McKesson Corporation $MCK Shares Purchased by LGT Fund Management Co Ltd.

LGT Fund Management Co Ltd. boosted its position in McKesson Corporation (NYSE:MCK) by 15.4% during the 2nd quarter, Holdings Channel reports. The fund owned 4,933 shares of the company’s stock after acquiring an additional 657 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in McKesson were worth $3,615,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in MCK. Bank of Jackson Hole Trust raised its holdings in McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after purchasing an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC raised its holdings in McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after purchasing an additional 41 shares in the last quarter. Saudi Central Bank acquired a new stake in McKesson during the first quarter worth approximately $34,000. Flaharty Asset Management LLC acquired a new stake in McKesson during the first quarter worth approximately $39,000. Finally, Pandora Wealth Inc. acquired a new stake in McKesson during the first quarter worth approximately $40,000. 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 19,371 shares of McKesson stock in a transaction on Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the transaction, the chief executive officer directly owned 27,872 shares in the company, valued at $19,735,884.48. This trade represents a 41.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson 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 transaction, the chief accounting officer owned 657 shares in the company, 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 quarter, insiders sold 43,560 shares of company stock worth $30,438,602. 0.08% of the stock is currently owned by insiders.

McKesson Price Performance

Shares of McKesson stock opened at $738.00 on Friday. The firm’s fifty day simple moving average is $702.60 and its 200-day simple moving average is $702.96. The stock has a market capitalization of $91.80 billion, a price-to-earnings ratio of 29.43, a PEG ratio of 1.36 and a beta of 0.52. McKesson Corporation has a 12 month low of $480.39 and a 12 month high of $776.14.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 6th. The company reported $8.26 EPS 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 analyst estimates of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business’s revenue was up 23.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $7.88 earnings per share. Analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

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

Analyst Ratings Changes

MCK has been the topic of a number of research analyst reports. TD Cowen raised their price objective on shares of McKesson from $830.00 to $864.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Evercore ISI raised their price objective on shares of McKesson from $800.00 to $825.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. UBS Group raised their price objective on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Citigroup raised their price objective on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Finally, Wall Street Zen raised shares of McKesson from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and a consensus price target of $829.08.

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.