Lord Abbett & CO. LLC Has $47.30 Million Stake in McKesson Co. (NYSE:MCK)

Lord Abbett & CO. LLC cut its position in shares of McKesson Co. (NYSE:MCK - Free Report) by 58.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 83,001 shares of the company's stock after selling 116,135 shares during the quarter. Lord Abbett & CO. LLC owned 0.07% of McKesson worth $47,303,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MCK. Millstone Evans Group LLC acquired a new stake in McKesson in the 4th quarter valued at about $28,000. Synergy Asset Management LLC bought a new position in McKesson in the 4th quarter worth approximately $32,000. Crews Bank & Trust acquired a new position in McKesson during the 4th quarter worth $33,000. Atala Financial Inc bought a new position in McKesson in the 4th quarter valued at $34,000. Finally, Graney & King LLC acquired a new stake in shares of McKesson in the 4th quarter valued at $38,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Brian S. Tyler sold 8,961 shares of McKesson stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $600.66, for a total value of $5,382,514.26. Following the completion of the transaction, the chief executive officer now owns 69,625 shares of the company's stock, valued at $41,820,952.50. This trade represents a 11.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Leann B. Smith sold 188 shares of the company's stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total transaction of $114,602.92. Following the completion of the sale, the executive vice president now directly owns 1,051 shares in the company, valued at approximately $640,679.09. The trade was a 15.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,110 shares of company stock valued at $10,855,706. 0.11% of the stock is owned by insiders.

McKesson Stock Performance

MCK remained flat at $712.79 during trading hours on Thursday. 347,775 shares of the company traded hands, compared to its average volume of 888,578. The company has a market capitalization of $89.33 billion, a PE ratio of 32.63, a price-to-earnings-growth ratio of 1.29 and a beta of 0.49. McKesson Co. has a fifty-two week low of $464.42 and a fifty-two week high of $728.32. The firm has a fifty day moving average price of $667.61 and a 200-day moving average price of $610.61.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 EPS for the quarter, missing analysts' consensus estimates of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. As a group, sell-side analysts anticipate that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The business 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. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.40%. McKesson's dividend payout ratio is currently 13.00%.

Analysts Set New Price Targets

MCK has been the topic of several recent research reports. Bank of America raised their price target on McKesson from $665.00 to $755.00 and gave the company a "buy" rating in a report on Friday, April 11th. Wells Fargo & Company lifted their price target on shares of McKesson from $641.00 to $691.00 and gave the stock an "equal weight" rating in a research report on Friday, March 14th. StockNews.com downgraded McKesson from a "strong-buy" rating to a "buy" rating in a research note on Friday, February 14th. Cfra Research downgraded McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, Citigroup decreased their target price on McKesson from $713.00 to $677.00 and set a "buy" rating for the company in a research report on Friday, January 10th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $681.00.

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.