BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in McKesson Co. (NYSE:MCK – Free Report) by 57.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 25,170 shares of the company’s stock after purchasing an additional 9,233 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in McKesson were worth $14,700,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Gateway Advisory LLC raised its position in McKesson by 7.7% in the second quarter. Gateway Advisory LLC now owns 1,301 shares of the company’s stock worth $760,000 after acquiring an additional 93 shares during the period. Semmax Financial Advisors Inc. raised its holdings in McKesson by 7.6% in the 2nd quarter. Semmax Financial Advisors Inc. now owns 1,505 shares of the company’s stock worth $830,000 after purchasing an additional 106 shares during the period. Distillate Capital Partners LLC lifted its position in McKesson by 127,542.9% during the second quarter. Distillate Capital Partners LLC now owns 35,740 shares of the company’s stock valued at $20,874,000 after purchasing an additional 35,712 shares in the last quarter. Xponance Inc. grew its holdings in McKesson by 15.6% during the second quarter. Xponance Inc. now owns 26,637 shares of the company’s stock valued at $15,557,000 after purchasing an additional 3,600 shares during the period. Finally, Lombard Odier Asset Management Europe Ltd purchased a new stake in McKesson in the second quarter worth about $5,256,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.
McKesson Stock Down 4.9 %
McKesson stock opened at $480.49 on Wednesday. McKesson Co. has a 52-week low of $431.35 and a 52-week high of $637.51. The firm’s fifty day moving average is $556.72 and its 200 day moving average is $556.74. The company has a market cap of $62.43 billion, a price-to-earnings ratio of 21.47, a PEG ratio of 1.18 and a beta of 0.44.
McKesson Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.59%. This is a positive change 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 at McKesson
In other news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 82,339 shares in the company, valued at approximately $51,546,684.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 11,259 shares of company stock worth $6,635,492 over the last quarter. Insiders own 0.11% of the company’s stock.
Wall Street Analysts Forecast Growth
MCK has been the topic of a number of analyst reports. Wells Fargo & Company lowered their price objective on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Leerink Partners dropped their price target on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Robert W. Baird restated a “neutral” rating and set a $531.00 price objective (down from $603.00) on shares of McKesson in a research report on Tuesday. Barclays lifted their target price on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Finally, Mizuho increased their price target on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $610.93.
View Our Latest Stock Analysis on McKesson
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.
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