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Harvest Fund Management Co. Ltd Boosts Stake in McKesson Corporation (NYSE:MCK)

McKesson logo with Medical background

Harvest Fund Management Co. Ltd grew its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 79.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,729 shares of the company's stock after buying an additional 1,656 shares during the period. Harvest Fund Management Co. Ltd's holdings in McKesson were worth $2,511,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling at McKesson

In related news, CFO Britt J. Vitalone sold 1,878 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total value of $1,348,234.98. Following the completion of the sale, the chief financial officer directly owned 14,028 shares in the company, valued at approximately $10,070,841.48. This represents a 11.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Thomas L. Rodgers sold 2,891 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $712.18, for a total value of $2,058,912.38. Following the completion of the sale, the executive vice president owned 2,544 shares of the company's stock, valued at approximately $1,811,785.92. This represents a 53.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,488 shares of company stock worth $37,242,862. 0.08% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MCK. Morgan Stanley reiterated an "overweight" rating and set a $810.00 target price (up previously from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Wells Fargo & Company set a $766.00 target price on McKesson and gave the stock an "equal weight" rating in a research report on Tuesday, June 3rd. Bank of America boosted their target price on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Cfra Research cut McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, UBS Group boosted their target price on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, McKesson currently has a consensus rating of "Moderate Buy" and a consensus price target of $710.17.

Get Our Latest Analysis on MCK

McKesson Trading Up 0.7%

Shares of McKesson stock traded up $4.89 during trading hours on Friday, reaching $698.43. 960,996 shares of the company's stock were exchanged, compared to its average volume of 561,144. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89. The firm has a market capitalization of $87.38 billion, a price-to-earnings ratio of 27.04, a price-to-earnings-growth ratio of 1.40 and a beta of 0.50. The company has a fifty day moving average of $716.58 and a 200-day moving average of $675.60.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $10.12 EPS for the quarter, topping analysts' consensus estimates of $9.83 by $0.29. The business had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The business's revenue for the quarter was up 18.9% on a year-over-year basis. During the same period in the prior year, the firm posted $6.18 EPS. On average, equities 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. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's payout ratio is currently 10.99%.

About McKesson

(Free Report)

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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Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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