Quadrant Capital Group LLC raised its stake in McKesson Co. (NYSE:MCK) by 10.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,498 shares of the company’s stock after purchasing an additional 233 shares during the quarter. Quadrant Capital Group LLC’s holdings in McKesson were worth $328,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of MCK. Convergence Investment Partners LLC boosted its stake in shares of McKesson by 616.3% during the 2nd quarter. Convergence Investment Partners LLC now owns 14,147 shares of the company’s stock worth $1,901,000 after acquiring an additional 12,172 shares during the period. World Asset Management Inc grew its position in McKesson by 2.3% during the 2nd quarter. World Asset Management Inc now owns 17,953 shares of the company’s stock worth $2,413,000 after acquiring an additional 410 shares during the last quarter. Huntington National Bank grew its position in McKesson by 12.0% during the 2nd quarter. Huntington National Bank now owns 7,394 shares of the company’s stock worth $993,000 after acquiring an additional 790 shares during the last quarter. CHICAGO TRUST Co NA grew its position in McKesson by 1.4% during the 2nd quarter. CHICAGO TRUST Co NA now owns 14,264 shares of the company’s stock worth $1,917,000 after acquiring an additional 200 shares during the last quarter. Finally, Asset Dedication LLC grew its position in McKesson by 35.2% during the 2nd quarter. Asset Dedication LLC now owns 346 shares of the company’s stock worth $46,000 after acquiring an additional 90 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.
A number of equities research analysts recently weighed in on MCK shares. JPMorgan Chase & Co. started coverage on McKesson in a research report on Monday, July 22nd. They set an “overweight” rating and a $164.00 price objective on the stock. Wolfe Research lowered McKesson from an “outperform” rating to a “peer perform” rating in a research report on Monday. Zacks Investment Research lowered McKesson from a “hold” rating to a “sell” rating in a research report on Thursday, May 2nd. Bank of America set a $160.00 price target on McKesson and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, TheStreet upgraded McKesson from a “c” rating to a “b” rating in a research report on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $147.27.
In other news, CEO Brian Scott Tyler sold 1,488 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $125.49, for a total value of $186,729.12. Following the completion of the sale, the chief executive officer now directly owns 12,192 shares of the company’s stock, valued at $1,529,974.08. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Lori A. Schechter sold 2,766 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $133.59, for a total value of $369,509.94. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,174 shares of company stock worth $804,583. 0.88% of the stock is owned by company insiders.
Shares of NYSE MCK traded down $1.75 during trading on Monday, reaching $146.38. The company had a trading volume of 562,573 shares, compared to its average volume of 1,234,607. The company has a market cap of $27.61 billion, a PE ratio of 10.79, a P/E/G ratio of 1.51 and a beta of 1.13. The company has a current ratio of 1.01, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14. The company has a fifty day simple moving average of $138.04. McKesson Co. has a 12 month low of $106.11 and a 12 month high of $149.99.
McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $3.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.04 by $0.27. The company had revenue of $55.73 billion for the quarter, compared to the consensus estimate of $54.03 billion. McKesson had a return on equity of 30.73% and a net margin of 0.27%. The firm’s revenue was up 5.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.90 EPS. As a group, sell-side analysts forecast that McKesson Co. will post 14.3 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.41 per share. This is an increase from McKesson’s previous quarterly dividend of $0.39. This represents a $1.64 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend is Friday, August 30th. McKesson’s dividend payout ratio is 11.50%.
McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. It operates in three segments: U.S. Pharmaceutical and Specialty Solutions, European Pharmaceutical Solutions, and Medical-Surgical Solutions. The company distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs, as well as other healthcare-related products; and offers practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices.
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