Legal & General Group Plc Sells 41,038 Shares of McKesson Corporation $MCK

Legal & General Group Plc trimmed its position in McKesson Corporation (NYSE:MCK) by 4.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 874,369 shares of the company’s stock after selling 41,038 shares during the quarter. Legal & General Group Plc owned 0.70% of McKesson worth $640,720,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCK. Brighton Jones LLC increased its holdings in shares of McKesson by 46.3% during the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company’s stock worth $1,438,000 after buying an additional 798 shares in the last quarter. Wedbush Securities Inc. grew its position in McKesson by 29.3% during the 1st quarter. Wedbush Securities Inc. now owns 1,951 shares of the company’s stock worth $1,313,000 after acquiring an additional 442 shares during the last quarter. AE Wealth Management LLC increased its holdings in McKesson by 4.9% in the 1st quarter. AE Wealth Management LLC now owns 5,760 shares of the company’s stock worth $3,877,000 after purchasing an additional 271 shares in the last quarter. Pinnacle Associates Ltd. raised its position in McKesson by 16.1% in the first quarter. Pinnacle Associates Ltd. now owns 2,486 shares of the company’s stock valued at $1,673,000 after purchasing an additional 344 shares during the last quarter. Finally, Advisor OS LLC boosted its stake in shares of McKesson by 20.2% during the first quarter. Advisor OS LLC now owns 637 shares of the company’s stock valued at $429,000 after purchasing an additional 107 shares in the last quarter. 85.07% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the 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 of the company’s stock, valued at $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Cowen reissued a “buy” rating on shares of McKesson in a research note on Wednesday, September 24th. JPMorgan Chase & Co. lifted their target price on McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Deutsche Bank Aktiengesellschaft increased their price target on McKesson from $775.00 to $856.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Bank of America raised their price objective on shares of McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Finally, Weiss Ratings upgraded shares of McKesson from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $887.69.

McKesson Stock Up 2.0%

Shares of MCK opened at $866.13 on Friday. The business’s fifty day moving average is $788.46 and its 200 day moving average is $734.59. McKesson Corporation has a 12-month low of $558.13 and a 12-month high of $869.74. The stock has a market cap of $106.90 billion, a P/E ratio of 34.53, a P/E/G ratio of 1.46 and a beta of 0.51.

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

McKesson Dividend Announcement

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

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.