Highland Capital Management LLC Increases Stock Position in McKesson Corporation $MCK

Highland Capital Management LLC raised its position in McKesson Corporation (NYSE:MCK) by 7.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,332 shares of the company’s stock after buying an additional 705 shares during the period. Highland Capital Management LLC’s holdings in McKesson were worth $7,982,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in shares of McKesson in the 2nd quarter valued at about $1,346,661,000. Alliancebernstein L.P. increased its position in shares of McKesson by 150.4% in the second quarter. Alliancebernstein L.P. now owns 2,268,015 shares of the company’s stock valued at $1,661,956,000 after buying an additional 1,362,386 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of McKesson by 56.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,236,536 shares of the company’s stock worth $906,109,000 after buying an additional 446,060 shares during the period. Voya Investment Management LLC lifted its position in shares of McKesson by 92.3% during the 1st quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock valued at $437,760,000 after buying an additional 312,473 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in McKesson by 45.6% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 833,780 shares of the company’s stock valued at $610,977,000 after acquiring an additional 261,296 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Trading Up 0.1%

NYSE:MCK opened at $826.43 on Friday. The company has a market cap of $102.01 billion, a P/E ratio of 25.72, a P/E/G ratio of 1.36 and a beta of 0.38. McKesson Corporation has a twelve month low of $565.75 and a twelve month high of $895.58. The company’s 50-day moving average price is $829.82 and its 200-day moving average price is $754.60.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.84 by $1.02. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%. The company had revenue of $103.15 billion during the quarter, compared to analysts’ expectations of $103.80 billion. During the same quarter in the prior year, the company earned $7.07 EPS. McKesson’s revenue was up 10.2% compared to the same quarter last year. On average, analysts expect 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. Investors of record on Monday, December 1st will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, December 1st. McKesson’s dividend payout ratio (DPR) is currently 10.21%.

Wall Street Analyst Weigh In

MCK has been the subject of a number of research analyst reports. Cowen restated a “buy” rating on shares of McKesson in a research report on Monday. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of McKesson in a research note on Wednesday, December 10th. JPMorgan Chase & Co. upped their price target on shares of McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. Robert W. Baird raised their price target on shares of McKesson from $873.00 to $927.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Finally, Morgan Stanley boosted their price objective on McKesson from $857.00 to $916.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $892.86.

Insider Buying and Selling

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $861.63, for a total transaction of $283,476.27. Following the transaction, the chief accounting officer owned 328 shares of the company’s stock, valued at approximately $282,614.64. The trade was a 50.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.08% of the company’s stock.

McKesson Profile

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.