Suncoast Equity Management Raises Holdings in McKesson Corporation $MCK

Suncoast Equity Management increased its stake in McKesson Corporation (NYSE:MCK) by 75.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,385 shares of the company’s stock after purchasing an additional 22,145 shares during the quarter. McKesson comprises about 4.0% of Suncoast Equity Management’s portfolio, making the stock its 10th biggest holding. Suncoast Equity Management’s holdings in McKesson were worth $39,697,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of MCK. Vanguard Group Inc. lifted its stake in shares of McKesson by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 12,072,090 shares of the company’s stock worth $8,846,186,000 after acquiring an additional 232,286 shares during the period. Geode Capital Management LLC raised its holdings in McKesson by 4.1% during the second 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 in the last quarter. Alliancebernstein L.P. lifted its position in McKesson by 150.4% in the second quarter. Alliancebernstein L.P. now owns 2,268,015 shares of the company’s stock worth $1,661,956,000 after purchasing an additional 1,362,386 shares during the period. Norges Bank acquired a new stake in McKesson in the second quarter worth approximately $1,346,661,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in McKesson by 16.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,284,881 shares of the company’s stock valued at $864,712,000 after purchasing an additional 181,831 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on MCK shares. UBS Group boosted their price objective on McKesson from $920.00 to $980.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Wall Street Zen lowered McKesson from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Bank of America boosted their price target on shares of McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Weiss Ratings restated a “buy (a-)” rating on shares of McKesson in a research report on Monday. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $1,000.00 price objective on shares of McKesson in a research note on Thursday, November 6th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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 on Friday, November 7th. The shares were sold at an average price of $861.63, for a total transaction of $283,476.27. Following the sale, the chief accounting officer directly owned 328 shares of the company’s stock, valued at $282,614.64. The trade was a 50.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.08% of the stock is currently owned by company insiders.

McKesson Stock Down 0.9%

Shares of NYSE MCK opened at $820.18 on Friday. The business has a fifty day simple moving average of $833.25 and a 200-day simple moving average of $758.34. The company has a market cap of $101.23 billion, a price-to-earnings ratio of 25.53, a P/E/G ratio of 1.35 and a beta of 0.41. McKesson Corporation has a 12 month low of $565.75 and a 12 month high of $895.58.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, beating analysts’ consensus estimates 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 in the prior year, the firm earned $7.07 earnings per share. The business’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The company also recently disclosed 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. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, December 1st. McKesson’s payout ratio is presently 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.