Fox Run Management L.L.C. Grows Stock Holdings in McKesson Corporation (NYSE:MCK)

Key Points

• Fox Run Management L.L.C. increased its holdings in McKesson Corporation by 314.1% during the first quarter, acquiring an additional 1,671 shares, bringing their total to 2,203 shares valued at approximately $1.48 million.
• Several institutional investors made significant changes to their positions in McKesson, with GAMMA Investing LLC raising its position by a staggering 75,632.7%, now owning over 2.39 million shares worth approximately $1.61 billion.
• McKesson Corporation recently announced an increase in its quarterly dividend to $0.82, reflecting a positive change from the previous $0.71, and indicating a commitment to returning value to shareholders.

Fox Run Management L.L.C. boosted its position in McKesson Corporation (NYSE:MCK - Free Report) by 314.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,203 shares of the company's stock after purchasing an additional 1,671 shares during the quarter. Fox Run Management L.L.C.'s holdings in McKesson were worth $1,483,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. CVA Family Office LLC lifted its position in shares of McKesson by 6.0% in the 1st quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after purchasing an additional 15 shares during the period. Palisade Asset Management LLC grew its stake in shares of McKesson by 2.1% in the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock worth $481,000 after acquiring an additional 15 shares in the last quarter. SteelPeak Wealth LLC grew its position in McKesson by 0.5% during the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock valued at $1,867,000 after buying an additional 15 shares during the period. Parallel Advisors LLC lifted its holdings in McKesson by 0.6% during the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock valued at $1,683,000 after purchasing an additional 16 shares during the last quarter. Finally, Eagle Rock Investment Company LLC lifted its holdings in McKesson by 0.4% during the first quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock valued at $3,229,000 after purchasing an additional 17 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at McKesson

In related news, EVP Leann B. Smith sold 341 shares of McKesson stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total value of $244,807.31. Following the completion of the sale, the executive vice president directly owned 2,800 shares in the company, valued at $2,010,148. The trade was a 10.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the completion of the sale, the chief executive officer owned 27,872 shares of the company's stock, valued at $19,735,884.48. The trade was a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,817 shares of company stock valued at $37,461,210 over the last three months. 0.08% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

MCK has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their target price on shares of McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research note on Wednesday. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Cowen restated a "buy" rating on shares of McKesson in a report on Thursday, August 7th. Evercore ISI upped their target price on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Finally, Bank of America upped their price target on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $719.27.

McKesson Trading Down 0.1%

Shares of MCK stock traded down $0.96 on Friday, reaching $672.86. The company's stock had a trading volume of 630,704 shares, compared to its average volume of 883,823. The stock's fifty day simple moving average is $709.57 and its 200-day simple moving average is $682.13. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $737.89. The company has a market capitalization of $83.69 billion, a price-to-earnings ratio of 26.83, a price-to-earnings-growth ratio of 1.34 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). The company had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%. The firm's quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $7.88 earnings per share. Equities research analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a $0.82 dividend. The ex-dividend date is Tuesday, September 2nd. This is an increase from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. McKesson's dividend payout ratio is presently 11.32%.

About McKesson

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.