Gries Financial LLC Buys New Position in McKesson Co. (NYSE:MCK)

Gries Financial LLC purchased a new position in shares of McKesson Co. (NYSE:MCK) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 354 shares of the company’s stock, valued at approximately $202,000.

Several other hedge funds and other institutional investors have also made changes to their positions in MCK. Commerce Bank lifted its holdings in McKesson by 2.0% during the 3rd quarter. Commerce Bank now owns 156,781 shares of the company’s stock worth $77,516,000 after buying an additional 3,020 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in McKesson in the second quarter valued at $12,331,000. West Oak Capital LLC boosted its holdings in McKesson by 867.7% in the fourth quarter. West Oak Capital LLC now owns 3,000 shares of the company’s stock valued at $1,710,000 after purchasing an additional 2,690 shares during the period. Nordea Investment Management AB grew its stake in McKesson by 20.0% during the 4th quarter. Nordea Investment Management AB now owns 975,935 shares of the company’s stock worth $558,606,000 after purchasing an additional 162,688 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in McKesson by 2.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,943,520 shares of the company’s stock valued at $2,444,175,000 after purchasing an additional 138,685 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of McKesson stock opened at $605.16 on Friday. The company’s fifty day moving average is $591.81 and its two-hundred day moving average is $561.82. McKesson Co. has a 1 year low of $464.42 and a 1 year high of $637.51. The company has a market capitalization of $76.82 billion, a P/E ratio of 31.34, a PEG ratio of 1.26 and a beta of 0.52.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, topping analysts’ consensus estimates of $6.88 by $0.19. The company had revenue of $93.65 billion during the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The firm’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same period last year, the firm earned $6.23 EPS. As a group, equities analysts expect that McKesson Co. will post 32.73 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.47%. McKesson’s payout ratio is currently 14.71%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MCK shares. Baird R W raised McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Evercore ISI increased their price objective on shares of McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Wells Fargo & Company boosted their target price on shares of McKesson from $535.00 to $641.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. Mizuho began coverage on McKesson in a research note on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price target on the stock. Finally, Bank of America dropped their price objective on McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $646.14.

Insider Transactions at McKesson

In related news, EVP Leann B. Smith sold 579 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total value of $331,645.41. Following the completion of the sale, the executive vice president now owns 864 shares in the company, valued at $494,890.56. This trade represents a 40.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company 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.