Point72 Hong Kong Ltd Buys New Shares in McKesson Co. (NYSE:MCK)

Point72 Hong Kong Ltd purchased a new position in McKesson Co. (NYSE:MCK) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 38,227 shares of the company’s stock, valued at approximately $21,786,000. McKesson makes up 1.3% of Point72 Hong Kong Ltd’s holdings, making the stock its 16th biggest position.

Other institutional investors have also recently made changes to their positions in the company. Millstone Evans Group LLC bought a new position in shares of McKesson in the fourth quarter worth approximately $28,000. Synergy Asset Management LLC bought a new position in McKesson in the 4th quarter worth $32,000. Crews Bank & Trust purchased a new stake in McKesson in the 4th quarter worth $33,000. Atala Financial Inc bought a new stake in McKesson during the fourth quarter valued at about $34,000. Finally, Graney & King LLC purchased a new position in shares of McKesson in the fourth quarter valued at about $38,000. Institutional investors own 85.07% of the company’s stock.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 8,961 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $597.99, for a total transaction of $5,358,588.39. Following the transaction, the chief executive officer now directly owns 60,664 shares in the company, valued at approximately $36,276,465.36. This represents a 12.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Morgan Stanley lifted their target price on McKesson from $642.00 to $745.00 and gave the company an “overweight” rating in a research note on Wednesday, April 2nd. Bank of America boosted their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Wells Fargo & Company upped their target price on shares of McKesson from $641.00 to $691.00 and gave the stock an “equal weight” rating in a research report on Friday, March 14th. Evercore ISI lifted their price target on shares of McKesson from $650.00 to $675.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Finally, Cfra Research downgraded shares of McKesson from a “moderate buy” rating to a “hold” rating in a report on Friday, April 4th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $686.69.

McKesson Price Performance

Shares of NYSE MCK opened at $682.20 on Thursday. McKesson Co. has a 1-year low of $464.42 and a 1-year high of $728.48. The business’s 50 day moving average is $680.82 and its two-hundred day moving average is $623.83. The stock has a market capitalization of $85.50 billion, a P/E ratio of 31.24, a PEG ratio of 1.29 and a beta of 0.53.

McKesson (NYSE:MCK) last released its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, beating the consensus estimate of $9.83 by $0.29. McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. The firm had revenue of $90.82 billion for the quarter, compared to the consensus estimate of $94 billion. During the same quarter in the previous year, the company posted $6.18 EPS. The company’s revenue for the quarter was up 18.9% compared to the same quarter last year. As a group, equities research analysts anticipate that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.42%. The ex-dividend date is Monday, June 2nd. McKesson’s dividend payout ratio is currently 10.99%.

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.