BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Purchases 9,233 Shares of McKesson Co. (NYSE:MCK)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in McKesson Co. (NYSE:MCK) 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 (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 firm had revenue of $79.28 billion during the quarter, compared to the consensus estimate of $82.53 billion. During the same quarter last year, the firm earned $7.27 EPS. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities research analysts anticipate that McKesson Co. will post 32.11 earnings per share for the current fiscal year.

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.

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.