Geode Capital Management LLC Has $2.06 Billion Stock Position in McKesson Corporation $MCK

Geode Capital Management LLC grew its stake in McKesson Corporation (NYSE:MCK) by 4.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,820,724 shares of the company’s stock after buying an additional 112,224 shares during the quarter. Geode Capital Management LLC’s holdings in McKesson were worth $2,057,065,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in MCK. Solstein Capital LLC boosted its stake in McKesson by 171.4% in the 2nd quarter. Solstein Capital LLC now owns 38 shares of the company’s stock worth $28,000 after purchasing an additional 24 shares during the period. Bank of Jackson Hole Trust lifted its holdings in shares of McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after purchasing an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC boosted its position in shares of McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after buying an additional 41 shares during the period. GFG Capital LLC bought a new position in shares of McKesson during the second quarter worth about $30,000. Finally, Saudi Central Bank acquired a new stake in McKesson in the 1st quarter valued at approximately $34,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Price Performance

MCK stock opened at $841.01 on Thursday. McKesson Corporation has a one year low of $558.13 and a one year high of $867.63. The stock has a market cap of $103.80 billion, a price-to-earnings ratio of 33.53, a price-to-earnings-growth ratio of 1.46 and a beta of 0.51. The company has a fifty day moving average price of $767.30 and a two-hundred day moving average price of $727.61.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 earnings per share for the quarter, beating the consensus estimate of $8.84 by $1.02. The company had revenue of $103.15 billion for the quarter, compared to analyst estimates of $103.80 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm earned $7.07 earnings per share. Research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be paid a $0.82 dividend. The ex-dividend date is Monday, December 1st. This represents a $3.28 annualized dividend and a yield of 0.4%. McKesson’s payout ratio is 10.21%.

Insider Transactions at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $861.63, for a total value of $283,476.27. Following the completion of the sale, the chief accounting officer directly owned 328 shares in the company, valued at approximately $282,614.64. The trade was a 50.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Brian S. Tyler sold 11,930 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 24,189 shares of company stock valued at $16,787,319 in the last three months. Insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

MCK has been the subject of a number of recent research reports. JPMorgan Chase & Co. upped their price target on McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. Wells Fargo & Company increased their target price on shares of McKesson from $816.00 to $914.00 and gave the stock an “equal weight” rating in a report on Monday. Zacks Research upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 27th. UBS Group boosted their price target on shares of McKesson from $920.00 to $980.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of McKesson in a research note on Wednesday, October 8th. One investment 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. Based on data from MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and an average target price of $887.69.

About McKesson

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.