McKesson Co. (NYSE:MCK – Get Free Report)’s share price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $549.31, but opened at $606.28. McKesson shares last traded at $594.58, with a volume of 513,306 shares traded.
The company reported $7.07 earnings per share for the quarter, topping analysts’ consensus estimates of $6.89 by $0.18. The business had revenue of $93.65 billion for the quarter, compared to analyst estimates of $89.33 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The firm’s revenue was up 21.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $6.23 EPS.
McKesson Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, December 2nd. McKesson’s dividend payout ratio is currently 12.70%.
Analysts Set New Price Targets
Get Our Latest Analysis on MCK
Insiders Place Their Bets
In other news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the sale, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.11% of the company’s stock.
Hedge Funds Weigh In On McKesson
Several institutional investors and hedge funds have recently bought and sold shares of MCK. Swedbank AB acquired a new position in shares of McKesson in the 1st quarter worth approximately $669,326,000. International Assets Investment Management LLC lifted its holdings in shares of McKesson by 1,020.2% in the 3rd quarter. International Assets Investment Management LLC now owns 806,878 shares of the company’s stock worth $398,937,000 after acquiring an additional 734,849 shares during the last quarter. Bessemer Group Inc. lifted 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 worth $187,572,000 after acquiring an additional 340,007 shares during the last quarter. Bristol Gate Capital Partners Inc. acquired a new position in shares of McKesson in the 1st quarter worth approximately $97,510,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of McKesson by 581.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 151,240 shares of the company’s stock worth $74,776,000 after acquiring an additional 129,031 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.
McKesson Trading Up 10.6 %
The stock has a market capitalization of $78.78 billion, a price-to-earnings ratio of 27.11, a price-to-earnings-growth ratio of 1.23 and a beta of 0.44. The firm’s fifty day moving average price is $510.96 and its 200 day moving average price is $550.61.
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.
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