Tredje AP fonden Boosts Position in McKesson Corporation (NYSE:MCK)

Tredje AP fonden grew its holdings in shares of McKesson Corporation (NYSE:MCK) by 9.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 127,444 shares of the company’s stock after acquiring an additional 10,869 shares during the quarter. Tredje AP fonden’s holdings in McKesson were worth $85,769,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. increased its stake in shares of McKesson by 54.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company’s stock valued at $3,056,000 after buying an additional 1,592 shares during the period. Dynamic Advisor Solutions LLC increased its stake in shares of McKesson by 16.6% during the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock valued at $524,000 after buying an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in shares of McKesson by 18.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock valued at $15,501,000 after buying an additional 3,659 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of McKesson by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company’s stock valued at $123,332,000 after buying an additional 7,556 shares during the period. Finally, CWA Asset Management Group LLC increased its stake in shares of McKesson by 6.3% during the first quarter. CWA Asset Management Group LLC now owns 979 shares of the company’s stock valued at $659,000 after buying an additional 58 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wall Street Zen cut McKesson from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 13th. Cfra Research lowered McKesson from a “moderate buy” rating to a “hold” rating in a research report on Friday, April 4th. Wells Fargo & Company set a $766.00 price target on McKesson and gave the company an “equal weight” rating in a research report on Tuesday, June 3rd. Bank of America lifted their price target on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Finally, UBS Group lifted their price target on McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $710.17.

McKesson Trading Up 0.8%

McKesson stock opened at $712.02 on Wednesday. The business’s fifty day simple moving average is $717.32 and its two-hundred day simple moving average is $673.84. McKesson Corporation has a 12 month low of $464.42 and a 12 month high of $737.89. The company has a market capitalization of $89.08 billion, a price-to-earnings ratio of 27.57, a price-to-earnings-growth ratio of 1.43 and a beta of 0.48.

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

McKesson Announces Dividend

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

Insider Activity

In other news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $726.51, for a total transaction of $394,494.93. Following the transaction, the chief accounting officer directly owned 1,972 shares of the company’s stock, valued at $1,432,677.72. This represents a 21.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Britt J. Vitalone sold 6,336 shares of the company’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $717.30, for a total value of $4,544,812.80. Following the transaction, the chief financial officer directly owned 14,760 shares in the company, valued at approximately $10,587,348. The trade was a 30.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,488 shares of company stock valued at $37,242,862. Corporate insiders own 0.08% of the company’s stock.

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.