McKesson Corporation $MCK Shares Purchased by Smith Group Asset Management LLC

Smith Group Asset Management LLC raised its holdings in shares of McKesson Corporation (NYSE:MCK) by 2.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 51,015 shares of the company’s stock after purchasing an additional 1,323 shares during the quarter. McKesson accounts for 2.5% of Smith Group Asset Management LLC’s portfolio, making the stock its 13th largest position. Smith Group Asset Management LLC’s holdings in McKesson were worth $37,383,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of MCK. Brighton Jones LLC grew its stake in McKesson by 46.3% during the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company’s stock valued at $1,438,000 after purchasing an additional 798 shares in the last quarter. GAMMA Investing LLC lifted its holdings in McKesson by 12.5% during the 1st quarter. GAMMA Investing LLC now owns 3,556 shares of the company’s stock worth $2,393,000 after buying an additional 396 shares during the last quarter. PFG Investments LLC bought a new position in McKesson during the 1st quarter worth approximately $206,000. Oppenheimer Asset Management Inc. lifted its holdings in McKesson by 54.0% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company’s stock worth $3,056,000 after buying an additional 1,592 shares during the last quarter. Finally, Legacy Advisors LLC bought a new position in McKesson during the 1st quarter worth approximately $238,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Price Performance

Shares of McKesson stock opened at $794.06 on Friday. The business’s fifty day moving average price is $726.39 and its two-hundred day moving average price is $712.79. The company has a market capitalization of $98.77 billion, a P/E ratio of 31.66, a PEG ratio of 1.43 and a beta of 0.52. McKesson Corporation has a 1-year low of $492.39 and a 1-year high of $799.50.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The firm had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. During the same period in the previous year, the firm earned $7.88 earnings per share. McKesson’s revenue was up 23.4% on a year-over-year basis. On average, research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were paid a $0.82 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. This is an increase from McKesson’s previous quarterly dividend of $0.71. McKesson’s dividend payout ratio is presently 13.08%.

Wall Street Analysts Forecast Growth

MCK has been the topic of a number of research analyst reports. Leerink Partners increased their target price on McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. Mizuho raised their price target on McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a report on Wednesday, September 24th. JPMorgan Chase & Co. raised their price target on McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Evercore ISI raised their price target on McKesson from $800.00 to $825.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. Finally, Bank of America raised their price target on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $834.54.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the transaction, the chief executive officer directly owned 4,012 shares in the company, valued at $2,830,987.56. The trade was a 74.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,189 shares of company stock worth $16,722,190 in the last ninety days. Corporate insiders own 0.08% of the company’s stock.

McKesson Company 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.