Princeton Capital Management Inc. purchased a new stake in shares of McKesson Corp. (NYSE:MCK) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,200 shares of the company’s stock, valued at approximately $224,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Quantitative Systematic Strategies LLC boosted its position in McKesson Corp. by 437.7% in the first quarter. Quantitative Systematic Strategies LLC now owns 8,281 shares of the company’s stock valued at $1,306,000 after buying an additional 6,741 shares in the last quarter. OLD National Bancorp IN boosted its position in shares of McKesson Corp. by 4.0% in the first quarter. OLD National Bancorp IN now owns 54,884 shares of the company’s stock worth $8,631,000 after buying an additional 2,122 shares during the period. Cornerstone Investment Partners LLC bought a new position in shares of McKesson Corp. during the first quarter worth approximately $2,508,000. FirstMerit Bank N A Trustee boosted its position in shares of McKesson Corp. by 7.0% in the first quarter. FirstMerit Bank N A Trustee now owns 15,722 shares of the company’s stock worth $2,472,000 after buying an additional 1,027 shares during the period. Finally, Oliver Luxxe Assets LLC boosted its position in shares of McKesson Corp. by 4.6% in the first quarter. Oliver Luxxe Assets LLC now owns 1,963 shares of the company’s stock worth $309,000 after buying an additional 87 shares during the period. Institutional investors and hedge funds own 84.80% of the company’s stock.
Shares of McKesson Corp. (NYSE:MCK) traded down 0.12% on Tuesday, hitting $164.80. The stock had a trading volume of 2,161,091 shares. The stock has a 50 day moving average of $185.97 and a 200 day moving average of $178.85. McKesson Corp. has a 12-month low of $148.29 and a 12-month high of $202.20. The firm has a market cap of $37.20 billion, a price-to-earnings ratio of 17.11 and a beta of 0.95.
McKesson Corp. (NYSE:MCK) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $3.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.33 by $0.17. The business earned $49.73 billion during the quarter, compared to analyst estimates of $50.32 billion. McKesson Corp. had a return on equity of 31.62% and a net margin of 1.15%. The business’s revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.14 earnings per share. Equities analysts predict that McKesson Corp. will post $13.66 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 1st will be given a $0.28 dividend. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.12 annualized dividend and a yield of 0.68%. McKesson Corp.’s payout ratio is 11.64%.
MCK has been the subject of a number of recent research reports. Morgan Stanley reiterated a “buy” rating on shares of McKesson Corp. in a report on Tuesday, May 31st. Vetr cut McKesson Corp. from a “strong-buy” rating to a “buy” rating and set a $191.16 target price for the company. in a report on Monday, May 23rd. FBR & Co reiterated a “buy” rating on shares of McKesson Corp. in a report on Saturday, June 4th. Robert W. Baird reiterated a “buy” rating and issued a $220.00 target price on shares of McKesson Corp. in a report on Wednesday, June 29th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating on shares of McKesson Corp. in a report on Thursday, June 30th. Nine research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $201.95.
In other McKesson Corp. news, Chairman John H. Hammergren sold 100,500 shares of the company’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 in the company, valued at $18,514,110. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James A. Beer sold 5,500 shares of the company’s stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $199.00, for a total value of $1,094,500.00. Following the transaction, the chief financial officer now owns 12,412 shares in the company, valued at $2,469,988. The disclosure for this sale can be found here. 1.15% of the stock is owned by corporate 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.
Want to see what other hedge funds are holding MCK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McKesson Corp. (NYSE:MCK).
Receive News & Ratings for McKesson Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for McKesson Corp. and related companies with MarketBeat.com's FREE daily email newsletter.