FormulaFolio Investments LLC Takes $451,000 Position in McKesson Co. (NYSE:MCK)
FormulaFolio Investments LLC purchased a new stake in McKesson Co. (NYSE:MCK) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,591 shares of the company’s stock, valued at approximately $451,000.
Several other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of McKesson in the fourth quarter valued at about $318,658,000. Capital Asset Advisory Services LLC bought a new stake in shares of McKesson during the 4th quarter valued at about $97,000. UBS Asset Management Americas Inc. boosted its position in shares of McKesson by 12.2% during the 4th quarter. UBS Asset Management Americas Inc. now owns 842,591 shares of the company’s stock valued at $146,543,000 after purchasing an additional 91,341 shares in the last quarter. Patton Albertson Miller Group LLC boosted its position in shares of McKesson by 2.5% during the 4th quarter. Patton Albertson Miller Group LLC now owns 13,985 shares of the company’s stock valued at $2,528,000 after purchasing an additional 335 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of McKesson by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,576,399 shares of the company’s stock valued at $274,161,000 after purchasing an additional 64,900 shares in the last quarter. 85.60% of the stock is owned by institutional investors.
MCK stock opened at $193.26 on Thursday. McKesson Co. has a twelve month low of $125.65 and a twelve month high of $198.43. The company has a quick ratio of 0.56, a current ratio of 0.99 and a debt-to-equity ratio of 0.96. The stock’s 50 day moving average is $184.13 and its 200-day moving average is $173.54. The firm has a market capitalization of $30.76 billion, a PE ratio of 14.71, a P/E/G ratio of 1.70 and a beta of 0.94.
McKesson announced that its board has initiated a share buyback program on Tuesday, February 2nd that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 6.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, April 1st. Investors of record on Tuesday, March 2nd were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date of this dividend was Monday, March 1st. McKesson’s payout ratio is 11.24%.
In related news, SVP Sundeep G. Reddy sold 450 shares of the stock in a transaction that occurred on Friday, January 15th. The stock was sold at an average price of $182.32, for a total transaction of $82,044.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 5,510 shares of the firm’s stock in a transaction on Friday, January 15th. The stock was sold at an average price of $184.32, for a total value of $1,015,603.20. Following the completion of the sale, the chief executive officer now directly owns 24,500 shares of the company’s stock, valued at $4,515,840. The disclosure for this sale can be found here. Insiders have sold 20,527 shares of company stock valued at $3,783,616 over the last ninety days. 0.28% of the stock is currently owned by company insiders.
Several equities research analysts recently commented on MCK shares. Morgan Stanley upped their target price on McKesson from $219.00 to $226.00 and gave the company an “overweight” rating in a research report on Wednesday, February 3rd. Credit Suisse Group upped their target price on McKesson from $178.00 to $192.00 and gave the company a “neutral” rating in a research report on Wednesday, February 3rd. Mizuho increased their price target on McKesson from $178.00 to $190.00 and gave the stock a “neutral” rating in a report on Wednesday, February 3rd. Argus upgraded McKesson from a “hold” rating to a “buy” rating and set a $230.00 price target on the stock in a report on Tuesday, March 30th. Finally, Cowen increased their price target on McKesson from $210.00 to $224.00 and gave the stock an “outperform” rating in a report on Tuesday, March 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $193.31.
McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions, International, and Medical-Surgical Solutions. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs and other healthcare-related products.
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