McKesson Co. (NYSE:MCK) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its position in McKesson Co. (NYSE:MCK) by 53.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,364 shares of the company’s stock after selling 73,665 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.05% of McKesson worth $36,444,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC increased its stake in McKesson by 742.9% in the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock valued at $29,000 after purchasing an additional 52 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in McKesson in the third quarter valued at approximately $29,000. RPg Family Wealth Advisory LLC purchased a new position in McKesson in the third quarter valued at approximately $31,000. Synergy Asset Management LLC purchased a new position in McKesson in the fourth quarter valued at approximately $32,000. Finally, Crews Bank & Trust purchased a new position in McKesson in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on MCK. Mizuho began coverage on shares of McKesson in a research note on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price target on the stock. StockNews.com lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday. Bank of America lowered their target price on shares of McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Evercore ISI raised their target price on shares of McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Finally, Wells Fargo & Company raised their target price on shares of McKesson from $535.00 to $641.00 and gave the stock an “equal weight” rating in a research report on Friday, December 13th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $645.79.

McKesson Price Performance

NYSE:MCK opened at $593.82 on Friday. The firm’s fifty day moving average price is $587.46 and its 200 day moving average price is $563.18. McKesson Co. has a 1-year low of $464.42 and a 1-year high of $637.51. The firm has a market cap of $75.38 billion, a price-to-earnings ratio of 27.19, a price-to-earnings-growth ratio of 1.30 and a beta of 0.52.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, February 5th. The company reported $8.03 EPS for the quarter, missing analysts’ consensus estimates of $8.60 by ($0.57). McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. As a group, analysts expect that McKesson Co. will post 32.69 earnings per share for the current fiscal year.

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend is Monday, March 3rd. McKesson’s dividend payout ratio (DPR) is currently 13.00%.

Insider Buying and Selling at McKesson

In other McKesson news, EVP Leann B. Smith sold 188 shares of the firm’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total value of $114,602.92. Following the completion of the sale, the executive vice president now owns 1,051 shares of the company’s stock, valued at approximately $640,679.09. This trade represents a 15.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 1,346 shares of company stock valued at $795,275. 0.11% of the stock is owned by company insiders.

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.