Pinebridge Investments L.P. Has $38.03 Million Stake in McKesson Co. (NYSE:MCK)

Pinebridge Investments L.P. cut its stake in McKesson Co. (NYSE:MCK - Free Report) by 15.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 66,736 shares of the company's stock after selling 12,496 shares during the period. Pinebridge Investments L.P. owned approximately 0.05% of McKesson worth $38,034,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Frank Rimerman Advisors LLC raised its position in McKesson by 2.2% in the 4th quarter. Frank Rimerman Advisors LLC now owns 807 shares of the company's stock valued at $460,000 after buying an additional 17 shares during the last quarter. Old North State Trust LLC grew its stake in shares of McKesson by 1.6% during the 3rd quarter. Old North State Trust LLC now owns 1,138 shares of the company's stock worth $563,000 after acquiring an additional 18 shares in the last quarter. Trust Co. of Vermont raised its holdings in shares of McKesson by 4.8% in the fourth quarter. Trust Co. of Vermont now owns 393 shares of the company's stock valued at $224,000 after purchasing an additional 18 shares during the last quarter. Hemington Wealth Management lifted its position in shares of McKesson by 18.6% in the fourth quarter. Hemington Wealth Management now owns 115 shares of the company's stock worth $65,000 after purchasing an additional 18 shares in the last quarter. Finally, First Western Trust Bank boosted its holdings in McKesson by 2.0% during the fourth quarter. First Western Trust Bank now owns 931 shares of the company's stock worth $531,000 after purchasing an additional 18 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MCK shares. Mizuho lifted their price target on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. Bank of America upped their target price on McKesson from $665.00 to $755.00 and gave the stock a "buy" rating in a report on Friday, April 11th. Evercore ISI raised their price target on McKesson from $650.00 to $675.00 and gave the company an "outperform" rating in a research note on Thursday, February 6th. Citigroup lowered their price target on McKesson from $713.00 to $677.00 and set a "buy" rating on the stock in a research report on Friday, January 10th. Finally, StockNews.com downgraded McKesson from a "strong-buy" rating to a "buy" rating in a report on Friday, February 14th. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $668.50.

Insiders Place Their Bets

In related news, EVP Leann B. Smith sold 188 shares of the company's stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total value of $114,602.92. Following the transaction, the executive vice president now directly owns 1,051 shares in the company, valued at approximately $640,679.09. This represents a 15.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Brian S. Tyler sold 8,961 shares of McKesson stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 60,664 shares of the company's stock, valued at $36,276,465.36. This trade represents a 12.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,110 shares of company stock worth $10,855,706 in the last 90 days. Company insiders own 0.11% of the company's stock.

McKesson Stock Performance

NYSE MCK opened at $695.61 on Wednesday. The stock has a market cap of $87.18 billion, a PE ratio of 31.85, a P/E/G ratio of 1.29 and a beta of 0.49. The firm has a 50-day moving average of $655.50 and a 200-day moving average of $603.03. McKesson Co. has a 52-week low of $464.42 and a 52-week high of $728.32.

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 the consensus estimate of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. As a group, analysts predict that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd were issued a $0.71 dividend. 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 is 13.00%.

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.

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