McKesson Co. (NYSE:MCK) Shares Bought by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC raised its holdings in McKesson Co. (NYSE:MCK - Free Report) by 2.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 48,515 shares of the company's stock after acquiring an additional 1,340 shares during the quarter. Wedge Capital Management L L P NC's holdings in McKesson were worth $32,650,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC grew its holdings in shares of McKesson by 75,632.7% in the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock worth $1,610,567,000 after purchasing an additional 2,389,992 shares during the last quarter. Norges Bank bought a new stake in McKesson during the 4th quarter valued at about $1,200,361,000. Farallon Capital Management LLC bought a new position in McKesson in the 4th quarter worth about $348,044,000. Marshall Wace LLP increased its position in shares of McKesson by 59,720.3% during 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 during the period. Finally, Leigh Baldwin & CO. LLC bought a new stake in shares of McKesson during the fourth quarter valued at approximately $182,861,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

McKesson Price Performance

NYSE MCK traded down $5.10 on Monday, hitting $707.79. The stock had a trading volume of 626,472 shares, compared to its average volume of 916,850. McKesson Co. has a 52-week low of $464.42 and a 52-week high of $731.00. The business's fifty day moving average price is $699.69 and its 200 day moving average price is $641.34. The stock has a market cap of $88.55 billion, a price-to-earnings ratio of 32.41, a price-to-earnings-growth ratio of 1.29 and a beta of 0.49.

McKesson (NYSE:MCK - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.83 by $0.29. The company had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. The firm's quarterly revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the company posted $6.18 EPS. As a group, sell-side analysts anticipate that McKesson Co. will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Monday, June 2nd. McKesson's dividend payout ratio is presently 10.99%.

Analysts Set New Price Targets

Several research analysts have commented on MCK shares. Cfra Research downgraded McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the stock an "equal weight" rating in a research note on Tuesday, June 3rd. Morgan Stanley raised their target price on shares of McKesson from $642.00 to $745.00 and gave the company an "overweight" rating in a research report on Wednesday, April 2nd. Wall Street Zen raised shares of McKesson from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 30th. Finally, Mizuho lifted their price objective on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, McKesson has a consensus rating of "Moderate Buy" and an average target price of $692.46.

Insider Buying and Selling

In related news, EVP Thomas L. Rodgers sold 2,891 shares of McKesson stock in a transaction that occurred on Friday, May 30th. The stock was 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 now directly owns 2,544 shares in the company, valued at approximately $1,811,785.92. This trade represents a 53.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian S. Tyler sold 19,370 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $705.93, for a total value of $13,673,864.10. Following the completion of the sale, the chief executive officer now owns 51,243 shares in the company, valued at approximately $36,173,970.99. This represents a 27.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,117 shares of company stock valued at $23,526,451 over the last quarter. 0.11% of the stock is currently owned by company insiders.

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.