Virginia Retirement Systems ET AL bought a new stake in McKesson Corp. (NYSE:MCK) during the second quarter, Holdings Channel reports. The fund bought 1,700 shares of the company’s stock, valued at approximately $317,000.
Other hedge funds have also added to or reduced their stakes in the company. Boston Partners boosted its stake in McKesson Corp. by 108.6% in the second quarter. Boston Partners now owns 4,659,692 shares of the company’s stock valued at $869,731,000 after buying an additional 2,425,685 shares in the last quarter. Scharf Investments LLC boosted its stake in McKesson Corp. by 11,803.7% in the first quarter. Scharf Investments LLC now owns 1,190,016 shares of the company’s stock valued at $187,130,000 after buying an additional 1,180,019 shares in the last quarter. Wellington Management Group LLP boosted its stake in McKesson Corp. by 9.3% in the first quarter. Wellington Management Group LLP now owns 11,312,022 shares of the company’s stock valued at $1,778,816,000 after buying an additional 961,630 shares in the last quarter. Cornerstone Investment Partners LLC boosted its stake in McKesson Corp. by 2,769.9% in the second quarter. Cornerstone Investment Partners LLC now owns 457,779 shares of the company’s stock valued at $85,444,000 after buying an additional 441,828 shares in the last quarter. Finally, Orbis Allan Gray Ltd acquired a new stake in McKesson Corp. during the first quarter valued at about $63,790,000. Hedge funds and other institutional investors own 84.77% of the company’s stock.
Shares of McKesson Corp. (NYSE:MCK) opened at 165.82 on Monday. The company has a market capitalization of $37.43 billion, a price-to-earnings ratio of 17.22 and a beta of 0.93. McKesson Corp. has a 12 month low of $148.29 and a 12 month high of $202.20. The firm’s 50-day moving average price is $175.12 and its 200-day moving average price is $179.16.
McKesson Corp. (NYSE:MCK) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $3.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.33 by $0.17. The business earned $49.73 billion during the quarter, compared to analyst estimates of $50.32 billion. McKesson Corp. had a return on equity of 31.62% and a net margin of 1.15%. The business’s revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.14 earnings per share. Equities research analysts expect that McKesson Corp. will post $13.63 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 1st were given a $0.28 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.68%. McKesson Corp.’s dividend payout ratio (DPR) is presently 11.64%.
MCK has been the subject of several research analyst reports. Zacks Investment Research cut McKesson Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, September 29th. Vetr upgraded McKesson Corp. from a “hold” rating to a “buy” rating and set a $188.01 price target for the company in a report on Monday, June 20th. Goldman Sachs Group Inc. cut McKesson Corp. from a “buy” rating to a “neutral” rating and cut their price target for the company from $210.00 to $189.00 in a report on Friday, September 16th. Mizuho cut their price target on McKesson Corp. from $197.00 to $183.00 and set a “neutral” rating for the company in a report on Monday, September 26th. Finally, Avondale Partners restated a “market perform” rating and set a $197.00 price target (up previously from $172.00) on shares of McKesson Corp. in a report on Wednesday, July 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. McKesson Corp. presently has an average rating of “Buy” and a consensus price target of $201.17.
In related news, Director Marie L/Ca Knowles sold 915 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $192.73, for a total value of $176,347.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Wayne A. Budd sold 2,309 shares of the stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $179.70, for a total value of $414,927.30. Following the completion of the transaction, the director now owns 723 shares of the company’s stock, valued at $129,923.10. The disclosure for this sale can be found here. 1.15% of the stock is owned by insiders.
McKesson Corp. Company Profile
McKesson Corporation (McKesson) is a pharmaceutical distribution services and information technology company. The Company delivers an offering of pharmaceuticals and medical supplies. It operates through two segments: McKesson Distribution Solutions and McKesson Technology Solutions. The Distribution Solutions segment distributes branded and generic pharmaceutical drugs and other healthcare-related products around the world and provides practice management, technology, clinical support and business solutions to community-based oncology and other specialty practices.
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