Spectrum Asset Management Inc. NB CA Boosts Stake in McKesson Co. (NYSE:MCK)

Spectrum Asset Management Inc. NB CA boosted its stake in shares of McKesson Co. (NYSE:MCK) by 166.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 1,600 shares of the company’s stock after buying an additional 1,000 shares during the quarter. Spectrum Asset Management Inc. NB CA’s holdings in McKesson were worth $1,078,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of MCK. Parallel Advisors LLC lifted its holdings in shares of McKesson by 0.6% during the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company’s stock worth $1,683,000 after purchasing an additional 16 shares during the period. Frank Rimerman Advisors LLC increased its holdings in McKesson by 2.2% in the 4th quarter. Frank Rimerman Advisors LLC now owns 807 shares of the company’s stock worth $460,000 after buying an additional 17 shares during the period. Eagle Rock Investment Company LLC raised its position in McKesson by 0.4% during the 1st quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company’s stock worth $3,229,000 after buying an additional 17 shares during the last quarter. Hemington Wealth Management lifted its stake in McKesson by 18.6% during the 4th quarter. Hemington Wealth Management now owns 115 shares of the company’s stock valued at $65,000 after acquiring an additional 18 shares during the period. Finally, First Western Trust Bank boosted its holdings in shares of McKesson by 2.0% in the 4th quarter. First Western Trust Bank now owns 931 shares of the company’s stock valued at $531,000 after acquiring an additional 18 shares during the last quarter. Institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

McKesson stock opened at $716.75 on Thursday. The stock has a 50-day simple moving average of $700.42 and a 200-day simple moving average of $642.88. The company has a market capitalization of $89.67 billion, a P/E ratio of 32.82, a PEG 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 $731.00.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.83 by $0.29. The company had revenue of $90.82 billion for the quarter, compared to analysts’ expectations of $94 billion. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. McKesson’s revenue was up 18.9% compared to the same quarter last year. During the same period in the previous year, the company posted $6.18 EPS. As a group, analysts forecast that McKesson Co. will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date is Monday, June 2nd. McKesson’s dividend payout ratio is presently 10.99%.

Insider Activity

In related news, EVP Thomas L. Rodgers sold 510 shares of McKesson stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $366,134.10. Following the completion of the transaction, the executive vice president now directly owns 5,435 shares in the company, valued at $3,901,840.85. The trade was a 8.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $726.51, for a total value of $394,494.93. Following the sale, the chief accounting officer now owns 1,972 shares in the company, valued at approximately $1,432,677.72. This trade represents a 21.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,117 shares of company stock worth $23,526,451 in the last 90 days. 0.11% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MCK has been the subject of several recent research reports. Cfra Research cut shares of McKesson from a “moderate buy” rating to a “hold” rating in a report on Friday, April 4th. Mizuho raised their price target on shares of McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Morgan Stanley boosted their target price on McKesson from $745.00 to $770.00 and gave the stock an “overweight” rating in a report on Wednesday. Wall Street Zen upgraded McKesson from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 30th. Finally, UBS Group lifted their price objective on McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $694.38.

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.