McKesson Co. (NYSE:MCK) Shares Purchased by MidWestOne Financial Group Inc.

MidWestOne Financial Group Inc. boosted its stake in shares of McKesson Co. (NYSE:MCK) by 15.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,687 shares of the company’s stock after acquiring an additional 1,032 shares during the quarter. MidWestOne Financial Group Inc.’s holdings in McKesson were worth $3,801,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. MidAtlantic Capital Management Inc. acquired a new stake in shares of McKesson during the third quarter worth $29,000. Wolff Wiese Magana LLC lifted its stake in shares of McKesson by 742.9% in the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after acquiring an additional 52 shares during the period. RPg Family Wealth Advisory LLC acquired a new stake in shares of McKesson in the 3rd quarter worth $31,000. ORG Wealth Partners LLC purchased a new stake in shares of McKesson in the third quarter valued at about $40,000. Finally, Carmichael Hill & Associates Inc. acquired a new position in shares of McKesson during the second quarter worth about $52,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Price Performance

MCK stock opened at $591.85 on Tuesday. McKesson Co. has a 12 month low of $431.35 and a 12 month high of $637.51. The firm has a market capitalization of $75.13 billion, a PE ratio of 30.65, a P/E/G ratio of 1.30 and a beta of 0.49. The company’s 50 day simple moving average is $556.78 and its 200-day simple moving average is $562.15.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, topping the consensus estimate of $6.88 by $0.19. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The company had revenue of $93.65 billion during the quarter, compared to the consensus estimate of $89.33 billion. During the same quarter last year, the business posted $6.23 earnings per share. McKesson’s revenue was up 21.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that McKesson Co. will post 32.73 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be issued a $0.71 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.48%. McKesson’s dividend payout ratio (DPR) is 14.71%.

Analysts Set New Price Targets

A number of brokerages have weighed in on MCK. JPMorgan Chase & Co. lifted their price objective on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Mizuho started coverage on McKesson in a report on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price target for the company. Deutsche Bank Aktiengesellschaft dropped their price objective on McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. Leerink Partners reduced their target price on McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a report on Monday, October 7th. Finally, Baird R W raised shares of McKesson from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and an average target price of $635.86.

About McKesson

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.