Sumitomo Life Insurance Co. raised its position in McKesson Corporation (NYSE:MCK) by 4.9% during the second quarter, Holdings Channel reports. The institutional investor owned 3,279 shares of the company’s stock after buying an additional 153 shares during the period. Sumitomo Life Insurance Co.’s holdings in McKesson Corporation were worth $540,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in MCK. American Beacon Advisors Inc. acquired a new position in McKesson Corporation during the first quarter worth approximately $100,000. Orrstown Financial Services Inc. raised its position in McKesson Corporation by 16.3% in the first quarter. Orrstown Financial Services Inc. now owns 715 shares of the company’s stock valued at $106,000 after buying an additional 100 shares in the last quarter. Archford Capital Strategies LLC raised its position in McKesson Corporation by 52.8% in the first quarter. Archford Capital Strategies LLC now owns 776 shares of the company’s stock valued at $115,000 after buying an additional 268 shares in the last quarter. WFG Advisors LP raised its position in McKesson Corporation by 123.5% in the first quarter. WFG Advisors LP now owns 818 shares of the company’s stock valued at $121,000 after buying an additional 452 shares in the last quarter. Finally, Tompkins Financial Corp raised its position in McKesson Corporation by 2.3% in the second quarter. Tompkins Financial Corp now owns 785 shares of the company’s stock valued at $129,000 after buying an additional 18 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.
Shares of McKesson Corporation (NYSE MCK) opened at 151.07 on Friday. The stock has a 50 day moving average of $163.30 and a 200-day moving average of $151.95. McKesson Corporation has a 1-year low of $114.53 and a 1-year high of $197.08. The firm has a market capitalization of $31.76 billion, a P/E ratio of 6.85 and a beta of 1.13.
McKesson Corporation (NYSE:MCK) last posted its quarterly earnings data on Thursday, July 27th. The company reported $2.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.81 by $0.35. The company had revenue of $51.05 billion during the quarter, compared to the consensus estimate of $51.22 billion. McKesson Corporation had a return on equity of 25.76% and a net margin of 2.42%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the company posted $3.50 earnings per share. On average, equities analysts expect that McKesson Corporation will post $12.09 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 1st will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 0.90%. This is a boost from McKesson Corporation’s previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, August 30th. McKesson Corporation’s dividend payout ratio is 5.00%.
Several research firms have commented on MCK. Vetr raised shares of McKesson Corporation from a “buy” rating to a “strong-buy” rating and set a $181.27 target price on the stock in a report on Monday, June 19th. Jefferies Group LLC began coverage on shares of McKesson Corporation in a report on Wednesday, May 17th. They issued a “hold” rating and a $153.00 target price on the stock. Evercore ISI reissued an “outperform” rating and issued a $166.00 target price on shares of McKesson Corporation in a report on Monday, April 17th. UBS Group AG reissued a “neutral” rating and issued a $166.00 target price (up from $156.00) on shares of McKesson Corporation in a report on Monday, June 26th. Finally, TheStreet raised shares of McKesson Corporation from a “c+” rating to a “b” rating in a report on Thursday, May 25th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $171.21.
In related news, SVP Erin M. Lampert sold 404 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $160.53, for a total value of $64,854.12. Following the transaction, the senior vice president now directly owns 2,003 shares in the company, valued at $321,541.59. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Erin M. Lampert sold 809 shares of the company’s stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $160.66, for a total transaction of $129,973.94. Following the completion of the transaction, the senior vice president now owns 59 shares in the company, valued at $9,478.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 60,231 shares of company stock worth $9,830,297. 1.20% of the stock is owned by company insiders.
About McKesson Corporation
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.
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