Northwestern Mutual Wealth Management Co. acquired a new stake in shares of McKesson Corporation (NYSE:MCK – Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 9,723 shares of the company’s stock, valued at approximately $7,347,000.
Other institutional investors have also made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd. increased its stake in McKesson by 0.5% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,262 shares of the company’s stock worth $1,855,000 after buying an additional 11 shares during the period. Investment Research Partners LLC boosted its position in McKesson by 0.7% in the 4th quarter. Investment Research Partners LLC now owns 1,624 shares of the company’s stock valued at $1,332,000 after buying an additional 11 shares during the last quarter. IHT Wealth Management LLC grew its stake in shares of McKesson by 0.9% during the fourth quarter. IHT Wealth Management LLC now owns 1,196 shares of the company’s stock valued at $981,000 after acquiring an additional 11 shares in the last quarter. LRI Investments LLC increased its position in shares of McKesson by 12.1% during the fourth quarter. LRI Investments LLC now owns 111 shares of the company’s stock worth $91,000 after acquiring an additional 12 shares during the last quarter. Finally, Macroview Investment Management LLC increased its position in shares of McKesson by 3.9% during the fourth quarter. Macroview Investment Management LLC now owns 322 shares of the company’s stock worth $264,000 after acquiring an additional 12 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.
McKesson Stock Up 0.4%
Shares of NYSE:MCK opened at $862.27 on Monday. McKesson Corporation has a fifty-two week low of $673.38 and a fifty-two week high of $999.00. The firm has a 50-day simple moving average of $820.97 and a 200 day simple moving average of $843.84. The company has a market cap of $100.53 billion, a PE ratio of 23.07, a P/E/G ratio of 1.69 and a beta of 0.30.
McKesson Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be issued a $0.94 dividend. This is a positive change from McKesson’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.76 annualized dividend and a dividend yield of 0.4%. McKesson’s dividend payout ratio (DPR) is 10.06%.
Insiders Place Their Bets
In related news, EVP Thomas L. Rodgers sold 699 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $735.27, for a total transaction of $513,953.73. Following the completion of the transaction, the executive vice president owned 2,268 shares in the company, valued at $1,667,592.36. The trade was a 23.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Lerman sold 301 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $892.33, for a total value of $268,591.33. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 29,049 shares of company stock worth $22,530,626. 0.06% of the stock is currently owned by insiders.
Analyst Ratings Changes
MCK has been the topic of a number of recent analyst reports. Citigroup upped their target price on McKesson from $945.00 to $1,000.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $875.00 price target on shares of McKesson in a research report on Friday, May 8th. Evercore restated an “outperform” rating on shares of McKesson in a research note on Thursday, August 6th. Morgan Stanley reaffirmed an “overweight” rating on shares of McKesson in a report on Friday, August 7th. Finally, Robert W. Baird set a $1,015.00 price objective on shares of McKesson in a research note on Thursday, August 6th. Fourteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $973.44.
View Our Latest Stock Report on MCK
McKesson Profile
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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