Peapack Gladstone Financial Corp Buys 792 Shares of McKesson Co. (NYSE:MCK)

Peapack Gladstone Financial Corp raised its stake in shares of McKesson Co. (NYSE:MCK - Free Report) by 9.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 8,903 shares of the company's stock after purchasing an additional 792 shares during the period. Peapack Gladstone Financial Corp's holdings in McKesson were worth $5,074,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in McKesson by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company's stock valued at $1,513,195,000 after acquiring an additional 10,015 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of McKesson by 4.6% during the 4th quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company's stock valued at $1,493,704,000 after buying an additional 114,396 shares during the last quarter. Norges Bank bought a new position in McKesson during the fourth quarter worth about $1,200,361,000. Boston Partners grew its stake in McKesson by 24.6% in the 4th quarter. Boston Partners now owns 1,096,301 shares of the company's stock valued at $625,501,000 after buying an additional 216,432 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in McKesson by 20.0% during the 4th quarter. Nordea Investment Management AB now owns 975,935 shares of the company's stock valued at $558,606,000 after acquiring an additional 162,688 shares during the period. 85.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MCK has been the topic of several research analyst reports. Morgan Stanley upped their price target on shares of McKesson from $642.00 to $745.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. Wells Fargo & Company lifted their target price on shares of McKesson from $641.00 to $691.00 and gave the company an "equal weight" rating in a report on Friday, March 14th. StockNews.com cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Friday, February 14th. Bank of America raised their price objective on McKesson from $665.00 to $755.00 and gave the company a "buy" rating in a research note on Friday. Finally, Mizuho boosted their price target on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $668.50.

McKesson Stock Performance

Shares of NYSE MCK traded up $11.10 during mid-day trading on Friday, reaching $690.43. 841,601 shares of the company traded hands, compared to its average volume of 879,494. McKesson Co. has a fifty-two week low of $464.42 and a fifty-two week high of $728.32. The stock has a market cap of $86.53 billion, a PE ratio of 31.61, a price-to-earnings-growth ratio of 1.29 and a beta of 0.49. The company's fifty day moving average is $642.70 and its two-hundred day moving average is $593.06.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 earnings per share (EPS) 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%. Research analysts forecast that McKesson Co. will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Monday, March 3rd. McKesson's dividend payout ratio (DPR) is currently 13.00%.

Insider Transactions at McKesson

In other news, EVP Leann B. Smith sold 188 shares of the business's stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total value of $114,602.92. Following the completion of the transaction, the executive vice president now directly owns 1,051 shares in the company, valued at approximately $640,679.09. The trade was a 15.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian S. Tyler sold 8,961 shares of the business's stock in a transaction 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 approximately $36,276,465.36. The trade was a 12.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,110 shares of company stock worth $10,855,706 in the last three months. Insiders own 0.11% of the company's stock.

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.