Clare Market Investments LLC purchased a new stake in shares of McKesson Corporation (NYSE:MCK – Free Report) in the 1st quarter, Holdings Channel reports. The institutional investor purchased 2,665 shares of the company’s stock, valued at approximately $2,306,000.
Other large investors have also recently made changes to their positions in the company. Swedbank AB lifted its stake in shares of McKesson by 13.5% during the 1st quarter. Swedbank AB now owns 1,005,610 shares of the company’s stock valued at $870,215,000 after buying an additional 119,327 shares in the last quarter. Schear Investment Advisers LLC boosted its stake in shares of McKesson by 0.9% in the first quarter. Schear Investment Advisers LLC now owns 2,907 shares of the company’s stock worth $2,516,000 after acquiring an additional 27 shares during the period. Busey Bank grew its position in shares of McKesson by 1.9% during the first quarter. Busey Bank now owns 10,516 shares of the company’s stock worth $9,100,000 after purchasing an additional 194 shares in the last quarter. Collaborative Fund Advisors LLC bought a new stake in McKesson during the 1st quarter valued at approximately $442,000. Finally, Abel Hall LLC lifted its holdings in McKesson by 91.7% in the 1st quarter. Abel Hall LLC now owns 533 shares of the company’s stock worth $461,000 after purchasing an additional 255 shares in the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.
McKesson Trading Up 2.3%
MCK stock opened at $801.93 on Tuesday. McKesson Corporation has a 12 month low of $637.00 and a 12 month high of $999.00. The company has a market cap of $93.89 billion, a price-to-earnings ratio of 20.57, a PEG ratio of 1.29 and a beta of 0.31. The firm has a 50-day moving average of $769.23 and a two-hundred day moving average of $839.09.
McKesson Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st were given a $0.82 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. McKesson’s dividend payout ratio (DPR) is currently 8.53%.
Insider Activity
In other McKesson news, CEO Brian S. Tyler sold 8,463 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $775.13, for a total value of $6,559,925.19. Following the sale, the chief executive officer directly owned 14,382 shares in the company, valued at $11,147,919.66. This trade represents a 37.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michele Lau sold 3,550 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the sale, the executive vice president owned 3,247 shares of the company’s stock, valued at $2,471,259.23. This represents a 52.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 20,285 shares of company stock valued at $15,546,137. 0.06% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
Several analysts have recently issued reports on MCK shares. Bank of America decreased their price objective on McKesson from $1,040.00 to $1,000.00 and set a “buy” rating on the stock in a report on Monday, April 6th. JPMorgan Chase & Co. dropped their target price on McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a report on Friday, May 8th. UBS Group boosted their price objective on shares of McKesson from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Wall Street Zen lowered shares of McKesson from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Finally, Weiss Ratings lowered McKesson from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 18th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus target price of $960.53.
Read Our Latest Stock Analysis on McKesson
About McKesson
McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.
The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.
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