RiverFront Investment Group LLC Invests $264,000 in McKesson Co. (NYSE:MCK)

RiverFront Investment Group LLC purchased a new position in shares of McKesson Co. (NYSE:MCK) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 452 shares of the company’s stock, valued at approximately $264,000.

A number of other hedge funds have also recently bought and sold shares of MCK. LRI Investments LLC bought a new stake in McKesson during the first quarter worth $28,000. Register Financial Advisors LLC bought a new position in McKesson in the 1st quarter worth approximately $29,000. Richardson Financial Services Inc. bought a new position in shares of McKesson in the fourth quarter worth $31,000. Rise Advisors LLC purchased a new position in McKesson during the 1st quarter valued at about $40,000. Finally, Carmichael Hill & Associates Inc. purchased a new position in McKesson during the second quarter valued at approximately $52,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the sale, the chief executive officer now owns 78,586 shares of the company’s stock, valued at approximately $44,094,604.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.11% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on MCK shares. JPMorgan Chase & Co. increased their target price on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Citigroup reduced their target price on McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a research report on Tuesday, September 10th. StockNews.com cut McKesson from a “buy” rating to a “hold” rating in a report on Friday, September 27th. Deutsche Bank Aktiengesellschaft cut their price objective on McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Finally, Wells Fargo & Company decreased their price objective on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, McKesson has a consensus rating of “Moderate Buy” and a consensus target price of $613.36.

McKesson Stock Up 0.8 %

McKesson stock opened at $498.48 on Wednesday. The firm has a fifty day simple moving average of $547.33 and a two-hundred day simple moving average of $555.33. McKesson Co. has a twelve month low of $431.35 and a twelve month high of $637.51. The company has a market capitalization of $64.77 billion, a PE ratio of 22.27, a P/E/G ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same quarter in the previous year, the company posted $7.27 EPS. McKesson’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, equities analysts expect that McKesson Co. will post 32.07 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd were issued a $0.71 dividend. This is a boost from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date was Friday, August 30th. This represents a $2.84 annualized dividend and a dividend yield of 0.57%. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

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.