QRG Capital Management Inc. Cuts Stake in McKesson Corporation $MCK

QRG Capital Management Inc. lowered its holdings in shares of McKesson Corporation (NYSE:MCK) by 65.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,755 shares of the company’s stock after selling 12,778 shares during the period. QRG Capital Management Inc.’s holdings in McKesson were worth $5,219,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of McKesson by 2.0% during 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 last quarter. Geode Capital Management LLC boosted its stake in shares of McKesson by 4.1% during the second quarter. Geode Capital Management LLC now owns 2,820,724 shares of the company’s stock valued at $2,057,065,000 after purchasing an additional 112,224 shares during the period. 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 acquiring an additional 1,362,386 shares during the period. Norges Bank bought a new position in McKesson during the 2nd quarter valued at approximately $1,346,661,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in McKesson by 56.4% in 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. 85.07% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Cowen restated a “buy” rating on shares of McKesson in a report on Monday, December 22nd. Bank of America boosted their price objective on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Wells Fargo & Company raised their target price 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. Jefferies Financial Group lifted their target price on shares of McKesson from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Monday, October 13th. Finally, Morgan Stanley increased their price target on shares of McKesson from $857.00 to $916.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $895.79.

Insider Activity at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $861.63, for a total value of $283,476.27. Following the sale, the chief accounting officer owned 328 shares in the company, valued at $282,614.64. This represents a 50.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Thomas L. Rodgers sold 276 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $816.18, for a total value of $225,265.68. Following the transaction, the executive vice president directly owned 2,268 shares of the company’s stock, valued at approximately $1,851,096.24. This trade represents a 10.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.08% of the company’s stock.

McKesson Trading Down 0.5%

Shares of MCK stock opened at $840.29 on Monday. The company’s fifty day moving average price is $833.47 and its 200-day moving average price is $766.87. The stock has a market cap of $103.72 billion, a PE ratio of 26.15, a price-to-earnings-growth ratio of 1.38 and a beta of 0.41. McKesson Corporation has a 12 month low of $570.51 and a 12 month high of $895.58.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $103.80 billion. During the same period last year, the business earned $7.07 EPS. McKesson’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, sell-side analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

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

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.