Clearbridge Investments LLC Purchases 11,184 Shares of McKesson Co. (NYSE:MCK)

Clearbridge Investments LLC increased its position in shares of McKesson Co. (NYSE:MCK) by 3.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 350,877 shares of the company’s stock after acquiring an additional 11,184 shares during the period. Clearbridge Investments LLC owned about 0.27% of McKesson worth $204,926,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. LRI Investments LLC bought a new position in shares of McKesson during the first quarter valued at $28,000. Register Financial Advisors LLC acquired a new position in McKesson during the 1st quarter worth about $29,000. Richardson Financial Services Inc. bought a new stake in shares of McKesson in the 4th quarter valued at about $31,000. Rise Advisors LLC acquired a new stake in shares of McKesson in the first quarter valued at about $40,000. Finally, ZRC Wealth Management LLC bought a new position in shares of McKesson during the first quarter worth about $48,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Activity at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was 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 directly owns 82,339 shares of the company’s stock, valued at $51,546,684.17. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.11% of the stock is owned by insiders.

McKesson Stock Performance

Shares of NYSE:MCK opened at $498.48 on Wednesday. The firm has a market cap of $64.77 billion, a P/E ratio of 22.27, a PEG ratio of 1.18 and a beta of 0.44. McKesson Co. has a 52-week low of $431.35 and a 52-week high of $637.51. The business’s 50 day simple moving average is $547.33 and its two-hundred day simple moving average is $555.33.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. 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 business posted $7.27 EPS. McKesson’s quarterly revenue was up 6.4% on a year-over-year basis. On average, equities analysts forecast that McKesson Co. will post 32.07 earnings per share for the current fiscal year.

McKesson Increases Dividend

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

Analysts Set New Price Targets

Several analysts recently commented on MCK shares. JPMorgan Chase & Co. upped their target price on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Robert W. Baird reiterated a “neutral” rating and set a $531.00 price objective (down from $603.00) on shares of McKesson in a research report on Tuesday, September 24th. Wells Fargo & Company lowered their target price 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. Mizuho upped their price target on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Finally, Leerink Partners decreased their price target on McKesson from $670.00 to $665.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average target price of $613.36.

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.