AG2R LA Mondiale Gestion D Actifs Invests $3.39 Million in McKesson Corporation $MCK

AG2R LA Mondiale Gestion D Actifs purchased a new stake in shares of McKesson Corporation (NYSE:MCK) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,708 shares of the company’s stock, valued at approximately $3,387,000.

Several other institutional investors and hedge funds have also recently modified their holdings of MCK. GAMMA Investing LLC raised its stake in shares of McKesson by 75,632.7% during the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock valued at $1,610,567,000 after acquiring an additional 2,389,992 shares in the last quarter. Nuveen LLC bought a new stake in shares of McKesson during the first quarter valued at approximately $475,235,000. Wellington Management Group LLP raised its stake in shares of McKesson by 4,559.6% during 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. Boston Partners raised its stake in shares of McKesson by 33.3% during the first quarter. Boston Partners now owns 1,461,785 shares of the company’s stock valued at $984,927,000 after acquiring an additional 365,484 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 acquiring an additional 312,473 shares in the last quarter. Institutional investors own 85.07% of the company’s stock.

McKesson Trading Down 1.2%

NYSE MCK opened at $711.32 on Friday. The firm’s fifty day simple moving average is $697.81 and its two-hundred day simple moving average is $693.98. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89. The firm has a market capitalization of $88.48 billion, a P/E ratio of 28.36, a P/E/G ratio of 1.43 and a beta of 0.51.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The firm had revenue of $97.83 billion during the quarter, compared to analysts’ expectations of $95.93 billion. During the same period in the prior year, the firm posted $7.88 earnings per share. McKesson’s revenue for the quarter was up 23.4% compared to the same quarter last year. As a group, sell-side analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. McKesson’s dividend payout ratio is presently 13.08%.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction on Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the transaction, the chief executive officer directly owned 27,872 shares of the company’s stock, valued at approximately $19,735,884.48. The trade was a 41.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the transaction, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,560 shares of company stock worth $30,438,602 over the last ninety days. Corporate insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $810.00 price target (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Evercore ISI lifted their price target on shares of McKesson from $760.00 to $800.00 and gave the company an “outperform” rating in a research note on Wednesday, July 9th. Wall Street Zen downgraded shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 13th. Wells Fargo & Company boosted their price objective on shares of McKesson from $766.00 to $772.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 13th. Finally, Cowen reissued a “buy” rating on shares of McKesson in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $725.10.

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.