Allspring Global Investments Holdings LLC Grows Stock Holdings in McKesson Co. (NYSE:MCK)

Allspring Global Investments Holdings LLC increased its stake in shares of McKesson Co. (NYSE:MCK) by 0.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 138,029 shares of the company’s stock after purchasing an additional 1,259 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.11% of McKesson worth $68,244,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. LRI Investments LLC purchased a new position in shares of McKesson during the first quarter valued at approximately $28,000. Register Financial Advisors LLC purchased a new position in shares of McKesson during the first quarter valued at approximately $29,000. Wolff Wiese Magana LLC raised its holdings in shares of McKesson by 742.9% during 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. ORG Wealth Partners LLC bought a new stake in McKesson during the third quarter valued at approximately $40,000. Finally, Carmichael Hill & Associates Inc. bought a new stake in McKesson during the second quarter valued at approximately $52,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the sale, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.11% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MCK. Wells Fargo & Company cut their target price 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 cut their target price on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Barclays boosted their target price on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Mizuho boosted their target price on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Finally, Bank of America upped their price target on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $610.86.

McKesson Stock Performance

MCK stock opened at $508.32 on Tuesday. McKesson Co. has a one year low of $431.35 and a one year high of $637.51. The company’s fifty day moving average price is $520.24 and its 200-day moving average price is $551.96. The company has a market capitalization of $66.05 billion, a PE ratio of 22.71, a price-to-earnings-growth ratio of 1.17 and a beta of 0.44.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping the consensus estimate of $7.21 by $0.67. The firm 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 company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $7.27 earnings per share. On average, research analysts predict that McKesson Co. will post 32.07 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 2nd were paid a dividend of $0.71 per share. This is an increase from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a yield of 0.56%. McKesson’s dividend payout ratio is presently 12.69%.

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.