DnB Asset Management AS raised its stake in McKesson Co. (NYSE:MCK – Free Report) by 48.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,195 shares of the company’s stock after purchasing an additional 13,828 shares during the quarter. DnB Asset Management AS’s holdings in McKesson were worth $18,030,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its position in shares of McKesson by 324.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,235,797 shares of the company’s stock valued at $1,152,107,000 after acquiring an additional 2,472,584 shares during the last quarter. Morgan Stanley increased its position in shares of McKesson by 11.0% during the fourth quarter. Morgan Stanley now owns 2,152,581 shares of the company’s stock valued at $807,477,000 after acquiring an additional 213,343 shares during the last quarter. Norges Bank purchased a new stake in shares of McKesson during the fourth quarter valued at approximately $633,960,000. Arrowstreet Capital Limited Partnership increased its position in McKesson by 11.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,256,740 shares of the company’s stock worth $447,462,000 after buying an additional 124,533 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in McKesson by 587.1% in the first quarter. Envestnet Asset Management Inc. now owns 1,208,193 shares of the company’s stock worth $61,655,000 after buying an additional 1,032,363 shares during the last quarter. 82.69% of the stock is owned by hedge funds and other institutional investors.
McKesson Price Performance
Shares of NYSE:MCK opened at $419.71 on Friday. The stock’s 50-day moving average is $418.02 and its 200 day moving average is $390.24. The company has a market cap of $56.62 billion, a PE ratio of 15.65, a P/E/G ratio of 1.45 and a beta of 0.60. McKesson Co. has a 1 year low of $331.75 and a 1 year high of $441.00.
McKesson Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 1st will be given a $0.62 dividend. The ex-dividend date is Thursday, August 31st. This is a boost 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 is 9.25%.
Wall Street Analysts Forecast Growth
MCK has been the subject of a number of recent research reports. Credit Suisse Group raised their target price on McKesson from $450.00 to $485.00 and gave the stock an “outperform” rating in a research report on Friday, August 11th. StockNews.com began coverage on McKesson in a report on Thursday, August 17th. They issued a “strong-buy” rating for the company. SpectralCast reaffirmed a “maintains” rating on shares of McKesson in a report on Thursday, June 29th. Bank of America raised their price target on McKesson from $470.00 to $485.00 in a report on Monday, July 17th. Finally, TD Cowen raised their price target on McKesson from $491.00 to $495.00 and gave the stock an “outperform” rating in a report on Monday, August 7th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $452.33.
Insider Activity at McKesson
In related news, CEO Brian S. Tyler sold 3,938 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $419.01, for a total value of $1,650,061.38. Following the transaction, the chief executive officer now directly owns 125,776 shares of the company’s stock, valued at approximately $52,701,401.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other McKesson news, CEO Brian S. Tyler sold 3,938 shares of the business’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $419.01, for a total transaction of $1,650,061.38. Following the completion of the sale, the chief executive officer now directly owns 125,776 shares in the company, valued at approximately $52,701,401.76. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Brian S. Tyler sold 3,471 shares of the business’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $420.00, for a total transaction of $1,457,820.00. Following the sale, the chief executive officer now owns 129,714 shares of the company’s stock, valued at $54,479,880. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,002 shares of company stock valued at $18,570,541. 0.21% of the stock is owned by corporate insiders.
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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