Renaissance Group LLC Has $34.07 Million Holdings in McKesson Co. (NYSE:MCK)

Renaissance Group LLC trimmed its holdings in shares of McKesson Co. (NYSE:MCK) by 0.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 59,777 shares of the company’s stock after selling 341 shares during the quarter. Renaissance Group LLC’s holdings in McKesson were worth $34,068,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank acquired a new stake in McKesson in the fourth quarter valued at approximately $1,200,361,000. Proficio Capital Partners LLC bought a new position in shares of McKesson in the fourth quarter valued at approximately $178,397,000. Alliancebernstein L.P. grew its stake in McKesson by 46.6% in the 4th quarter. Alliancebernstein L.P. now owns 855,332 shares of the company’s stock valued at $487,462,000 after purchasing an additional 272,068 shares during the period. Raymond James Financial Inc. purchased a new stake in McKesson during the fourth quarter worth about $128,125,000. Finally, Boston Partners increased its stake in shares of McKesson by 24.6% during the 4th quarter. Boston Partners now owns 1,096,301 shares of the company’s stock worth $625,501,000 after purchasing an additional 216,432 shares during the last quarter. 85.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on MCK. StockNews.com lowered McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday, February 14th. Citigroup decreased their price target on shares of McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Wells Fargo & Company raised their target price on shares of McKesson from $641.00 to $691.00 and gave the company an “equal weight” rating in a research note on Friday, March 14th. Bank of America lowered their price target on McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Evercore ISI boosted their price objective on shares of McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $661.00.

McKesson Stock Down 3.2 %

MCK opened at $661.26 on Tuesday. The stock has a market cap of $82.87 billion, a P/E ratio of 30.28, a PEG ratio of 1.29 and a beta of 0.49. McKesson Co. has a 52-week low of $464.42 and a 52-week high of $728.32. The business has a fifty day moving average of $634.52 and a 200 day moving average of $587.00.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 earnings per share 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%. Equities analysts anticipate that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date was Monday, March 3rd. McKesson’s dividend payout ratio (DPR) is presently 13.00%.

Insider Buying and Selling at McKesson

In related news, CEO Brian S. Tyler sold 8,961 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $597.99, for a total value of $5,358,588.39. Following the transaction, the chief executive officer now directly owns 60,664 shares of the company’s stock, valued at approximately $36,276,465.36. This trade represents a 12.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Leann B. Smith sold 188 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 1,051 shares in the company, valued at approximately $640,679.09. This trade represents a 15.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,110 shares of company stock worth $10,855,706. 0.11% of the stock is currently owned by insiders.

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.