McKesson Corporation (NYSE:MCK) is Scharf Investments LLC's Largest Position

Scharf Investments LLC reduced its position in McKesson Corporation (NYSE:MCK - Free Report) by 2.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 380,950 shares of the company's stock after selling 8,875 shares during the quarter. McKesson accounts for approximately 7.8% of Scharf Investments LLC's holdings, making the stock its biggest holding. Scharf Investments LLC owned approximately 0.30% of McKesson worth $256,376,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. lifted its holdings in McKesson by 8.5% during the 4th 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 raised its stake in shares of 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 acquiring an additional 10,015 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of McKesson by 4.6% in the fourth quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company's stock valued at $1,493,704,000 after purchasing an additional 114,396 shares during the period. GAMMA Investing LLC grew its stake in 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 in the last quarter. Finally, Norges Bank purchased a new position in McKesson during the 4th quarter worth $1,200,361,000. Institutional investors own 85.07% of the company's stock.

Wall Street Analysts Forecast Growth

MCK has been the topic of a number of recent research reports. Mizuho increased their price target on McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research report on Thursday, April 3rd. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 14th. Bank of America boosted their price target on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a report on Friday, May 9th. Morgan Stanley increased their price objective on shares of McKesson from $745.00 to $770.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Finally, 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. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $694.38.

Insider Activity

In other news, CEO Brian S. Tyler sold 19,370 shares of the business'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 directly owns 51,243 shares in the company, valued at $36,173,970.99. The trade was a 27.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $726.51, for a total value of $394,494.93. Following the transaction, the chief accounting officer now owns 1,972 shares in the company, valued at $1,432,677.72. This trade represents a 21.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,117 shares of company stock valued at $23,526,451 in the last ninety days. Insiders own 0.11% of the company's stock.

McKesson Price Performance

McKesson stock traded up $0.10 during mid-day trading on Tuesday, reaching $721.93. 288,151 shares of the company traded hands, compared to its average volume of 919,603. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $733.10. The firm's fifty day moving average is $708.99 and its two-hundred day moving average is $649.20. The company has a market capitalization of $90.32 billion, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 1.44 and a beta of 0.49.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $10.12 EPS for the quarter, topping analysts' consensus estimates of $9.83 by $0.29. The company had revenue of $90.82 billion during the quarter, compared to analysts' expectations of $94 billion. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The firm's revenue was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $6.18 EPS. As a group, equities research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson's payout ratio is 10.99%.

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.