Hourglass Capital LLC Has $4.11 Million Stock Holdings in McKesson Corporation (NYSE:MCK)

Hourglass Capital LLC raised its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 12.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,113 shares of the company's stock after purchasing an additional 661 shares during the period. Hourglass Capital LLC's holdings in McKesson were worth $4,114,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CVA Family Office LLC raised its position in shares of McKesson by 6.0% during the 1st quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after buying an additional 15 shares in the last quarter. Palisade Asset Management LLC raised its position in shares of McKesson by 2.1% during the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock worth $481,000 after buying an additional 15 shares in the last quarter. Parallel Advisors LLC raised its position in shares of McKesson by 0.6% during the 1st quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock worth $1,683,000 after buying an additional 16 shares in the last quarter. Frank Rimerman Advisors LLC raised its position in shares of McKesson by 2.2% during the 4th quarter. Frank Rimerman Advisors LLC now owns 807 shares of the company's stock worth $460,000 after buying an additional 17 shares in the last quarter. Finally, Eagle Rock Investment Company LLC raised its position in shares of McKesson by 0.4% during the 1st quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock worth $3,229,000 after buying an additional 17 shares in the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on MCK shares. Mizuho boosted their price target on shares of McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research report on Thursday, April 3rd. UBS Group boosted their target price on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Morgan Stanley boosted their target price on shares of McKesson from $745.00 to $770.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Cfra Research downgraded shares of McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, Bank of America boosted their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, McKesson presently has a consensus rating of "Moderate Buy" and an average target price of $706.83.

Insiders Place Their Bets

In related news, EVP Thomas L. Rodgers sold 2,891 shares of the company's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 2,544 shares in the company, valued at $1,811,785.92. This represents a 53.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Britt J. Vitalone sold 1,878 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total transaction of $1,348,234.98. Following the transaction, the chief financial officer owned 14,028 shares of the company's stock, valued at approximately $10,070,841.48. The trade was a 11.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,117 shares of company stock valued at $23,526,451 in the last three months. Company insiders own 0.08% of the company's stock.

McKesson Stock Up 0.4%

Shares of MCK stock traded up $3.02 during trading hours on Wednesday, reaching $727.13. 627,452 shares of the stock traded hands, compared to its average volume of 927,964. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89. The business has a fifty day moving average price of $715.21 and a 200 day moving average price of $659.83. The firm has a market capitalization of $90.97 billion, a PE ratio of 28.15, a PEG ratio of 1.44 and a beta of 0.48.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (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 analyst estimates of $94 billion. During the same quarter in the previous year, the business earned $6.18 earnings per share. The firm's revenue was up 18.9% compared to the same quarter last year. Research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend was Monday, June 2nd. McKesson's payout ratio is 10.99%.

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.