Cullen Investment Group LTD. Decreases Holdings in McKesson Co. (NYSE:MCK)

Cullen Investment Group LTD. reduced its position in McKesson Co. (NYSE:MCK) by 3.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 835 shares of the company’s stock after selling 31 shares during the period. Cullen Investment Group LTD.’s holdings in McKesson were worth $445,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in MCK. Norges Bank purchased a new stake in shares of McKesson in the 4th quarter valued at about $1,024,140,000. International Assets Investment Management LLC lifted its holdings in shares of McKesson by 1,044.5% in the 4th quarter. International Assets Investment Management LLC now owns 821,262 shares of the company’s stock valued at $380,228,000 after purchasing an additional 749,504 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of McKesson by 202.8% in the 4th quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock valued at $278,778,000 after purchasing an additional 403,312 shares during the last quarter. Morgan Stanley lifted its holdings in shares of McKesson by 14.0% in the 3rd quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock valued at $1,042,937,000 after purchasing an additional 294,832 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of McKesson by 92.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 567,941 shares of the company’s stock valued at $246,969,000 after purchasing an additional 272,266 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at McKesson

In related news, EVP Leann B. Smith sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $585.53, for a total value of $351,318.00. Following the sale, the executive vice president now owns 2,022 shares of the company’s stock, valued at approximately $1,183,941.66. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Director Maria Martinez sold 483 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $585.88, for a total value of $282,980.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Leann B. Smith sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total value of $351,318.00. Following the completion of the sale, the executive vice president now directly owns 2,022 shares in the company, valued at approximately $1,183,941.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,814 shares of company stock valued at $14,511,649. 0.21% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MCK. StockNews.com cut McKesson from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. SVB Leerink began coverage on McKesson in a research report on Monday, February 26th. They issued an “outperform” rating and a $600.00 price target on the stock. Wells Fargo & Company boosted their price target on McKesson from $502.00 to $551.00 and gave the company an “equal weight” rating in a research report on Thursday, May 9th. Barclays boosted their price target on McKesson from $571.00 to $596.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Finally, Evercore ISI boosted their price target on McKesson from $590.00 to $600.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $571.47.

McKesson Price Performance

MCK opened at $602.93 on Thursday. The stock has a market cap of $78.37 billion, a P/E ratio of 26.94, a P/E/G ratio of 1.41 and a beta of 0.47. The stock’s 50 day simple moving average is $555.31 and its 200 day simple moving average is $518.18. McKesson Co. has a 1-year low of $395.30 and a 1-year high of $604.15.

McKesson (NYSE:MCK) last released its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). The firm had revenue of $76.36 billion during the quarter, compared to analyst estimates of $79.32 billion. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The business’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $7.19 EPS. Research analysts expect that McKesson Co. will post 31.54 EPS for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Monday, June 3rd. McKesson’s dividend payout ratio is currently 11.08%.

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.