Valley National Advisers Inc. Buys 2,557 Shares of McKesson Corporation $MCK

Valley National Advisers Inc. grew its stake in McKesson Corporation (NYSE:MCK) by 18,264.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 2,571 shares of the company’s stock after buying an additional 2,557 shares during the quarter. Valley National Advisers Inc.’s holdings in McKesson were worth $1,985,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of McKesson during the 2nd quarter worth $1,346,661,000. Alliancebernstein L.P. increased its stake in 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 acquiring an additional 1,362,386 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in McKesson by 56.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,236,536 shares of the company’s stock valued at $906,109,000 after purchasing an additional 446,060 shares in the last quarter. Voya Investment Management LLC lifted its stake in McKesson by 92.3% during the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock worth $437,760,000 after purchasing an additional 312,473 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in McKesson by 45.6% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 833,780 shares of the company’s stock worth $610,977,000 after purchasing an additional 261,296 shares during the last quarter. Institutional investors own 85.07% of the company’s stock.

McKesson Price Performance

MCK opened at $827.90 on Friday. The stock’s 50 day simple moving average is $830.61 and its 200 day simple moving average is $755.78. The firm has a market cap of $102.18 billion, a price-to-earnings ratio of 25.77, a PEG ratio of 1.36 and a beta of 0.38. McKesson Corporation has a 1 year low of $565.75 and a 1 year high of $895.58.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 earnings per share for the quarter, beating the consensus estimate of $8.84 by $1.02. McKesson had a negative return on equity of 248.14% and a net margin of 1.04%.The firm had revenue of $103.15 billion during the quarter, compared to the consensus estimate of $103.80 billion. During the same quarter in the previous year, the company posted $7.07 earnings per share. The business’s revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts anticipate that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on MCK shares. Morgan Stanley increased their price objective on McKesson from $857.00 to $916.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Evercore ISI restated an “outperform” rating and issued a $1,000.00 target price on shares of McKesson in a research report on Thursday, November 6th. Robert W. Baird increased their price target on shares of McKesson from $873.00 to $927.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. JPMorgan Chase & Co. lifted their price target on shares of McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a research note on Friday, September 26th. Finally, Wells Fargo & Company boosted their price objective on shares of McKesson from $816.00 to $914.00 and gave the stock an “equal weight” rating in a report on Monday, November 10th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, McKesson has an average rating of “Moderate Buy” and an average price target of $892.86.

Insider Transactions at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s 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 transaction, the chief accounting officer owned 328 shares in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.08% of the stock is currently owned by company insiders.

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.