Oppenheimer & Co. Inc. Grows Position in McKesson Co. (NYSE:MCK)

Oppenheimer & Co. Inc. grew its position in shares of McKesson Co. (NYSE:MCK) by 6.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,905 shares of the company’s stock after purchasing an additional 233 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in McKesson were worth $2,281,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in shares of McKesson by 1.1% during the 1st quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock valued at $2,342,190,000 after purchasing an additional 46,659 shares during the last quarter. Putnam Investments LLC grew its position in McKesson by 3.2% during the 4th quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock worth $925,017,000 after acquiring an additional 62,242 shares during the last quarter. Swedbank AB bought a new position in McKesson during the 1st quarter worth approximately $669,326,000. Boston Partners grew its position in McKesson by 4.1% during the 1st quarter. Boston Partners now owns 1,183,829 shares of the company’s stock worth $635,763,000 after acquiring an additional 47,140 shares during the last quarter. Finally, WCM Investment Management LLC grew its position in McKesson by 2.3% during the 1st quarter. WCM Investment Management LLC now owns 1,118,029 shares of the company’s stock worth $600,214,000 after acquiring an additional 24,840 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors.

McKesson Price Performance

Shares of MCK opened at $519.82 on Tuesday. McKesson Co. has a one year low of $422.15 and a one year high of $637.51. The firm has a market capitalization of $67.41 billion, a P/E ratio of 23.23, a PEG ratio of 1.18 and a beta of 0.44. The business has a fifty day moving average of $565.94 and a 200 day moving average of $557.75.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The business had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same quarter in the previous year, the company posted $7.27 earnings per share. McKesson’s revenue for the quarter was up 6.4% on a year-over-year basis. Analysts expect that McKesson Co. will post 32.11 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.55%. This is an increase from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. McKesson’s payout ratio is presently 12.69%.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $561.10, for a total value of $2,105,808.30. Following the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at $44,094,604.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 11,259 shares of company stock worth $6,635,492. Corporate insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MCK. Wells Fargo & Company reduced their price target on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research report on Friday. Mizuho lifted their price objective on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Barclays lifted their price objective on McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Citigroup lowered their target price on McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a research note on Tuesday, September 10th. Finally, Evercore ISI lowered their target price on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $620.93.

McKesson Profile

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.