Spectrum Asset Management Inc. NB CA Boosts Stock Position in McKesson Co. (NYSE:MCK)

Spectrum Asset Management Inc. NB CA boosted its holdings in McKesson Co. (NYSE:MCK - Free Report) by 166.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,600 shares of the company's stock after buying an additional 1,000 shares during the quarter. Spectrum Asset Management Inc. NB CA's holdings in McKesson were worth $1,078,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Capital A Wealth Management LLC purchased a new position in McKesson in the 4th quarter worth about $26,000. Millstone Evans Group LLC purchased a new position in McKesson in the 4th quarter worth about $28,000. Atala Financial Inc purchased a new position in McKesson in the 4th quarter worth about $34,000. Graney & King LLC bought a new stake in shares of McKesson during the 4th quarter valued at about $38,000. Finally, Creative Capital Management Investments LLC bought a new stake in shares of McKesson during the 4th quarter valued at about $44,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

McKesson Stock Up 1.8%

NYSE MCK traded up $12.63 during trading on Thursday, hitting $730.39. 673,308 shares of the stock traded hands, compared to its average volume of 920,080. McKesson Co. has a 12-month low of $464.42 and a 12-month high of $743.00. The firm has a 50-day simple moving average of $700.42 and a 200-day simple moving average of $642.88. The company has a market capitalization of $91.38 billion, a P/E ratio of 33.44, a price-to-earnings-growth ratio of 1.29 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 earnings per share for the quarter, beating analysts' consensus estimates of $9.83 by $0.29. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. 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 firm posted $6.18 earnings per share. McKesson's revenue for the quarter was up 18.9% compared to the same quarter last year. As a group, research analysts predict that McKesson Co. 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. Stockholders of record on Monday, June 2nd will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Monday, June 2nd. McKesson's dividend payout ratio is 10.99%.

Analysts Set New Price Targets

MCK has been the topic of several recent research reports. Wall Street Zen upgraded shares of McKesson from a "buy" rating to a "strong-buy" rating in a research note on Friday, May 30th. Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the stock an "equal weight" rating in a research report on Tuesday, June 3rd. Morgan Stanley raised their target price on McKesson from $745.00 to $770.00 and gave the stock an "overweight" rating in a report on Wednesday. UBS Group lifted their target price on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, Cfra Research cut McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, McKesson presently has an average rating of "Moderate Buy" and an average target price of $694.38.

Insider Activity at McKesson

In related 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 value of $394,494.93. Following the completion of the sale, the chief accounting officer now directly owns 1,972 shares in the company, valued at $1,432,677.72. This trade represents a 21.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 19,370 shares of the business'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 now owns 51,243 shares in the company, valued at $36,173,970.99. This trade represents a 27.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,117 shares of company stock valued at $23,526,451. 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.