Sawgrass Asset Management LLC Takes Position in McKesson Corporation (NYSE:MCK)

Sawgrass Asset Management LLC acquired a new stake in McKesson Corporation (NYSE:MCK - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 450 shares of the company's stock, valued at approximately $303,000.

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

McKesson Stock Performance

Shares of McKesson stock traded down $0.25 during trading on Tuesday, hitting $721.58. 530,880 shares of the stock were exchanged, compared to its average volume of 926,605. McKesson Corporation has a 12 month low of $464.42 and a 12 month high of $733.10. The stock's fifty day moving average is $708.99 and its 200 day moving average is $649.20. The stock has a market cap of $90.28 billion, a PE ratio of 27.94, a P/E/G ratio of 1.44 and a beta of 0.49.

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

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.39%. The ex-dividend date is Monday, June 2nd. McKesson's dividend payout ratio is currently 10.99%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MCK shares. Cfra Research lowered McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. Morgan Stanley upped their price target on shares of McKesson from $745.00 to $770.00 and gave the company an "overweight" rating in a report on Wednesday, June 11th. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the stock an "equal weight" rating in a report on Tuesday, June 3rd. UBS Group increased their target price on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, Bank of America boosted their price target on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $694.38.

Insider Buying and Selling at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the business's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the sale, the chief accounting officer now directly owns 1,972 shares in the company, valued at approximately $1,432,677.72. The trade was a 21.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian S. Tyler sold 19,370 shares of the firm's stock in a transaction that occurred 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 now owns 51,243 shares in the company, valued at $36,173,970.99. This represents a 27.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,117 shares of company stock valued at $23,526,451 in the last quarter. Corporate insiders own 0.11% 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.