abrdn plc Purchases 93,170 Shares of McKesson Co. (NYSE:MCK)

abrdn plc boosted its position in McKesson Co. (NYSE:MCK) by 84.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,949 shares of the company’s stock after buying an additional 93,170 shares during the period. abrdn plc owned approximately 0.15% of McKesson worth $94,424,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MCK. Norges Bank bought a new stake in McKesson during the 4th quarter worth approximately $633,960,000. International Assets Investment Management LLC increased its holdings in McKesson by 1,044.5% during the 4th quarter. International Assets Investment Management LLC now owns 821,262 shares of the company’s stock worth $380,228,000 after purchasing an additional 749,504 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in McKesson by 16.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,148,794 shares of the company’s stock worth $2,238,953,000 after purchasing an additional 708,438 shares in the last quarter. Moneta Group Investment Advisors LLC increased its holdings in McKesson by 94,078.7% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 596,151 shares of the company’s stock worth $223,628,000 after purchasing an additional 595,518 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in McKesson by 53.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 915,949 shares of the company’s stock worth $280,399,000 after purchasing an additional 320,588 shares in the last quarter. 85.07% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. SVB Leerink assumed coverage on McKesson in a report on Monday, February 26th. They set an “outperform” rating and a $600.00 price objective for the company. Citigroup upped their target price on McKesson from $530.00 to $575.00 and gave the company a “buy” rating in a report on Thursday, February 8th. Mizuho upped their target price on McKesson from $450.00 to $505.00 and gave the company a “neutral” rating in a report on Friday, February 9th. Argus upped their target price on McKesson from $510.00 to $570.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of McKesson in a report on Monday, February 26th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $533.50.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,473 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the sale, the chief executive officer now owns 43,445 shares in the company, valued at $22,789,074.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other McKesson news, CEO Brian S. Tyler sold 3,473 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the sale, the chief executive officer now owns 43,445 shares in the company, valued at $22,789,074.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Leann B. Smith sold 186 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total value of $92,256.00. Following the sale, the executive vice president now owns 1,511 shares in the company, valued at approximately $749,456. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

McKesson Trading Up 1.2 %

McKesson stock opened at $524.83 on Friday. McKesson Co. has a 12 month low of $352.34 and a 12 month high of $543.00. The business’s 50 day simple moving average is $524.91 and its 200 day simple moving average is $486.65. The company has a market cap of $68.97 billion, a price-to-earnings ratio of 23.78, a PEG ratio of 1.42 and a beta of 0.45.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, February 7th. The company reported $7.74 EPS for the quarter, beating the consensus estimate of $7.05 by $0.69. McKesson had a negative return on equity of 262.63% and a net margin of 0.99%. The business had revenue of $80.90 billion for the quarter, compared to the consensus estimate of $77.93 billion. During the same quarter in the prior year, the business earned $6.90 earnings per share. McKesson’s revenue for the quarter was up 14.8% on a year-over-year basis. As a group, equities research analysts forecast that McKesson Co. will post 27.59 earnings per share for the current fiscal year.

McKesson Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $2.48 annualized dividend and a dividend yield of 0.47%. McKesson’s dividend payout ratio is currently 11.24%.

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.