Independent Advisor Alliance Has $1.23 Million Holdings in McKesson Co. (NYSE:MCK)

Independent Advisor Alliance boosted its stake in shares of McKesson Co. (NYSE:MCK) by 37.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,163 shares of the company’s stock after acquiring an additional 595 shares during the period. Independent Advisor Alliance’s holdings in McKesson were worth $1,233,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Oppenheimer Asset Management Inc. raised its holdings in shares of McKesson by 3.3% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 3,090 shares of the company’s stock worth $1,528,000 after buying an additional 98 shares in the last quarter. Huntington National Bank increased its position in McKesson by 5.9% during the 3rd quarter. Huntington National Bank now owns 6,236 shares of the company’s stock valued at $3,083,000 after purchasing an additional 347 shares during the period. Metis Global Partners LLC increased its position in shares of McKesson by 2.1% during the third quarter. Metis Global Partners LLC now owns 5,840 shares of the company’s stock worth $2,887,000 after buying an additional 120 shares during the period. Impax Asset Management Group plc grew its holdings in McKesson by 64.1% during the 3rd quarter. Impax Asset Management Group plc now owns 1,805 shares of the company’s stock worth $892,000 after acquiring an additional 705 shares during the period. Finally, King Wealth Management Group bought a new stake in McKesson in the third quarter worth approximately $264,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MCK. Bank of America dropped their price objective on shares of McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Morgan Stanley raised their price objective on McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Wells Fargo & Company upped their price objective on shares of McKesson from $641.00 to $691.00 and gave the stock an “equal weight” rating in a research report on Friday. Evercore ISI upped their price objective on McKesson from $650.00 to $675.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Finally, StockNews.com cut McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 14th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $649.36.

Insiders Place Their Bets

In other news, EVP Leann B. Smith sold 579 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total value of $331,645.41. Following the completion of the transaction, the executive vice president now directly owns 864 shares in the company, valued at approximately $494,890.56. This trade represents a 40.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 8,961 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $597.99, for a total transaction 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 trade represents a 12.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,689 shares of company stock worth $11,187,351 in the last quarter. 0.11% of the stock is owned by company insiders.

McKesson Stock Up 1.1 %

MCK opened at $650.96 on Friday. The company has a market capitalization of $81.58 billion, a price-to-earnings ratio of 29.81, a PEG ratio of 1.29 and a beta of 0.52. The firm has a 50-day moving average price of $608.54 and a 200-day moving average price of $570.71. McKesson Co. has a twelve month low of $464.42 and a twelve month high of $663.62.

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 net margin of 0.82% and a negative return on equity of 181.26%. On average, sell-side analysts expect that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be issued 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 0.44%. McKesson’s dividend payout ratio (DPR) is 13.00%.

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.