Connor Clark & Lunn Investment Management Ltd. Grows Stake in McKesson Co. (NYSE:MCK)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in McKesson Co. (NYSE:MCK) by 300.6% during the fourth quarter, HoldingsChannel reports. The fund owned 1,975 shares of the company’s stock after purchasing an additional 1,482 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in McKesson were worth $1,126,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Essential Planning LLC. acquired a new position in McKesson during the fourth quarter worth approximately $5,996,000. EverSource Wealth Advisors LLC increased its position in McKesson by 7.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,007 shares of the company’s stock worth $1,144,000 after buying an additional 144 shares during the period. Sequoia Financial Advisors LLC increased its position in McKesson by 6.3% during the fourth quarter. Sequoia Financial Advisors LLC now owns 7,008 shares of the company’s stock worth $3,994,000 after buying an additional 414 shares during the period. PFG Advisors acquired a new position in McKesson during the fourth quarter worth approximately $228,000. Finally, HighTower Advisors LLC increased its position in McKesson by 113.1% during the fourth quarter. HighTower Advisors LLC now owns 72,408 shares of the company’s stock worth $41,266,000 after buying an additional 38,433 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

MCK opened at $666.46 on Friday. The business’s fifty day moving average is $614.59 and its two-hundred day moving average is $573.65. The company has a market cap of $83.52 billion, a price-to-earnings ratio of 30.52, a PEG ratio of 1.29 and a beta of 0.52. McKesson Co. has a one year low of $464.42 and a one year high of $670.00.

McKesson (NYSE:MCK) last posted 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 negative return on equity of 181.26% and a net margin of 0.82%. On average, analysts predict that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $2.84 dividend on an annualized basis and a yield of 0.43%. McKesson’s payout ratio is 13.00%.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 8,961 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $597.99, for a total value of $5,358,588.39. Following the sale, the chief executive officer now directly owns 60,664 shares in the company, valued at $36,276,465.36. This represents a 12.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Leann B. Smith sold 188 shares of the company’s stock in a transaction on Wednesday, February 12th. The shares were 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 in the company, valued at $640,679.09. This represents a 15.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,689 shares of company stock worth $11,187,351. 0.11% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Morgan Stanley boosted their target price on McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Mizuho assumed coverage on McKesson in a report on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 target price on the stock. Citigroup dropped their target price on McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Bank of America dropped their target price on McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, StockNews.com lowered McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday, February 14th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and an average price target of $649.36.

McKesson 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.