Allspring Global Investments Holdings LLC Raises Stock Position in McKesson Co. (NYSE:MCK)

Allspring Global Investments Holdings LLC increased its position in shares of McKesson Co. (NYSE:MCK) by 5.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 90,606 shares of the company’s stock after acquiring an additional 4,827 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.07% of McKesson worth $48,642,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Oak Thistle LLC bought a new stake in shares of McKesson during the 1st quarter valued at about $258,000. Claro Advisors LLC lifted its position in McKesson by 2.7% during the first quarter. Claro Advisors LLC now owns 2,065 shares of the company’s stock valued at $1,108,000 after purchasing an additional 55 shares during the last quarter. Miracle Mile Advisors LLC grew its stake in McKesson by 11.8% in the 1st quarter. Miracle Mile Advisors LLC now owns 561 shares of the company’s stock worth $301,000 after buying an additional 59 shares in the last quarter. Kowal Investment Group LLC purchased a new position in McKesson in the 1st quarter worth approximately $239,000. Finally, Diversified Trust Co raised its position in shares of McKesson by 14.0% during the 1st quarter. Diversified Trust Co now owns 7,570 shares of the company’s stock valued at $4,064,000 after buying an additional 931 shares in the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MCK has been the subject of several research reports. Bank of America upped their target price on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Deutsche Bank Aktiengesellschaft decreased their price objective on McKesson from $547.00 to $545.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Barclays upped their target price on McKesson from $571.00 to $596.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Citigroup lifted their price target on shares of McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th. Finally, Morgan Stanley boosted their price objective on shares of McKesson from $522.00 to $548.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, McKesson has a consensus rating of “Moderate Buy” and an average target price of $590.47.

Insiders Place Their Bets

In other news, Director Maria Martinez sold 483 shares of the firm’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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other McKesson news, Director Maria Martinez sold 483 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $585.88, for a total transaction of $282,980.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Britt J. Vitalone sold 894 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $557.40, for a total transaction of $498,315.60. Following the completion of the sale, the chief financial officer now directly owns 16,455 shares in the company, valued at $9,172,017. The disclosure for this sale can be found here. Insiders sold 25,814 shares of company stock worth $14,511,649 over the last three months. Company insiders own 0.11% of the company’s stock.

McKesson Price Performance

NYSE MCK opened at $584.07 on Thursday. McKesson Co. has a 1 year low of $395.30 and a 1 year high of $612.17. The stock has a market capitalization of $75.89 billion, a PE ratio of 26.10, a PEG ratio of 1.37 and a beta of 0.45. The business’s 50-day moving average is $568.11 and its 200 day moving average is $527.53.

McKesson (NYSE:MCK) last issued its quarterly earnings data 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 business had revenue of $76.36 billion during the quarter, compared to the consensus estimate of $79.32 billion. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. McKesson’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $7.19 earnings per share. As a group, equities research analysts anticipate that McKesson Co. will post 31.54 earnings per share for the current year.

McKesson Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend was Monday, June 3rd. McKesson’s dividend payout ratio is currently 11.08%.

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.