3Chopt Investment Partners LLC Raises Position in McKesson Co. (NYSE:MCK)

3Chopt Investment Partners LLC raised its holdings in shares of McKesson Co. (NYSE:MCK) by 0.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,364 shares of the company’s stock after acquiring an additional 27 shares during the quarter. McKesson comprises approximately 1.5% of 3Chopt Investment Partners LLC’s portfolio, making the stock its 9th biggest holding. 3Chopt Investment Partners LLC’s holdings in McKesson were worth $4,890,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MCK. Granite Bay Wealth Management LLC purchased a new position in shares of McKesson during the 2nd quarter valued at $3,507,000. Old North State Trust LLC grew its position in McKesson by 6.0% in the second quarter. Old North State Trust LLC now owns 1,120 shares of the company’s stock worth $654,000 after acquiring an additional 63 shares in the last quarter. Chase Investment Counsel Corp grew its position in McKesson by 50.8% in the second quarter. Chase Investment Counsel Corp now owns 8,985 shares of the company’s stock worth $5,247,000 after acquiring an additional 3,027 shares in the last quarter. Quarry LP grew its position in McKesson by 258.1% in the second quarter. Quarry LP now owns 308 shares of the company’s stock worth $180,000 after acquiring an additional 222 shares in the last quarter. Finally, William B. Walkup & Associates Inc. purchased a new position in McKesson in the second quarter worth $4,005,000. Institutional investors own 85.07% of the company’s stock.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’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 sale, the chief executive officer now owns 82,339 shares in the company, valued at $51,546,684.17. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 11,259 shares of company stock worth $6,635,492. 0.11% of the stock is currently owned by company insiders.

McKesson Stock Performance

Shares of MCK opened at $494.42 on Tuesday. The stock has a market cap of $64.24 billion, a PE ratio of 22.09, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44. McKesson Co. has a fifty-two week low of $431.35 and a fifty-two week high of $637.51. The firm’s 50-day simple moving average is $549.07 and its two-hundred day simple moving average is $555.57.

McKesson (NYSE:MCK) last announced its quarterly earnings data 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 business had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The business’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $7.27 earnings per share. Equities research analysts predict that McKesson Co. will post 32.07 EPS for the current year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date of this dividend is Friday, August 30th. This is a boost from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio is 12.69%.

Analysts Set New Price Targets

Several research firms have issued reports on MCK. Citigroup cut their price target on shares of McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a research report on Tuesday, September 10th. Baird R W lowered shares of McKesson from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. upped their price target on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Evercore ISI cut their price target on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Finally, Wells Fargo & Company lowered their price objective on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and an average price target of $613.36.

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.