Perpetual Ltd Raises Stake in McKesson Corporation (NYSE:MCK)

Perpetual Ltd lifted its position in shares of McKesson Corporation (NYSE:MCK) by 24.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,401 shares of the company’s stock after buying an additional 464 shares during the quarter. Perpetual Ltd’s holdings in McKesson were worth $1,616,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. PDS Planning Inc grew its holdings in shares of McKesson by 16.9% during the first quarter. PDS Planning Inc now owns 1,107 shares of the company’s stock worth $745,000 after buying an additional 160 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of McKesson by 24.1% during the first quarter. Sequoia Financial Advisors LLC now owns 8,696 shares of the company’s stock worth $5,852,000 after buying an additional 1,688 shares in the last quarter. Value Partners Investments Inc. grew its holdings in shares of McKesson by 11.0% during the first quarter. Value Partners Investments Inc. now owns 4,305 shares of the company’s stock worth $2,899,000 after buying an additional 425 shares in the last quarter. Pure Financial Advisors LLC grew its holdings in shares of McKesson by 27.5% during the first quarter. Pure Financial Advisors LLC now owns 1,010 shares of the company’s stock worth $680,000 after buying an additional 218 shares in the last quarter. Finally, Tyche Wealth Partners LLC purchased a new stake in shares of McKesson during the first quarter worth about $205,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MCK. Cfra Research downgraded shares of McKesson from a “moderate buy” rating to a “hold” rating in a report on Friday, April 4th. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the company an “equal weight” rating in a research note on Tuesday, June 3rd. UBS Group boosted their price objective on shares of McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Bank of America boosted their price objective on shares of McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, Morgan Stanley boosted their price objective on shares of McKesson from $745.00 to $770.00 and gave the company an “overweight” rating in a research note on Wednesday, June 11th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $696.42.

McKesson Stock Up 0.6%

MCK opened at $725.99 on Friday. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $736.36. The company has a 50 day moving average of $711.19 and a two-hundred day moving average of $652.06. The company has a market cap of $90.83 billion, a P/E ratio of 28.11, a P/E/G ratio of 1.44 and a beta of 0.49.

McKesson (NYSE:MCK) last released its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.83 by $0.29. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The company had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. During the same period in the previous year, the firm earned $6.18 earnings per share. McKesson’s revenue for the quarter was up 18.9% on a year-over-year basis. Research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be given a dividend of $0.71 per share. The ex-dividend date is Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.39%. McKesson’s payout ratio is currently 10.99%.

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 19,370 shares of the business’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $705.93, for a total transaction of $13,673,864.10. Following the transaction, the chief executive officer now directly owns 51,243 shares of the company’s stock, valued at approximately $36,173,970.99. The trade was a 27.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company’s stock in a transaction on Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the sale, the chief accounting officer now directly owns 1,972 shares in the company, valued at $1,432,677.72. This represents a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,117 shares of company stock valued at $23,526,451. Corporate insiders own 0.11% of the company’s stock.

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.