Renaissance Group LLC Has $27.49 Million Stock Holdings in McKesson Co. (NYSE:MCK)

Renaissance Group LLC raised its position in McKesson Co. (NYSE:MCK) by 0.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,219 shares of the company’s stock after buying an additional 726 shares during the quarter. Renaissance Group LLC owned 0.06% of McKesson worth $27,494,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Applied Finance Capital Management LLC grew its holdings in McKesson by 0.8% in the 1st quarter. Applied Finance Capital Management LLC now owns 38,208 shares of the company’s stock valued at $13,604,000 after buying an additional 292 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of McKesson by 42.2% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 211,857 shares of the company’s stock worth $75,432,000 after purchasing an additional 62,837 shares in the last quarter. Westshore Wealth LLC grew its holdings in shares of McKesson by 4.8% during the 1st quarter. Westshore Wealth LLC now owns 634 shares of the company’s stock worth $226,000 after purchasing an additional 29 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of McKesson by 1.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 217,447 shares of the company’s stock worth $77,550,000 after purchasing an additional 2,338 shares in the last quarter. Finally, Holderness Investments Co. grew its holdings in shares of McKesson by 1.2% during the 1st quarter. Holderness Investments Co. now owns 3,898 shares of the company’s stock worth $1,388,000 after purchasing an additional 45 shares in the last quarter. 82.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 3,471 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $440.00, for a total transaction of $1,527,240.00. Following the completion of the transaction, the chief executive officer now directly owns 121,838 shares in the company, valued at $53,608,720. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Brian S. Tyler sold 3,938 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $407.00, for a total transaction of $1,602,766.00. Following the completion of the transaction, the chief executive officer now directly owns 117,900 shares in the company, valued at $47,985,300. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 3,471 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $440.00, for a total value of $1,527,240.00. Following the transaction, the chief executive officer now owns 121,838 shares of the company’s stock, valued at $53,608,720. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,227 shares of company stock worth $9,290,486. 0.21% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MCK. UBS Group increased their target price on McKesson from $470.00 to $480.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. Bank of America increased their target price on McKesson from $470.00 to $485.00 in a report on Monday, July 17th. Mizuho increased their target price on McKesson from $390.00 to $427.00 in a report on Tuesday, July 11th. SpectralCast reissued a “maintains” rating on shares of McKesson in a report on Thursday, June 29th. Finally, TD Cowen raised their price objective on McKesson from $491.00 to $495.00 and gave the company an “outperform” rating in a research note on Monday, August 7th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, McKesson has a consensus rating of “Moderate Buy” and a consensus target price of $452.33.

McKesson Stock Up 1.0 %

McKesson stock traded up $4.39 during trading hours on Friday, hitting $423.01. The stock had a trading volume of 152,842 shares, compared to its average volume of 903,000. The stock has a market cap of $57.06 billion, a price-to-earnings ratio of 15.75, a P/E/G ratio of 1.42 and a beta of 0.60. McKesson Co. has a one year low of $331.75 and a one year high of $441.00. The business’s 50 day simple moving average is $417.94 and its 200-day simple moving average is $388.17.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, August 2nd. The company reported $7.27 EPS for the quarter, beating the consensus estimate of $5.85 by $1.42. The firm had revenue of $74.48 billion during the quarter, compared to the consensus estimate of $70.28 billion. McKesson had a negative return on equity of 252.54% and a net margin of 1.32%. The business’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period last year, the company earned $5.83 earnings per share. Research analysts anticipate that McKesson Co. will post 27.17 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 1st will be given a $0.62 dividend. The ex-dividend date of this dividend is Thursday, August 31st. This is an increase from McKesson’s previous quarterly dividend of $0.54. This represents a $2.48 annualized dividend and a yield of 0.59%. McKesson’s dividend payout ratio (DPR) is currently 9.25%.

About McKesson

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.