Smith Group Asset Management LLC Acquires 2,371 Shares of McKesson Corporation (NYSE:MCK)

Smith Group Asset Management LLC lifted its position in McKesson Corporation (NYSE:MCK - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 49,692 shares of the company's stock after acquiring an additional 2,371 shares during the quarter. McKesson makes up about 2.5% of Smith Group Asset Management LLC's holdings, making the stock its 13th biggest holding. Smith Group Asset Management LLC's holdings in McKesson were worth $33,442,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Capital A Wealth Management LLC acquired a new stake in shares of McKesson during the fourth quarter worth approximately $26,000. Millstone Evans Group LLC acquired a new stake in shares of McKesson during the 4th quarter valued at $28,000. Atala Financial Inc purchased a new position in shares of McKesson during the 4th quarter valued at $34,000. Graney & King LLC acquired a new position in shares of McKesson in the fourth quarter worth $38,000. Finally, CoreFirst Bank & Trust purchased a new stake in shares of McKesson during the fourth quarter worth $67,000. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Stock Down 3.0%

NYSE:MCK traded down $22.06 during trading hours on Wednesday, hitting $705.68. 731,881 shares of the stock were exchanged, compared to its average volume of 924,562. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $736.96. The company's 50 day moving average is $712.79 and its two-hundred day moving average is $654.69. The company has a market capitalization of $88.29 billion, a P/E ratio of 27.32, a price-to-earnings-growth ratio of 1.45 and a beta of 0.48.

McKesson (NYSE:MCK - Get Free Report) last posted its 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. The business had revenue of $90.82 billion during the quarter, compared to analysts' expectations of $94 billion. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. McKesson's revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period in the prior year, the business earned $6.18 EPS. On average, equities research analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 2nd were given a dividend of $0.71 per share. 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, CEO Brian S. Tyler sold 19,370 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $705.93, for a total transaction of $13,673,864.10. Following the transaction, the chief executive officer owned 51,243 shares in the company, valued at approximately $36,173,970.99. This represents a 27.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Britt J. Vitalone sold 6,336 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $4,544,812.80. Following the completion of the sale, the chief financial officer directly owned 14,760 shares of the company's stock, valued at approximately $10,587,348. This trade represents a 30.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,117 shares of company stock worth $23,526,451. 0.11% of the stock is owned by insiders.

Analysts Set New Price Targets

MCK has been the subject of a number of recent research reports. Bank of America raised their price target on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Cfra Research downgraded shares of McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Wall Street Zen raised McKesson from a "buy" rating to a "strong-buy" rating in a research note on Friday, June 27th. Morgan Stanley upped their target price on McKesson from $745.00 to $770.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Finally, Mizuho raised their target price on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, McKesson presently has an average rating of "Moderate Buy" and an average target price of $696.42.

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.