Park Avenue Securities LLC reduced its position in McKesson Corporation (NYSE:MCK – Free Report) by 1.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,542 shares of the company’s stock after selling 90 shares during the quarter. Park Avenue Securities LLC’s holdings in McKesson were worth $3,328,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in shares of McKesson by 75,632.7% during the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock worth $1,610,567,000 after acquiring an additional 2,389,992 shares during the period. Northern Trust Corp increased its stake in McKesson by 0.7% in the first quarter. Northern Trust Corp now owns 1,542,382 shares of the company’s stock valued at $1,038,008,000 after acquiring an additional 10,179 shares during the period. Boston Partners raised its position in McKesson by 33.3% in the first quarter. Boston Partners now owns 1,461,785 shares of the company’s stock worth $984,927,000 after purchasing an additional 365,484 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in McKesson by 9.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,290,116 shares of the company’s stock worth $868,237,000 after purchasing an additional 107,638 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in McKesson by 16.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,284,881 shares of the company’s stock valued at $864,712,000 after purchasing an additional 181,831 shares in the last quarter. Institutional investors own 85.07% of the company’s stock.
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Insiders Place Their Bets
In other news, CEO Brian S. Tyler sold 11,930 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares of the company’s stock, valued at $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. This represents a 33.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,560 shares of company stock valued at $30,438,602. 0.08% of the stock is currently owned by corporate insiders.
McKesson Trading Up 6.1%
MCK opened at $739.48 on Wednesday. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $748.75. The stock has a market capitalization of $91.98 billion, a PE ratio of 29.48, a PEG ratio of 1.39 and a beta of 0.51. The firm has a 50-day moving average price of $695.33 and a two-hundred day moving average price of $697.47.
McKesson (NYSE:MCK – Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). The company had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.McKesson’s revenue for the quarter was up 23.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $7.88 earnings per share. On average, research analysts predict that McKesson Corporation will post 32.77 EPS for the current year.
McKesson Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be paid a $0.82 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. McKesson’s payout ratio is 13.08%.
Analyst Upgrades and Downgrades
A number of equities analysts have recently issued reports on MCK shares. Morgan Stanley reissued an “overweight” rating and issued a $810.00 target price (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Wall Street Zen cut McKesson from a “buy” rating to a “hold” rating in a report on Saturday. Wells Fargo & Company upped their target price on shares of McKesson from $766.00 to $772.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 13th. Cowen restated a “buy” rating on shares of McKesson in a research report on Thursday, August 7th. Finally, Evercore ISI raised their price objective on shares of McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $725.10.
View Our Latest Research Report on McKesson
McKesson Company Profile
(Free Report)
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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