AGF Management Ltd. Lowers Position in McKesson Co. (NYSE:MCK)

AGF Management Ltd. reduced its stake in McKesson Co. (NYSE:MCK) by 70.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,443 shares of the company’s stock after selling 5,769 shares during the quarter. AGF Management Ltd.’s holdings in McKesson were worth $1,392,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Synergy Asset Management LLC purchased a new stake in McKesson in the 4th quarter valued at $32,000. MidAtlantic Capital Management Inc. purchased a new stake in McKesson in the 3rd quarter valued at $29,000. Crews Bank & Trust purchased a new stake in McKesson in the 4th quarter valued at $33,000. RPg Family Wealth Advisory LLC purchased a new stake in McKesson in the 3rd quarter valued at $31,000. Finally, Creative Capital Management Investments LLC purchased a new stake in McKesson in the 4th quarter valued at $44,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company raised their target price on McKesson from $641.00 to $691.00 and gave the company an “equal weight” rating in a research report on Friday. Evercore ISI raised their target price on McKesson from $650.00 to $675.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. StockNews.com lowered McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 14th. Morgan Stanley raised 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. 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. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $649.36.

McKesson Stock Up 1.1 %

Shares of NYSE MCK opened at $650.96 on Friday. McKesson Co. has a 52 week low of $464.42 and a 52 week high of $663.62. The business has a 50-day simple moving average of $608.54 and a two-hundred day simple moving average of $570.71. The company has a market cap of $81.58 billion, a P/E ratio of 29.81, a P/E/G ratio of 1.29 and a beta of 0.52.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, February 5th. The company reported $8.03 EPS for the quarter, missing the consensus estimate of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. Equities research analysts anticipate that McKesson Co. will post 32.77 EPS for the current year.

McKesson Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders 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 yield of 0.44%. McKesson’s dividend payout ratio is currently 13.00%.

Insider Activity

In other news, CEO Brian S. Tyler sold 8,961 shares of McKesson stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $600.66, for a total transaction 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 approximately $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 can be accessed through this link. Also, EVP Leann B. Smith sold 188 shares of McKesson stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total value of $114,602.92. Following the sale, the executive vice president now owns 1,051 shares of the company’s stock, valued at approximately $640,679.09. This trade represents a 15.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,689 shares of company stock worth $11,187,351. 0.11% of the stock is currently owned by insiders.

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.