DnB Asset Management AS Raises Position in McKesson Co. (NYSE:MCK)

DnB Asset Management AS raised its stake in McKesson Co. (NYSE:MCK) 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 (NYSE:MCK) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported $7.27 EPS for the quarter, topping analysts’ consensus estimates of $5.85 by $1.42. McKesson had a negative return on equity of 252.54% and a net margin of 1.32%. The firm had revenue of $74.48 billion for the quarter, compared to analysts’ expectations of $70.28 billion. During the same period in the previous year, the firm posted $5.83 EPS. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. Analysts expect that McKesson Co. will post 27.17 EPS for the current fiscal year.

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.

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.