Hartline Investment Corp Makes New Investment in McKesson Co. (NYSE:MCK)

Hartline Investment Corp bought a new position in shares of McKesson Co. (NYSE:MCK) during the first quarter, Holdings Channel.com reports. The fund bought 417 shares of the company’s stock, valued at approximately $224,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Morgan Stanley increased its position in McKesson by 14.0% in the 3rd quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock valued at $1,042,937,000 after acquiring an additional 294,832 shares during the period. Norges Bank purchased a new stake in shares of McKesson during the 4th quarter worth approximately $1,024,140,000. Putnam Investments LLC boosted its stake in shares of McKesson by 3.2% during the 4th quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock worth $925,017,000 after acquiring an additional 62,242 shares in the last quarter. WCM Investment Management LLC boosted its stake in shares of McKesson by 2.3% during the 1st quarter. WCM Investment Management LLC now owns 1,118,029 shares of the company’s stock worth $600,214,000 after acquiring an additional 24,840 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in McKesson by 0.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,030,180 shares of the company’s stock valued at $447,974,000 after buying an additional 2,732 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MCK. StockNews.com lowered McKesson from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Argus increased their price target on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a report on Monday, June 24th. UBS Group upped their price objective on shares of McKesson from $620.00 to $630.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Citigroup upped their price objective on shares of McKesson from $575.00 to $620.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Finally, Barclays increased their price target on shares of McKesson from $571.00 to $596.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $590.47.

Insider Activity

In other McKesson news, Director Susan R. Salka sold 606 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $558.04, for a total transaction of $338,172.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Susan R. Salka sold 606 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $558.04, for a total value of $338,172.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Britt J. Vitalone sold 12,752 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $558.09, for a total transaction of $7,116,763.68. Following the completion of the sale, the chief financial officer now directly owns 14,028 shares in the company, valued at $7,828,886.52. The disclosure for this sale can be found here. Insiders sold a total of 25,814 shares of company stock worth $14,511,649 over the last quarter. Insiders own 0.11% of the company’s stock.

McKesson Price Performance

MCK stock traded up $4.41 during trading on Friday, reaching $587.76. 457,272 shares of the company were exchanged, compared to its average volume of 705,641. The company has a 50-day moving average of $569.95 and a two-hundred day moving average of $528.31. The company has a market capitalization of $76.37 billion, a price-to-earnings ratio of 25.94, a P/E/G ratio of 1.36 and a beta of 0.45. McKesson Co. has a twelve month low of $395.30 and a twelve month high of $612.17.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $6.18 EPS for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). The firm had revenue of $76.36 billion during the quarter, compared to the consensus estimate of $79.32 billion. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company posted $7.19 earnings per share. On average, analysts forecast that McKesson Co. will post 31.54 EPS for the current year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Monday, June 3rd were issued a $0.62 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.48 annualized dividend and a dividend yield of 0.42%. McKesson’s dividend payout ratio is currently 11.08%.

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.