Bright Futures Wealth Management LLC. acquired a new stake in shares of McKesson Co. (NYSE:MCK – Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 704 shares of the company’s stock, valued at approximately $418,000.
Other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in McKesson by 1.1% in the 1st quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock worth $2,342,190,000 after purchasing an additional 46,659 shares during the period. Norges Bank purchased a new stake in McKesson during the 4th quarter valued at $1,024,140,000. Putnam Investments LLC increased its position in shares of McKesson by 3.2% in the fourth quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock valued at $925,017,000 after acquiring an additional 62,242 shares during the period. Swedbank AB bought a new position in shares of McKesson during the first quarter valued at about $669,326,000. Finally, Boston Partners grew its stake in shares of McKesson by 4.1% in the first quarter. Boston Partners now owns 1,183,829 shares of the company’s stock worth $635,763,000 after purchasing an additional 47,140 shares during the last quarter. 85.07% of the stock is owned by institutional investors.
McKesson Stock Performance
Shares of MCK traded up $1.29 during mid-day trading on Friday, hitting $630.38. 881,722 shares of the company traded hands, compared to its average volume of 666,040. The stock has a market cap of $81.91 billion, a price-to-earnings ratio of 28.17, a P/E/G ratio of 1.46 and a beta of 0.45. The stock has a 50-day moving average price of $588.74 and a two-hundred day moving average price of $547.10. McKesson Co. has a 1 year low of $404.72 and a 1 year high of $637.51.
McKesson Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a $0.71 dividend. This is a positive change from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.45%. McKesson’s dividend payout ratio is 11.08%.
Insider Buying and Selling
In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total value of $2,180,192.76. Following the sale, the chief executive officer now owns 86,092 shares in the company, valued at approximately $50,012,564.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Maria Martinez sold 483 shares of McKesson stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $585.88, for a total value of $282,980.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total value of $2,180,192.76. Following the transaction, the chief executive officer now directly owns 86,092 shares in the company, valued at approximately $50,012,564.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,567 shares of company stock valued at $16,691,841. Corporate insiders own 0.11% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on MCK. StockNews.com raised McKesson from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 23rd. Evercore ISI raised their target price on shares of McKesson from $600.00 to $660.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 9th. TD Cowen lifted their price target on McKesson from $563.00 to $652.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Argus increased their price objective on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of McKesson from $547.00 to $545.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average price target of $599.33.
Read Our Latest Analysis on MCK
McKesson Profile
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.
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