Accident Compensation Corp trimmed its stake in McKesson Corporation (NYSE:MCK) by 10.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,100 shares of the company’s stock after selling 500 shares during the quarter. Accident Compensation Corp’s holdings in McKesson were worth $630,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. boosted its stake in shares of McKesson by 8.0% during the 2nd quarter. BlackRock Inc. now owns 15,330,001 shares of the company’s stock worth $2,522,396,000 after acquiring an additional 1,131,024 shares during the period. Vanguard Group Inc. boosted its stake in shares of McKesson by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 14,090,544 shares of the company’s stock worth $2,318,457,000 after acquiring an additional 62,004 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of McKesson by 6.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,540,305 shares of the company’s stock worth $390,217,000 after acquiring an additional 154,967 shares during the period. Pzena Investment Management LLC boosted its stake in shares of McKesson by 17.2% during the 3rd quarter. Pzena Investment Management LLC now owns 2,458,531 shares of the company’s stock worth $377,655,000 after acquiring an additional 360,676 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in shares of McKesson by 12.7% during the 2nd quarter. Wells Fargo & Company MN now owns 2,121,171 shares of the company’s stock worth $349,017,000 after acquiring an additional 239,358 shares during the period. Hedge funds and other institutional investors own 88.10% of the company’s stock.
Shares of McKesson Corporation (NYSE MCK) traded down $0.22 during midday trading on Thursday, reaching $150.47. The company’s stock had a trading volume of 1,262,800 shares, compared to its average volume of 1,881,763. The firm has a market cap of $31,415.02, a PE ratio of 12.39, a PEG ratio of 1.55 and a beta of 1.23. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.05 and a quick ratio of 0.61. McKesson Corporation has a 52-week low of $133.82 and a 52-week high of $169.29.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 1st will be issued a $0.34 dividend. The ex-dividend date is Thursday, November 30th. This represents a $1.36 annualized dividend and a yield of 0.90%. McKesson’s dividend payout ratio is presently 6.45%.
In other McKesson news, CEO John H. Hammergren sold 125,000 shares of McKesson stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $150.18, for a total value of $18,772,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO John H. Hammergren sold 100,000 shares of McKesson stock in a transaction on Monday, September 25th. The shares were sold at an average price of $154.15, for a total value of $15,415,000.00. Following the completion of the transaction, the chief executive officer now directly owns 165,000 shares of the company’s stock, valued at $25,434,750. The disclosure for this sale can be found here. Insiders sold a total of 949,000 shares of company stock valued at $145,263,360 over the last ninety days. Insiders own 1.20% of the company’s stock.
Several brokerages have recently commented on MCK. Royal Bank Of Canada began coverage on McKesson in a research note on Tuesday, September 19th. They set a “sector perform” rating and a $168.00 target price for the company. Jefferies Group set a $165.00 target price on McKesson and gave the stock a “hold” rating in a research note on Wednesday, October 18th. Cowen upgraded McKesson from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $176.00 to $189.00 in a research note on Tuesday, October 10th. Needham & Company LLC set a $179.00 target price on McKesson and gave the stock a “buy” rating in a research note on Monday, October 16th. Finally, BidaskClub downgraded McKesson from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 19th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company. McKesson currently has an average rating of “Buy” and a consensus price target of $174.31.
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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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