McKesson Corporation (NYSE:MCK) Stock Position Lifted by Assetmark Inc.

Key Points

• Assetmark Inc. increased its stake in McKesson Corporation by 20.8% during the first quarter, acquiring an additional 2,379 shares, bringing its total holdings to 13,829 shares valued at $9,307,000.
• McKesson recently received multiple analyst upgrades, with Morgan Stanley setting a new price objective of $810.00 and others increasing targets, reflecting a positive outlook on the stock.
• The company reported strong earnings results, surpassing estimates with $10.12 EPS on revenue of $90.82 billion, marking an 18.9% year-over-year increase in quarterly revenue.

Assetmark Inc. boosted its stake in McKesson Corporation (NYSE:MCK - Free Report) by 20.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,829 shares of the company's stock after buying an additional 2,379 shares during the quarter. Assetmark Inc.'s holdings in McKesson were worth $9,307,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCK. GAMMA Investing LLC raised its position in shares of McKesson by 75,632.7% during the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after buying an additional 2,389,992 shares during the period. Farallon Capital Management LLC acquired a new stake in McKesson in the 4th quarter valued at approximately $348,044,000. Marshall Wace LLP grew its stake in shares of McKesson by 59,720.3% in the fourth quarter. Marshall Wace LLP now owns 358,922 shares of the company's stock worth $204,553,000 after acquiring an additional 358,322 shares in the last quarter. Leigh Baldwin & CO. LLC acquired a new stake in McKesson in the 4th quarter valued at about $182,861,000. Finally, Deutsche Bank AG grew its position in shares of McKesson by 64.0% during the fourth quarter. Deutsche Bank AG now owns 751,283 shares of the company's stock worth $428,164,000 after buying an additional 293,148 shares in the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Thomas L. Rodgers sold 2,891 shares of the business's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the sale, the executive vice president owned 2,544 shares in the company, valued at $1,811,785.92. The trade was a 53.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the business's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the sale, the chief executive officer owned 27,872 shares in the company, valued at $19,735,884.48. This represents a 41.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 52,488 shares of company stock worth $37,242,862. Corporate insiders own 0.08% of the company's stock.

McKesson Stock Performance

NYSE MCK traded down $6.66 during mid-day trading on Thursday, reaching $708.26. 247,369 shares of the stock were exchanged, compared to its average volume of 872,232. The stock has a market capitalization of $88.61 billion, a PE ratio of 27.41, a PEG ratio of 1.44 and a beta of 0.48. The business's fifty day simple moving average is $717.25 and its 200 day simple moving average is $674.13. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating analysts' consensus estimates of $9.83 by $0.29. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The business had revenue of $90.82 billion for the quarter, compared to the consensus estimate of $94 billion. During the same quarter last year, the firm posted $6.18 EPS. The business's revenue for the quarter was up 18.9% compared to the same quarter last year. On average, analysts anticipate that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. This is a positive change from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.46%. McKesson's payout ratio is 10.99%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on MCK shares. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Morgan Stanley reissued an "overweight" rating and set a $810.00 price target (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the stock an "equal weight" rating in a report on Tuesday, June 3rd. Bank of America increased their price target on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Mizuho increased their price target on shares of McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, McKesson presently has an average rating of "Moderate Buy" and a consensus price target of $710.17.

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.