Foster & Motley Inc. reduced its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 5.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,106 shares of the company's stock after selling 1,036 shares during the period. Foster & Motley Inc.'s holdings in McKesson were worth $11,512,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. lifted its position in McKesson by 8.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company's stock valued at $1,622,754,000 after buying an additional 222,496 shares in the last quarter. Geode Capital Management LLC lifted its position in McKesson by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company's stock valued at $1,513,195,000 after buying an additional 10,015 shares in the last quarter. GAMMA Investing LLC lifted its position in McKesson by 75,632.7% during the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after buying an additional 2,389,992 shares in the last quarter. Northern Trust Corp lifted its position in McKesson by 9.0% during the fourth quarter. Northern Trust Corp now owns 1,532,203 shares of the company's stock valued at $873,218,000 after buying an additional 126,940 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in McKesson by 9.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,103,050 shares of the company's stock valued at $628,639,000 after buying an additional 95,806 shares in the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.
McKesson Stock Performance
Shares of MCK traded down $21.35 during midday trading on Thursday, hitting $693.57. 1,153,226 shares of the stock traded hands, compared to its average volume of 521,236. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89. The firm has a market capitalization of $86.77 billion, a PE ratio of 26.85, a price-to-earnings-growth ratio of 1.45 and a beta of 0.48. The business's 50 day moving average price is $716.92 and its two-hundred day moving average price is $674.88.
McKesson (NYSE:MCK - Get Free Report) last announced its quarterly 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. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The company had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. During the same quarter in the previous year, the company posted $6.18 earnings per share. The company's revenue for the quarter was up 18.9% compared to the same quarter last year. As a group, equities research analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.
McKesson Increases Dividend
The business 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 of this dividend 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 yield of 0.5%. McKesson's dividend payout ratio is currently 12.70%.
Insiders Place Their Bets
In related news, CEO Brian S. Tyler sold 19,371 shares of the company's 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. This represents a 41.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Britt J. Vitalone sold 1,878 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $1,348,234.98. Following the completion of the sale, the chief financial officer directly owned 14,028 shares of the company's stock, valued at $10,070,841.48. The trade was a 11.81% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,488 shares of company stock valued at $37,242,862. Corporate insiders own 0.08% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on MCK. UBS Group lifted their price target on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Evercore ISI lifted their price objective 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. Mizuho lifted their price objective on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. Cfra Research lowered shares of McKesson from a "moderate buy" rating to a "hold" rating in a research note on Friday, April 4th. Finally, Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the company an "equal weight" rating in a research note on Tuesday, June 3rd. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $710.17.
Check Out Our Latest Research Report on MCK
McKesson Profile
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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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