MAI Capital Management cut its holdings in McKesson Co. (NYSE:MCK – Get Rating) by 34.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,695 shares of the company's stock after selling 890 shares during the quarter. MAI Capital Management's holdings in McKesson were worth $553,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of MCK. BlackRock Inc. boosted its stake in McKesson by 2.1% in the 4th quarter. BlackRock Inc. now owns 13,171,252 shares of the company's stock worth $3,273,976,000 after purchasing an additional 269,506 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of McKesson by 4.1% in the first quarter. JPMorgan Chase & Co. now owns 5,965,095 shares of the company's stock valued at $1,826,096,000 after purchasing an additional 235,874 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of McKesson by 0.3% during the first quarter. Bank of New York Mellon Corp now owns 1,976,639 shares of the company's stock worth $605,109,000 after buying an additional 5,265 shares during the period. Norges Bank bought a new position in shares of McKesson during the fourth quarter worth about $386,729,000. Finally, Acadian Asset Management LLC raised its position in McKesson by 360.8% in the 1st quarter. Acadian Asset Management LLC now owns 1,077,083 shares of the company's stock valued at $329,689,000 after buying an additional 843,348 shares during the last quarter. 86.43% of the stock is currently owned by institutional investors and hedge funds.
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Wall Street Analyst Weigh In
A number of research firms have weighed in on MCK. Mizuho upped their price target on McKesson from $331.00 to $345.00 and gave the stock a "neutral" rating in a research report on Thursday, August 4th. Credit Suisse Group increased their target price on shares of McKesson from $377.00 to $385.00 and gave the stock an "outperform" rating in a report on Monday, August 8th. Argus lifted their price target on shares of McKesson from $370.00 to $430.00 and gave the company a "buy" rating in a research note on Monday, September 12th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of McKesson from $378.00 to $409.00 in a research note on Monday, August 8th. Finally, Robert W. Baird lifted their target price on McKesson from $386.00 to $400.00 and gave the company an "outperform" rating in a research report on Thursday, August 4th. One analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $352.46.
McKesson Stock Performance
Shares of MCK opened at $339.87 on Friday. The firm's 50-day simple moving average is $353.53 and its 200 day simple moving average is $330.79. The firm has a market cap of $48.85 billion, a P/E ratio of 35.93, a price-to-earnings-growth ratio of 1.42 and a beta of 0.59. McKesson Co. has a 52 week low of $193.89 and a 52 week high of $375.23.
McKesson (NYSE:MCK – Get Rating) last announced its earnings results on Wednesday, August 3rd. The company reported $5.83 earnings per share for the quarter, topping analysts' consensus estimates of $5.31 by $0.52. The company had revenue of $67.15 billion for the quarter, compared to analyst estimates of $63.87 billion. McKesson had a negative return on equity of 350.22% and a net margin of 0.52%. As a group, equities analysts forecast that McKesson Co. will post 24.42 earnings per share for the current year.
McKesson Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 1st will be paid a $0.54 dividend. This is a boost from McKesson's previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $2.16 annualized dividend and a yield of 0.64%. McKesson's payout ratio is 22.83%.
Insider Buying and Selling at McKesson
In other news, EVP Lori A. Schechter sold 7,500 shares of McKesson stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $343.94, for a total value of $2,579,550.00. Following the completion of the sale, the executive vice president now directly owns 11,678 shares in the company, valued at $4,016,531.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP Lori A. Schechter sold 7,500 shares of the stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $343.94, for a total transaction of $2,579,550.00. Following the sale, the executive vice president now directly owns 11,678 shares of the company's stock, valued at approximately $4,016,531.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Thomas L. Rodgers sold 1,300 shares of the business's stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $367.21, for a total value of $477,373.00. Following the completion of the transaction, the executive vice president now directly owns 2,544 shares of the company's stock, valued at approximately $934,182.24. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.
About McKesson
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McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, International, Medical-Surgical Solutions, and Prescription Technology Solutions (RxTS). 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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