McKesson Co. (NYSE:MCK) Shares Acquired by Norden Group LLC

Norden Group LLC grew its holdings in McKesson Co. (NYSE:MCK) by 951.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,775 shares of the company’s stock after buying an additional 5,226 shares during the period. Norden Group LLC’s holdings in McKesson were worth $3,373,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of MCK. Norges Bank acquired a new stake in McKesson during the fourth quarter worth about $1,024,140,000. Swedbank AB acquired a new stake in McKesson during the first quarter worth about $669,326,000. TD Asset Management Inc increased its position in shares of McKesson by 202.8% during the fourth quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock valued at $278,778,000 after acquiring an additional 403,312 shares during the last quarter. Bessemer Group Inc. increased its position in shares of McKesson by 3,621.7% during the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after acquiring an additional 340,007 shares during the last quarter. Finally, Bristol Gate Capital Partners Inc. acquired a new stake in shares of McKesson during the first quarter valued at about $97,510,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction dated 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 completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Leann B. Smith sold 600 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total value of $351,318.00. Following the sale, the executive vice president now directly owns 2,022 shares of the company’s stock, valued at approximately $1,183,941.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total transaction of $2,180,192.76. Following the completion of the sale, the chief executive officer now directly owns 86,092 shares in the company, valued at $50,012,564.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,859 shares of company stock valued at $6,986,810. 0.11% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MCK. Argus lifted their price target on shares of McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Barclays lifted their price target on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Robert W. Baird dropped their price target on shares of McKesson from $694.00 to $671.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. StockNews.com cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 9th. Finally, Leerink Partners lowered their price objective on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, McKesson has an average rating of “Moderate Buy” and a consensus target price of $624.93.

McKesson Price Performance

Shares of NYSE:MCK traded down $10.58 during trading on Friday, hitting $504.17. 1,924,323 shares of the company were exchanged, compared to its average volume of 761,035. The stock has a market capitalization of $65.51 billion, a P/E ratio of 22.53, a PEG ratio of 1.29 and a beta of 0.44. McKesson Co. has a 12-month low of $412.64 and a 12-month high of $637.51. The firm’s 50 day moving average price is $574.75 and its 200-day moving average price is $557.29.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. The business had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the company posted $7.27 EPS. As a group, equities research analysts anticipate that McKesson Co. will post 32.14 EPS for the current year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be paid a $0.71 dividend. This is a boost from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend is Friday, August 30th. McKesson’s payout ratio is currently 12.69%.

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.