Allstate Corp Invests $2.22 Million in McKesson Co. (NYSE:MCK)

Allstate Corp purchased a new stake in shares of McKesson Co. (NYSE:MCK) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 3,903 shares of the company’s stock, valued at approximately $2,224,000.

A number of other large investors also recently bought and sold shares of MCK. Maridea Wealth Management LLC acquired a new stake in shares of McKesson during the 4th quarter worth approximately $433,000. RiverFront Investment Group LLC purchased a new stake in McKesson during the fourth quarter worth $223,000. DnB Asset Management AS grew its position in McKesson by 0.3% during the fourth quarter. DnB Asset Management AS now owns 37,226 shares of the company’s stock valued at $21,215,000 after buying an additional 103 shares during the period. Level Four Advisory Services LLC increased its holdings in McKesson by 1.4% in the fourth quarter. Level Four Advisory Services LLC now owns 14,160 shares of the company’s stock valued at $8,071,000 after buying an additional 189 shares in the last quarter. Finally, New Age Alpha Advisors LLC acquired a new position in shares of McKesson in the fourth quarter worth about $1,210,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Leann B. Smith sold 188 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total value of $114,602.92. Following the completion of the transaction, the executive vice president now directly owns 1,051 shares in the company, valued at approximately $640,679.09. This represents a 15.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Brian S. Tyler sold 8,961 shares of McKesson stock in a transaction on 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 sale, 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. In the last 90 days, insiders have sold 18,689 shares of company stock valued at $11,187,351. 0.11% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. StockNews.com lowered McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 14th. Mizuho initiated coverage on McKesson in a research note on Wednesday, December 4th. They set a “neutral” rating and a $630.00 target price for the company. Morgan Stanley increased their target price on McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Evercore ISI boosted their price target on shares of McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Finally, Wells Fargo & Company increased their price objective on shares of McKesson from $641.00 to $691.00 and gave the company an “equal weight” rating in a report on Friday, March 14th. Two 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. According to MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and a consensus price target of $649.36.

McKesson Stock Performance

NYSE:MCK opened at $668.25 on Friday. McKesson Co. has a one year low of $464.42 and a one year high of $672.00. The stock has a market cap of $83.75 billion, a PE ratio of 30.60, a P/E/G ratio of 1.29 and a beta of 0.52. The stock has a 50 day moving average price of $623.58 and a 200 day moving average price of $579.34.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share (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, analysts predict that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be paid a $0.71 dividend. The ex-dividend date is Monday, March 3rd. This represents a $2.84 annualized dividend and a dividend yield of 0.42%. McKesson’s dividend payout ratio (DPR) is 13.00%.

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.