Invesco Ltd. Has $689.33 Million Stake in McKesson Corporation $MCK

Invesco Ltd. lowered its position in shares of McKesson Corporation (NYSE:MCK) by 11.4% during the second quarter, HoldingsChannel reports. The fund owned 940,708 shares of the company’s stock after selling 121,036 shares during the quarter. Invesco Ltd.’s holdings in McKesson were worth $689,332,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of McKesson by 2.0% in the second quarter. Vanguard Group Inc. now owns 12,072,090 shares of the company’s stock valued at $8,846,186,000 after buying an additional 232,286 shares during the period. Geode Capital Management LLC raised its position in McKesson by 4.1% during the 2nd quarter. Geode Capital Management LLC now owns 2,820,724 shares of the company’s stock worth $2,057,065,000 after purchasing an additional 112,224 shares during the last quarter. Norges Bank acquired a new position in McKesson during the 2nd quarter worth about $1,346,661,000. Northern Trust Corp grew its position in shares of McKesson by 0.7% in the 1st quarter. Northern Trust Corp now owns 1,542,382 shares of the company’s stock valued at $1,038,008,000 after buying an additional 10,179 shares during the last quarter. Finally, Boston Partners increased its stake in shares of McKesson by 33.3% in the first quarter. Boston Partners now owns 1,461,785 shares of the company’s stock valued at $984,927,000 after buying an additional 365,484 shares during the period. 85.07% of the stock is owned by institutional investors and hedge funds.

McKesson Stock Down 3.0%

MCK opened at $805.05 on Thursday. McKesson Corporation has a twelve month low of $558.13 and a twelve month high of $895.58. The company’s 50-day moving average price is $812.99 and its two-hundred day moving average price is $743.89. The stock has a market cap of $99.36 billion, a price-to-earnings ratio of 25.06, a PEG ratio of 1.41 and a beta of 0.38.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, topping analysts’ consensus estimates of $8.84 by $1.02. The company 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%. McKesson’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $7.07 EPS. As a group, sell-side analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

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

Analyst Ratings Changes

Several analysts recently commented on MCK shares. JPMorgan Chase & Co. upped their target price on McKesson from $821.00 to $853.00 and gave the company an “overweight” rating in a report on Friday, September 26th. UBS Group upped their price objective on shares of McKesson from $920.00 to $980.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Wells Fargo & Company increased their price objective on shares of McKesson from $816.00 to $914.00 and gave the stock an “equal weight” rating in a research report on Monday, November 10th. Mizuho upped their price target on shares of McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research report on Wednesday, September 24th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $1,000.00 price target on shares of McKesson in a research note on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $887.69.

Insider Buying and Selling at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $861.63, for a total value of $283,476.27. Following the sale, the chief accounting officer directly owned 328 shares of the company’s stock, valued at approximately $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.08% of the stock is currently owned by corporate insiders.

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.