business's fifty day simple moving average is $712.79 and its 200 day simple moving average is $654.69. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $736.96.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The firm had revenue of $90.82 billion during the quarter, compared to analyst estimates of $94 billion. During the same period last year, the company earned $6.18 EPS. McKesson's quarterly revenue was up 18.9% compared to the same quarter last year. On average, analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were paid a $0.71 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.40%. McKesson's dividend payout ratio is currently 10.99%.

Insider Activity

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the firm's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $726.51, for a total transaction of $394,494.93. Following the transaction, the chief accounting officer directly owned 1,972 shares in the company, valued at $1,432,677.72. This trade represents a 21.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Britt J. Vitalone sold 1,878 shares of McKesson stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $1,348,234.98. Following the completion of the sale, the chief financial officer owned 14,028 shares of the company's stock, valued at $10,070,841.48. The trade was a 11.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,117 shares of company stock valued at $23,526,451. Insiders own 0.08% of the company's stock.

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.