Pacer Advisors Inc. Sells 125,379 Shares of McKesson Co. (NYSE:MCK)

Pacer Advisors Inc. decreased its position in shares of McKesson Co. (NYSE:MCK) by 15.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 661,092 shares of the company’s stock after selling 125,379 shares during the quarter. McKesson makes up 1.1% of Pacer Advisors Inc.’s holdings, making the stock its 15th largest holding. Pacer Advisors Inc. owned about 0.49% of McKesson worth $282,491,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MCK. Price T Rowe Associates Inc. MD grew its position in McKesson by 324.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,235,797 shares of the company’s stock worth $1,152,107,000 after purchasing an additional 2,472,584 shares during the last quarter. Norges Bank purchased a new stake in McKesson during the 4th quarter worth approximately $633,960,000. Envestnet Asset Management Inc. grew its position in McKesson by 587.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,208,193 shares of the company’s stock worth $61,655,000 after purchasing an additional 1,032,363 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its position in McKesson by 94,078.7% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 596,151 shares of the company’s stock worth $223,628,000 after acquiring an additional 595,518 shares during the period. Finally, Marshall Wace LLP lifted its position in McKesson by 93.6% during the 4th quarter. Marshall Wace LLP now owns 914,258 shares of the company’s stock worth $342,956,000 after acquiring an additional 442,134 shares during the period. Institutional investors own 82.69% of the company’s stock.

McKesson Stock Up 0.8 %

Shares of McKesson stock traded up $3.40 on Tuesday, reaching $430.69. The company’s stock had a trading volume of 146,466 shares, compared to its average volume of 892,645. McKesson Co. has a 52-week low of $331.75 and a 52-week high of $441.00. The company has a market capitalization of $58.10 billion, a P/E ratio of 16.04, a PEG ratio of 1.45 and a beta of 0.60. The stock has a 50-day moving average price of $418.12 and a 200-day moving average price of $391.25.

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

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 1st will be given a $0.62 dividend. This is a positive change from McKesson’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $2.48 annualized dividend and a dividend yield of 0.58%. McKesson’s dividend payout ratio (DPR) is 9.25%.

Analysts Set New Price Targets

MCK has been the subject of a number of research reports. Bank of America lifted their price target on McKesson from $470.00 to $485.00 in a research report on Monday, July 17th. SpectralCast reissued a “maintains” rating on shares of McKesson in a research report on Thursday, June 29th. Credit Suisse Group raised their price target on shares of McKesson from $450.00 to $485.00 and gave the stock an “outperform” rating in a research report on Friday, August 11th. Mizuho raised their price target on shares of McKesson from $390.00 to $427.00 in a research report on Tuesday, July 11th. Finally, UBS Group increased their price target on McKesson from $470.00 to $480.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, McKesson currently has an average rating of “Moderate Buy” and an average price target of $452.33.

Insider Activity

In other news, CEO Brian S. Tyler sold 3,471 shares of the firm’s stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $420.00, for a total value of $1,457,820.00. Following the transaction, the chief executive officer now owns 129,714 shares in the company, valued at $54,479,880. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Brian S. Tyler sold 3,938 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $422.60, for a total value of $1,664,198.80. Following the completion of the sale, the chief executive officer now directly owns 121,838 shares in the company, valued at $51,488,738.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian S. Tyler sold 3,471 shares of the company’s stock in a transaction that occurred on Thursday, June 29th. The shares were sold at an average price of $420.00, for a total value of $1,457,820.00. Following the completion of 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. Insiders have sold a total of 44,002 shares of company stock worth $18,570,541 over the last 90 days. 0.21% of the stock is currently owned by company 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.