Lombard Odier Asset Management Europe Ltd Invests $5.26 Million in McKesson Co. (NYSE:MCK)

Lombard Odier Asset Management Europe Ltd acquired a new stake in McKesson Co. (NYSE:MCK) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 9,000 shares of the company’s stock, valued at approximately $5,256,000.

Other large investors have also recently made changes to their positions in the company. Swedbank AB purchased a new position in shares of McKesson during the first quarter worth approximately $669,326,000. TD Asset Management Inc lifted its position in shares of McKesson by 202.8% during the fourth quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock valued at $278,778,000 after buying an additional 403,312 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of McKesson by 3,621.7% in the 1st quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after buying an additional 340,007 shares in the last quarter. Bristol Gate Capital Partners Inc. purchased a new position in shares of McKesson in the 1st quarter worth approximately $97,510,000. Finally, Third Point LLC bought a new position in shares of McKesson during the 4th quarter worth approximately $76,392,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the completion of the sale, the chief executive officer now directly owns 82,339 shares in the company, valued at $51,546,684.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 11,259 shares of company stock worth $6,635,492 over the last quarter. 0.11% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MCK. 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 raised 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. Bank of America upped their target price on McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. JPMorgan Chase & Co. raised their price target on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Barclays upped their price objective on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus price target of $620.93.

McKesson Stock Performance

Shares of NYSE MCK opened at $508.00 on Monday. The company has a market capitalization of $66.01 billion, a PE ratio of 22.70, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44. The company’s fifty day moving average price is $560.25 and its 200 day moving average price is $557.24. McKesson Co. has a 1 year low of $431.35 and a 1 year high of $637.51.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share 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 firm 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 earned $7.27 EPS. McKesson’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities analysts expect that McKesson Co. will post 32.11 EPS for the current year.

McKesson Increases Dividend

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

McKesson Company 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.