Oak Grove Capital LLC Buys New Stake in McKesson Corporation $MCK

Oak Grove Capital LLC bought a new stake in McKesson Corporation (NYSE:MCK) in the 2nd quarter, Holdings Channel.com reports. The fund bought 650 shares of the company’s stock, valued at approximately $476,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Northern Trust Corp increased its holdings in McKesson by 0.7% in the 1st quarter. Northern Trust Corp now owns 1,542,382 shares of the company’s stock valued at $1,038,008,000 after purchasing an additional 10,179 shares during the last quarter. Boston Partners boosted its position in McKesson by 33.3% in the 1st 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 during the period. Price T Rowe Associates Inc. MD boosted its position in McKesson by 9.1% in the 1st 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in McKesson by 16.5% in the 1st 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 during the period. Finally, Invesco Ltd. boosted its position in McKesson by 0.7% in the 1st quarter. Invesco Ltd. now owns 1,061,744 shares of the company’s stock valued at $714,543,000 after buying an additional 7,108 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 11,930 shares of the business’s stock in a transaction 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 completion of the sale, the chief executive officer directly owned 4,012 shares of the company’s stock, valued at $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction on Friday, August 8th. The shares were 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 directly owned 657 shares of the company’s stock, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,189 shares of company stock valued at $16,722,190. 0.08% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have commented on MCK. JPMorgan Chase & Co. raised their price target on shares of McKesson from $821.00 to $853.00 and gave the company an “overweight” rating in a research report on Friday, September 26th. Cowen reissued a “buy” rating on shares of McKesson in a research report on Wednesday, September 24th. UBS Group raised their price target on shares of McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Bank of America raised their price target on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Finally, Wells Fargo & Company raised their price target on shares of McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $834.54.

McKesson Price Performance

McKesson stock opened at $802.17 on Monday. McKesson Corporation has a 1-year low of $492.39 and a 1-year high of $807.75. The stock has a market cap of $99.77 billion, a PE ratio of 31.98, a P/E/G ratio of 1.44 and a beta of 0.52. The stock’s fifty day moving average is $728.97 and its two-hundred day moving average is $714.53.

McKesson (NYSE:MCK) last posted its quarterly 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). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. During the same quarter in the prior year, the business earned $7.88 earnings per share. The firm’s quarterly revenue was up 23.4% on a year-over-year basis. On average, research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were paid a $0.82 dividend. This is a boost 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%. The ex-dividend date was Tuesday, September 2nd. McKesson’s payout ratio is 13.08%.

McKesson 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.