Algert Global LLC raised its stake in shares of McKesson Corp. (NYSE:MCK) by 92.2% during the third quarter, Holdings Channel reports. The fund owned 7,509 shares of the company’s stock after buying an additional 3,603 shares during the period. Algert Global LLC’s holdings in McKesson Corp. were worth $1,252,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Kelman Lazarov Inc. purchased a new position in shares of McKesson Corp. during the second quarter worth about $115,000. Welch Group LLC purchased a new position in shares of McKesson Corp. during the second quarter worth about $126,000. Seven Eight Capital LLC purchased a new position in shares of McKesson Corp. during the first quarter worth about $110,000. Winslow Evans & Crocker Inc. increased its position in shares of McKesson Corp. by 14.1% in the second quarter. Winslow Evans & Crocker Inc. now owns 816 shares of the company’s stock worth $152,000 after buying an additional 101 shares in the last quarter. Finally, Carroll Financial Associates Inc. increased its position in shares of McKesson Corp. by 5.7% in the third quarter. Carroll Financial Associates Inc. now owns 928 shares of the company’s stock worth $154,000 after buying an additional 50 shares in the last quarter. 84.77% of the stock is owned by institutional investors and hedge funds.
McKesson Corp. (NYSE:MCK) opened at 162.07 on Friday. The company has a 50-day moving average of $171.81 and a 200 day moving average of $179.20. The firm has a market cap of $36.58 billion, a P/E ratio of 16.83 and a beta of 0.93. McKesson Corp. has a 52 week low of $148.29 and a 52 week high of $202.20.
McKesson Corp. (NYSE:MCK) last issued its earnings results on Wednesday, July 27th. The company reported $3.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.33 by $0.17. McKesson Corp. had a return on equity of 31.62% and a net margin of 1.15%. The firm had revenue of $49.73 billion for the quarter, compared to analyst estimates of $50.32 billion. During the same period last year, the company earned $3.14 earnings per share. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. On average, equities analysts predict that McKesson Corp. will post $13.63 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 1st were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Tuesday, August 30th. McKesson Corp.’s dividend payout ratio is presently 11.64%.
A number of research firms have weighed in on MCK. Deutsche Bank AG reissued a “buy” rating on shares of McKesson Corp. in a report on Monday, July 18th. Morgan Stanley raised their price objective on shares of McKesson Corp. from $199.00 to $211.00 and gave the stock an “overweight” rating in a report on Thursday, July 28th. Citigroup Inc. raised their price objective on shares of McKesson Corp. from $215.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Mizuho raised their price objective on shares of McKesson Corp. from $174.00 to $197.00 and gave the stock a “neutral” rating in a report on Thursday, August 11th. Finally, JPMorgan Chase & Co. raised their price objective on shares of McKesson Corp. from $210.00 to $221.00 and gave the stock an “overweight” rating in a report on Tuesday, August 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. McKesson Corp. has an average rating of “Buy” and a consensus price target of $201.17.
In other news, Chairman John H. Hammergren sold 100,500 shares of the firm’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $184.22, for a total transaction of $18,514,110.00. Following the transaction, the chairman now directly owns 100,500 shares of the company’s stock, valued at $18,514,110. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Marie L/Ca Knowles sold 915 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $192.73, for a total value of $176,347.95. The disclosure for this sale can be found here. 1.15% of the stock is owned by company insiders.
McKesson Corp. Company Profile
McKesson Corporation (McKesson) is a pharmaceutical distribution services and information technology company. The Company delivers an offering of pharmaceuticals and medical supplies. It operates through two segments: McKesson Distribution Solutions and McKesson Technology Solutions. The Distribution Solutions segment distributes branded and generic pharmaceutical drugs and other healthcare-related products around the world and provides practice management, technology, clinical support and business solutions to community-based oncology and other specialty practices.
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