SpiderRock Advisors LLC Acquires 3,391 Shares of McKesson Co. (NYSE:MCK)

SpiderRock Advisors LLC raised its stake in shares of McKesson Co. (NYSE:MCK) by 67.3% during the third quarter, Holdings Channel reports. The firm owned 8,433 shares of the company’s stock after buying an additional 3,391 shares during the period. SpiderRock Advisors LLC’s holdings in McKesson were worth $4,170,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of MCK. LRI Investments LLC acquired a new stake in shares of McKesson during the first quarter worth approximately $28,000. Wolff Wiese Magana LLC increased its holdings in McKesson by 742.9% during the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock valued at $29,000 after purchasing an additional 52 shares in the last quarter. ORG Wealth Partners LLC acquired a new position in McKesson in the third quarter worth $40,000. Carmichael Hill & Associates Inc. bought a new stake in shares of McKesson during the second quarter worth $52,000. Finally, Centennial Bank AR acquired a new stake in shares of McKesson in the second quarter valued at $53,000. Institutional investors own 85.07% of the company’s stock.

McKesson Price Performance

Shares of MCK stock opened at $613.00 on Friday. The stock has a 50-day moving average of $513.03 and a 200-day moving average of $551.60. McKesson Co. has a one year low of $431.35 and a one year high of $637.51. The stock has a market cap of $79.49 billion, a PE ratio of 31.75, a price-to-earnings-growth ratio of 1.29 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, topping the consensus estimate of $6.88 by $0.19. McKesson had a net margin of 0.77% and a negative return on equity of 243.82%. The company had revenue of $93.65 billion for the quarter, compared to analyst estimates of $89.33 billion. During the same period last year, the business posted $6.23 earnings per share. The business’s revenue for the quarter was up 21.3% compared to the same quarter last year. As a group, research analysts anticipate that McKesson Co. will post 31.92 earnings per share for the current year.

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be issued a $0.71 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.46%. McKesson’s dividend payout ratio (DPR) is currently 14.71%.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was 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 directly owns 78,586 shares of the company’s stock, valued at approximately $44,094,604.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.11% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MCK has been the topic of several research reports. Leerink Partners reduced their price target on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. Barclays upped their target price on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Wells Fargo & Company dropped their price objective on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Evercore ISI increased their price objective on McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Baird R W upgraded McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday. Two equities research 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 stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $625.64.

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.