Fred Alger Management LLC Buys 1,510 Shares of McKesson Co. (NYSE:MCK)

Fred Alger Management LLC boosted its position in McKesson Co. (NYSE:MCK - Free Report) by 95.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,091 shares of the company's stock after purchasing an additional 1,510 shares during the quarter. Fred Alger Management LLC's holdings in McKesson were worth $1,762,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Millstone Evans Group LLC acquired a new position in McKesson during the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC acquired a new stake in shares of McKesson in the 4th quarter valued at $32,000. Crews Bank & Trust acquired a new stake in McKesson during the 4th quarter worth $33,000. Atala Financial Inc bought a new stake in McKesson in the fourth quarter valued at approximately $34,000. Finally, Graney & King LLC bought a new stake in McKesson during the 4th quarter worth approximately $38,000. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Stock Performance

Shares of NYSE:MCK traded down $6.54 during trading on Monday, reaching $686.92. The stock had a trading volume of 2,927,452 shares, compared to its average volume of 907,354. McKesson Co. has a 1-year low of $464.42 and a 1-year high of $728.48. The stock has a market cap of $86.09 billion, a PE ratio of 31.45, a PEG ratio of 1.29 and a beta of 0.53. The business has a fifty day moving average price of $679.17 and a 200-day moving average price of $622.97.

McKesson (NYSE:MCK - Get Free Report) last released 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 negative return on equity of 181.26% and a net margin of 0.82%. McKesson's revenue for the quarter was up 18.9% on a year-over-year basis. During the same period in the previous year, the firm posted $6.18 EPS. Sell-side analysts expect that McKesson Co. will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be paid a dividend of $0.71 per share. The ex-dividend date is Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.41%. McKesson's dividend payout ratio (DPR) is 13.00%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MCK shares. Cfra Research cut McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. UBS Group boosted their price target on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Morgan Stanley lifted their target price on McKesson from $642.00 to $745.00 and gave the company an "overweight" rating in a research report on Wednesday, April 2nd. Mizuho increased their price objective on McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Finally, Evercore ISI boosted their target price on McKesson from $650.00 to $675.00 and gave the stock an "outperform" rating in a research report on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $686.69.

Insider Transactions at McKesson

In related news, EVP Leann B. Smith sold 188 shares of the company's stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total transaction of $114,602.92. Following the transaction, the executive vice president now directly owns 1,051 shares of the company's stock, valued at approximately $640,679.09. The trade was a 15.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 8,961 shares of the firm's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $600.66, for a total transaction of $5,382,514.26. Following the transaction, the chief executive officer now owns 69,625 shares in the company, valued at $41,820,952.50. This represents a 11.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,110 shares of company stock worth $10,855,706 over the last ninety days. 0.11% of the stock is currently owned by corporate insiders.

McKesson 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.