Metropolitan Life Insurance Co NY lessened its stake in shares of McKesson Co. (NYSE:MCK – Free Report) by 3.5% during the second quarter, Holdings Channel.com reports. The institutional investor owned 5,909 shares of the company’s stock after selling 216 shares during the period. Metropolitan Life Insurance Co NY’s holdings in McKesson were worth $2,525,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its stake in McKesson by 324.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,235,797 shares of the company’s stock valued at $1,152,107,000 after purchasing an additional 2,472,584 shares during the last quarter. Norges Bank purchased a new stake in shares of McKesson during the fourth quarter worth about $633,960,000. Envestnet Asset Management Inc. raised its position in shares of McKesson by 587.1% in the first quarter. Envestnet Asset Management Inc. now owns 1,208,193 shares of the company’s stock valued at $61,655,000 after buying an additional 1,032,363 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its stake in shares of McKesson by 94,078.7% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 596,151 shares of the company’s stock valued at $223,628,000 after buying an additional 595,518 shares during the period. Finally, Bank of Montreal Can acquired a new stake in McKesson during the second quarter worth approximately $213,522,000. Hedge funds and other institutional investors own 82.69% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on MCK. Mizuho boosted their price target on McKesson from $427.00 to $450.00 and gave the company a “neutral” rating in a report on Friday, November 3rd. Evercore ISI upped their target price on McKesson from $485.00 to $490.00 in a research note on Wednesday, October 11th. Morgan Stanley increased their target price on McKesson from $459.00 to $480.00 and gave the stock an “overweight” rating in a research report on Thursday, November 2nd. UBS Group lifted their price target on McKesson from $470.00 to $480.00 and gave the company a “buy” rating in a report on Thursday, August 3rd. Finally, Credit Suisse Group increased their price objective on shares of McKesson from $450.00 to $485.00 and gave the stock an “outperform” rating in a report on Friday, August 11th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, McKesson has a consensus rating of “Buy” and an average target price of $472.83.
McKesson Stock Up 0.6 %
MCK opened at $452.97 on Tuesday. McKesson Co. has a 52-week low of $331.75 and a 52-week high of $473.18. The company has a 50 day moving average of $447.78 and a two-hundred day moving average of $422.51. The company has a market cap of $60.27 billion, a P/E ratio of 17.90, a P/E/G ratio of 1.56 and a beta of 0.56.
McKesson (NYSE:MCK – Get Free Report) last posted its earnings results on Wednesday, November 1st. The company reported $6.23 earnings per share for the quarter, beating the consensus estimate of $6.11 by $0.12. McKesson had a net margin of 1.20% and a negative return on equity of 241.79%. The business had revenue of $77.22 billion for the quarter, compared to analyst estimates of $76.03 billion. During the same quarter in the previous year, the business posted $6.06 EPS. The business’s quarterly revenue was up 10.1% on a year-over-year basis. Research analysts anticipate that McKesson Co. will post 27.23 earnings per share for the current year.
McKesson Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 1st will be paid a $0.62 dividend. The ex-dividend date is Thursday, November 30th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 0.55%. McKesson’s dividend payout ratio (DPR) is currently 9.80%.
Insider Activity at McKesson
In other McKesson news, CEO Brian S. Tyler sold 3,938 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $407.00, for a total value of $1,602,766.00. Following the completion of the transaction, the chief executive officer now owns 117,900 shares in the company, valued at approximately $47,985,300. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Brian S. Tyler sold 25,246 shares of the business’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $422.58, for a total value of $10,668,454.68. Following the transaction, the chief executive officer now owns 92,654 shares in the company, valued at $39,153,727.32. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 3,938 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $407.00, for a total value of $1,602,766.00. Following the completion of the transaction, the chief executive officer now directly owns 117,900 shares of the company’s stock, valued at approximately $47,985,300. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 69,082 shares of company stock worth $30,258,690. 0.21% of the stock is currently owned by company insiders.
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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