Gotham Asset Management LLC Has $18.02 Million Holdings in McKesson Corporation $MCK

Key Points

• Gotham Asset Management LLC reduced its holdings in McKesson Corporation by 11.8%, now owning 26,770 shares valued at $18.02 million.
• Analysts have adjusted their price targets for McKesson, with Wells Fargo increasing it to $772.00, and Morgan Stanley raising it to $810.00, suggesting a general positive outlook on the company's stock.
• McKesson announced a quarterly dividend increase to $0.82 per share, reflecting growth from the previous dividend of $0.71, with a payout ratio of 13.08%.

Gotham Asset Management LLC decreased its stake in McKesson Corporation (NYSE:MCK - Free Report) by 11.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,770 shares of the company's stock after selling 3,576 shares during the period. Gotham Asset Management LLC's holdings in McKesson were worth $18,016,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MCK. GAMMA Investing LLC grew its holdings in shares of McKesson by 75,632.7% in the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after acquiring an additional 2,389,992 shares in the last quarter. Nuveen LLC bought a new position in shares of McKesson in the 1st quarter valued at about $475,235,000. Farallon Capital Management LLC bought a new position in shares of McKesson in the 4th quarter valued at about $348,044,000. Wellington Management Group LLP grew its holdings in shares of McKesson by 4,559.6% in the 1st quarter. Wellington Management Group LLP now owns 427,703 shares of the company's stock valued at $287,840,000 after acquiring an additional 418,524 shares in the last quarter. Finally, Boston Partners lifted its stake in McKesson by 33.3% in the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock valued at $984,927,000 after purchasing an additional 365,484 shares during the last quarter. Institutional investors own 85.07% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Morgan Stanley reiterated an "overweight" rating and set a $810.00 price target (up previously from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Cowen reiterated a "buy" rating on shares of McKesson in a report on Thursday, August 7th. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Wells Fargo & Company lifted their price target on McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 13th. Finally, Evercore ISI lifted their price target on McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $725.10.

McKesson Stock Performance

Shares of MCK stock traded up $8.20 during trading on Tuesday, hitting $705.18. The company had a trading volume of 679,798 shares, compared to its average volume of 881,831. The firm has a market capitalization of $87.71 billion, a P/E ratio of 28.12, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51. The stock's 50-day moving average price is $698.40 and its 200 day moving average price is $692.44. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89.

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 the consensus estimate 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 net margin of 0.84% and a negative return on equity of 196.66%. The company's quarterly revenue was up 23.4% on a year-over-year basis. During the same quarter last year, the firm posted $7.88 earnings per share. On average, research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.82 per share. This is an increase from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. McKesson's dividend payout ratio (DPR) is presently 13.08%.

Insider Activity at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the transaction, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction, the chief executive officer owned 27,872 shares of the company's stock, valued at approximately $19,735,884.48. This represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,560 shares of company stock valued at $30,438,602. Company insiders own 0.08% of the company's stock.

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.