Harvest Fund Management Co. Ltd Acquires 1,656 Shares of McKesson Corporation (NYSE:MCK)

Harvest Fund Management Co. Ltd increased its holdings in shares of McKesson Corporation (NYSE:MCK) by 79.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,729 shares of the company’s stock after acquiring an additional 1,656 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in McKesson were worth $2,511,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of MCK. Capital A Wealth Management LLC purchased a new stake in McKesson in the fourth quarter worth $26,000. CBIZ Investment Advisory Services LLC grew its position in shares of McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after purchasing an additional 41 shares in the last quarter. Cornerstone Planning Group LLC grew its position in McKesson by 1,840.0% during the first quarter. Cornerstone Planning Group LLC now owns 97 shares of the company’s stock worth $67,000 after buying an additional 92 shares in the last quarter. Johnson Financial Group Inc. purchased a new position in shares of McKesson in the 4th quarter worth about $76,000. Finally, Itau Unibanco Holding S.A. boosted its holdings in shares of McKesson by 350.0% in the 4th quarter. Itau Unibanco Holding S.A. now owns 144 shares of the company’s stock worth $82,000 after purchasing an additional 112 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors.

Insider Activity

In other McKesson news, EVP Thomas L. Rodgers sold 2,891 shares of the company’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the transaction, the executive vice president owned 2,544 shares in the company, valued at approximately $1,811,785.92. This represents a 53.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the company’s stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $708.09, for a total value of $13,716,411.39. Following the transaction, the chief executive officer owned 27,872 shares in the company, valued at $19,735,884.48. This trade represents a 41.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,488 shares of company stock worth $37,242,862. Company insiders own 0.08% of the company’s stock.

McKesson Price Performance

Shares of NYSE:MCK opened at $712.02 on Wednesday. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $737.89. The company has a market cap of $89.08 billion, a PE ratio of 27.57, a P/E/G ratio of 1.43 and a beta of 0.48. The stock’s 50-day moving average is $717.32 and its 200 day moving average is $673.84.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The company had revenue of $90.82 billion for the quarter, compared to the consensus estimate of $94 billion. During the same quarter in the previous year, the business earned $6.18 EPS. McKesson’s revenue was up 18.9% compared to the same quarter last year. Analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.40%. McKesson’s dividend payout ratio (DPR) is 10.99%.

Analysts Set New Price Targets

MCK has been the subject of a number of research reports. UBS Group upped their price objective on McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Mizuho upped their price objective on McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a report on Thursday, April 3rd. Wall Street Zen cut McKesson from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 13th. Bank of America upped their price objective on McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $810.00 target price (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $710.17.

McKesson 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.