Spark Investment Management LLC decreased its holdings in shares of McKesson Co. (NYSE:MCK) by 16.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,509 shares of the company’s stock after selling 10,391 shares during the quarter. Spark Investment Management LLC’s holdings in McKesson were worth $6,871,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. FDx Advisors Inc. increased its stake in shares of McKesson by 23.8% in the first quarter. FDx Advisors Inc. now owns 26,140 shares of the company’s stock valued at $3,682,000 after buying an additional 5,020 shares during the period. Wells Fargo & Company MN increased its stake in shares of McKesson by 13.3% in the first quarter. Wells Fargo & Company MN now owns 1,859,883 shares of the company’s stock valued at $262,000,000 after buying an additional 218,530 shares during the period. FTB Advisors Inc. increased its position in McKesson by 8.3% during the 1st quarter. FTB Advisors Inc. now owns 35,267 shares of the company’s stock valued at $4,982,000 after purchasing an additional 2,688 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its position in McKesson by 269.8% during the 1st quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 37,234 shares of the company’s stock valued at $5,215,000 after purchasing an additional 27,164 shares during the period. Finally, Fulton Bank N.A. increased its position in McKesson by 89.8% during the 1st quarter. Fulton Bank N.A. now owns 6,316 shares of the company’s stock valued at $889,000 after purchasing an additional 2,989 shares during the period. 89.73% of the stock is owned by hedge funds and other institutional investors.
In other McKesson news, SVP Erin M. Lampert sold 868 shares of the stock in a transaction that occurred on Wednesday, May 30th. The stock was sold at an average price of $142.00, for a total transaction of $123,256.00. Following the transaction, the senior vice president now directly owns 64 shares in the company, valued at approximately $9,088. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.87% of the stock is currently owned by corporate insiders.
McKesson stock opened at $130.65 on Tuesday. The company has a market cap of $25.85 billion, a price-to-earnings ratio of 10.35, a price-to-earnings-growth ratio of 1.37 and a beta of 1.22. McKesson Co. has a 52-week low of $122.63 and a 52-week high of $178.86. The company has a current ratio of 1.00, a quick ratio of 0.57 and a debt-to-equity ratio of 0.68.
McKesson (NYSE:MCK) last posted its quarterly earnings results on Thursday, July 26th. The company reported $2.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.01. The firm had revenue of $52.61 billion for the quarter, compared to analysts’ expectations of $52.91 billion. McKesson had a positive return on equity of 25.19% and a negative net margin of 0.18%. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.47 EPS. sell-side analysts forecast that McKesson Co. will post 13.33 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Tuesday, September 4th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.19%. This is a boost from McKesson’s previous quarterly dividend of $0.34. The ex-dividend date is Friday, August 31st. McKesson’s dividend payout ratio is presently 10.78%.
A number of research firms have weighed in on MCK. ValuEngine downgraded shares of McKesson from a “hold” rating to a “sell” rating in a research report on Tuesday, May 22nd. Leerink Swann set a $160.00 target price on shares of McKesson and gave the company a “market perform” rating in a research report on Tuesday, May 29th. Standpoint Research raised shares of McKesson from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Royal Bank of Canada cut their price target on McKesson to $158.00 and set a “market perform” rating on the stock in a report on Friday, June 29th. Finally, Morgan Stanley cut their price target on McKesson from $175.00 to $142.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. McKesson has an average rating of “Hold” and an average price target of $154.30.
McKesson Company Profile
McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. It operates in three segments: U.S. Pharmaceutical and Specialty Solutions, European Pharmaceutical Solutions, and Medical-Surgical Solutions. The company distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs, as well as other healthcare-related products; and offers practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices.
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