Seaside Wealth Management Inc. Invests $202,000 in McKesson Co. (NYSE:MCK)

Seaside Wealth Management Inc. bought a new stake in shares of McKesson Co. (NYSE:MCK) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 377 shares of the company’s stock, valued at approximately $202,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in McKesson in the 4th quarter worth $1,024,140,000. International Assets Investment Management LLC raised its stake in McKesson by 1,044.5% in the fourth quarter. International Assets Investment Management LLC now owns 821,262 shares of the company’s stock worth $380,228,000 after buying an additional 749,504 shares in the last quarter. TD Asset Management Inc lifted its holdings in McKesson by 202.8% in the fourth quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock worth $278,778,000 after buying an additional 403,312 shares during the period. Morgan Stanley boosted its position in McKesson by 14.0% during the 3rd quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock valued at $1,042,937,000 after acquiring an additional 294,832 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in McKesson by 5,683.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 225,016 shares of the company’s stock valued at $104,178,000 after acquiring an additional 221,125 shares in the last quarter. Institutional investors own 85.07% of the company’s stock.

Insider Activity at McKesson

In other McKesson news, Director Maria Martinez sold 483 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $585.88, for a total transaction of $282,980.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Britt J. Vitalone sold 12,752 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total transaction of $7,116,763.68. Following the completion of the transaction, the chief financial officer now owns 14,028 shares in the company, valued at $7,828,886.52. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Maria Martinez sold 483 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $585.88, for a total value of $282,980.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,814 shares of company stock worth $14,511,649. 0.11% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Evercore ISI raised their target price on McKesson from $590.00 to $600.00 and gave the company an “outperform” rating in a research note on Wednesday, May 8th. Morgan Stanley boosted their target price on shares of McKesson from $522.00 to $548.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Wells Fargo & Company increased their price target on shares of McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 9th. Barclays lifted their price target on shares of McKesson from $571.00 to $596.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Finally, StockNews.com cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 18th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and a consensus target price of $590.47.

McKesson Trading Down 1.5 %

MCK opened at $584.04 on Monday. McKesson Co. has a 1-year low of $395.30 and a 1-year high of $612.17. The firm’s 50 day simple moving average is $565.88 and its two-hundred day simple moving average is $525.49. The company has a market capitalization of $75.89 billion, a PE ratio of 26.10, a PEG ratio of 1.37 and a beta of 0.45.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 EPS for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The company had revenue of $76.36 billion during the quarter, compared to analysts’ expectations of $79.32 billion. During the same quarter in the previous year, the company earned $7.19 EPS. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Equities analysts forecast that McKesson Co. will post 31.54 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.48 annualized dividend and a dividend yield of 0.42%. McKesson’s payout ratio is 11.08%.

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.