Sanders Morris Harris LLC Makes New Investment in McKesson Corporation $MCK

Sanders Morris Harris LLC bought a new position in shares of McKesson Corporation (NYSE:MCK) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,370 shares of the company’s stock, valued at approximately $2,603,000.

Other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in McKesson during the second quarter valued at about $1,346,661,000. Alliancebernstein L.P. lifted its position in McKesson by 150.4% during the 2nd quarter. Alliancebernstein L.P. now owns 2,268,015 shares of the company’s stock worth $1,661,956,000 after acquiring an additional 1,362,386 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in McKesson by 56.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,236,536 shares of the company’s stock worth $906,109,000 after acquiring an additional 446,060 shares during the period. Wellington Management Group LLP grew its position in McKesson by 4,559.6% in the first quarter. Wellington Management Group LLP now owns 427,703 shares of the company’s stock valued at $287,840,000 after acquiring an additional 418,524 shares in the last quarter. Finally, Voya Investment Management LLC raised its stake in shares of McKesson by 92.3% during the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock valued at $437,760,000 after purchasing an additional 312,473 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related 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 transaction, 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.08% of the company’s stock.

McKesson Stock Down 1.6%

Shares of NYSE MCK opened at $809.51 on Wednesday. McKesson Corporation has a 52-week low of $558.13 and a 52-week high of $895.58. The stock has a market capitalization of $99.92 billion, a P/E ratio of 25.19, a P/E/G ratio of 1.35 and a beta of 0.38. The firm’s 50-day moving average price is $823.03 and its two-hundred day moving average price is $749.98.

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 analysts’ consensus estimates of $8.84 by $1.02. The business had revenue of $103.15 billion for the quarter, compared to analysts’ expectations of $103.80 billion. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the company earned $7.07 EPS. As a group, equities research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. UBS Group lifted their price target on shares of McKesson from $920.00 to $980.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. JPMorgan Chase & Co. raised their price objective on McKesson from $821.00 to $853.00 and gave the company an “overweight” rating in a research note on Friday, September 26th. Cowen reissued a “buy” rating on shares of McKesson in a research report on Wednesday, September 24th. Citigroup boosted their price objective on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of McKesson in a report on Wednesday, December 10th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus target price of $892.86.

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.