Bayforest Capital Ltd Invests $813,000 in McKesson Corporation $MCK

Bayforest Capital Ltd bought a new position in shares of McKesson Corporation (NYSE:MCK) during the 2nd quarter, HoldingsChannel reports. The fund bought 1,110 shares of the company’s stock, valued at approximately $813,000.

Several other large investors also recently modified their holdings of the stock. Northern Trust Corp boosted its stake in McKesson by 0.7% in the first quarter. Northern Trust Corp now owns 1,542,382 shares of the company’s stock valued at $1,038,008,000 after buying an additional 10,179 shares in the last quarter. Boston Partners boosted its stake in McKesson by 33.3% in the first quarter. Boston Partners now owns 1,461,785 shares of the company’s stock valued at $984,927,000 after buying an additional 365,484 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in McKesson by 9.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,290,116 shares of the company’s stock valued at $868,237,000 after buying an additional 107,638 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in McKesson by 16.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,284,881 shares of the company’s stock valued at $864,712,000 after buying an additional 181,831 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of McKesson by 0.7% during the first quarter. Invesco Ltd. now owns 1,061,744 shares of the company’s stock valued at $714,543,000 after purchasing an additional 7,108 shares in the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MCK shares. Cowen reissued a “buy” rating on shares of McKesson in a research note on Wednesday, September 24th. TD Cowen lifted their price target on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Jefferies Financial Group set a $900.00 price target on McKesson and gave the company a “buy” rating in a research note on Monday. Weiss Ratings reissued a “buy (b)” rating on shares of McKesson in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded McKesson from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $834.54.

McKesson Stock Performance

Shares of MCK stock opened at $768.79 on Tuesday. The company has a market cap of $95.62 billion, a P/E ratio of 30.65, a PEG ratio of 1.38 and a beta of 0.52. The stock has a 50 day simple moving average of $708.64 and a two-hundred day simple moving average of $707.37. McKesson Corporation has a fifty-two week low of $492.39 and a fifty-two week high of $776.14.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). The business had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $7.88 earnings per share. On average, research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were issued a $0.82 dividend. The ex-dividend date was Tuesday, September 2nd. This is an increase from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. McKesson’s dividend payout ratio is presently 13.08%.

Insider Activity at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,189 shares of company stock valued at $16,722,190. Corporate insiders own 0.08% of the company’s stock.

McKesson Company Profile

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.