Magnetar Financial LLC Decreases Stock Holdings in McKesson Co. (NYSE:MCK)

Magnetar Financial LLC lowered its position in shares of McKesson Co. (NYSE:MCK) by 38.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,269 shares of the company’s stock after selling 39,647 shares during the period. Magnetar Financial LLC’s holdings in McKesson were worth $37,536,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in MCK. LRI Investments LLC purchased a new position in McKesson during the 1st quarter valued at about $28,000. Register Financial Advisors LLC bought a new stake in McKesson in the first quarter valued at $29,000. Richardson Financial Services Inc. purchased a new position in McKesson during the 4th quarter valued at $31,000. Rise Advisors LLC bought a new position in McKesson in the 1st quarter worth $40,000. Finally, Carolinas Wealth Consulting LLC boosted its stake in shares of McKesson by 42.9% during the 4th quarter. Carolinas Wealth Consulting LLC now owns 80 shares of the company’s stock valued at $37,000 after purchasing an additional 24 shares in the last quarter. Institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Barclays lifted their price objective on McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Evercore ISI lowered their target price on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. JPMorgan Chase & Co. raised their price objective on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Leerink Partners lowered their price objective on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Finally, Robert W. Baird lowered their price target on McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.93.

McKesson Price Performance

MCK stock opened at $508.00 on Monday. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51. The business has a 50 day simple moving average of $560.25 and a two-hundred day simple moving average of $557.24. The company has a market capitalization of $66.01 billion, a price-to-earnings ratio of 22.70, a PEG ratio of 1.18 and a beta of 0.44.

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

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.56%. This is a boost from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, August 30th. McKesson’s dividend payout ratio is 12.69%.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on Monday, August 5th. The shares were sold at an average price of $626.03, for a total value of $2,349,490.59. Following the completion of the transaction, the chief executive officer now directly owns 82,339 shares of the company’s stock, valued at approximately $51,546,684.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have sold 11,259 shares of company stock worth $6,635,492. Insiders own 0.11% of the company’s stock.

About McKesson

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.