New Century Financial Group LLC Takes Position in McKesson Co. (NYSE:MCK)

New Century Financial Group LLC bought a new position in shares of McKesson Co. (NYSE:MCK) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,428 shares of the company’s stock, valued at approximately $834,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Distillate Capital Partners LLC boosted its holdings in shares of McKesson by 127,542.9% during the second quarter. Distillate Capital Partners LLC now owns 35,740 shares of the company’s stock worth $20,874,000 after acquiring an additional 35,712 shares during the period. Wealthspire Advisors LLC boosted its stake in McKesson by 8.9% in the 2nd quarter. Wealthspire Advisors LLC now owns 1,623 shares of the company’s stock valued at $948,000 after purchasing an additional 133 shares during the period. Councilmark Asset Management LLC acquired a new position in McKesson in the 1st quarter valued at $5,160,000. Chase Investment Counsel Corp increased its position in McKesson by 50.8% during the 2nd quarter. Chase Investment Counsel Corp now owns 8,985 shares of the company’s stock worth $5,247,000 after buying an additional 3,027 shares during the period. Finally, Vaughan David Investments LLC IL acquired a new stake in shares of McKesson during the second quarter worth $238,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Activity at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the completion of the transaction, the chief executive officer now owns 82,339 shares of the company’s stock, valued at approximately $51,546,684.17. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold a total of 11,259 shares of company stock valued at $6,635,492 in the last 90 days. 0.11% of the stock is owned by corporate insiders.

McKesson Stock Up 1.3 %

NYSE:MCK opened at $494.42 on Tuesday. McKesson Co. has a twelve month low of $431.35 and a twelve month high of $637.51. The stock’s 50-day simple moving average is $549.07 and its 200 day simple moving average is $555.57. The firm has a market capitalization of $64.24 billion, a PE ratio of 22.09, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its quarterly 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. The company had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the company posted $7.27 EPS. On average, analysts anticipate that McKesson Co. will post 32.07 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.57%. This is a boost from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, August 30th. McKesson’s dividend payout ratio is presently 12.69%.

Analysts Set New Price Targets

Several research firms recently commented on MCK. Evercore ISI lowered their price target on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Robert W. Baird reaffirmed a “neutral” rating and set a $531.00 target price (down from $603.00) on shares of McKesson in a report on Tuesday, September 24th. StockNews.com downgraded shares of McKesson from a “buy” rating to a “hold” rating in a research report on Friday. JPMorgan Chase & Co. increased their price target on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, Bank of America lifted their price objective on McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a report on Tuesday, June 25th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $613.36.

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.