McKesson Corp. (MCK) Shares Bought by Grimes & Company Inc.
Grimes & Company Inc. boosted its position in shares of McKesson Corp. (NYSE:MCK) by 11.7% during the second quarter, Holdings Channel reports. The firm owned 24,241 shares of the company’s stock after buying an additional 2,538 shares during the period. Grimes & Company Inc.’s holdings in McKesson Corp. were worth $4,525,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in MCK. Pitcairn Co. increased its stake in McKesson Corp. by 0.6% in the second quarter. Pitcairn Co. now owns 1,516 shares of the company’s stock valued at $283,000 after buying an additional 9 shares in the last quarter. Princeton Capital Management Inc. bought a new stake in McKesson Corp. during the second quarter valued at approximately $224,000. Rehmann Capital Advisory Group increased its stake in McKesson Corp. by 1.6% in the second quarter. Rehmann Capital Advisory Group now owns 3,467 shares of the company’s stock valued at $647,000 after buying an additional 54 shares in the last quarter. Bank of Montreal Can bought a new stake in McKesson Corp. during the second quarter valued at approximately $54,756,000. Finally, MSI Financial Services Inc increased its stake in McKesson Corp. by 1.0% in the second quarter. MSI Financial Services Inc now owns 4,271 shares of the company’s stock valued at $797,000 after buying an additional 44 shares in the last quarter. 84.80% of the stock is owned by hedge funds and other institutional investors.
McKesson Corp. (NYSE:MCK) traded down 0.12% during midday trading on Tuesday, hitting $164.80. The stock had a trading volume of 2,161,091 shares. McKesson Corp. has a one year low of $148.29 and a one year high of $202.20. The firm has a 50 day moving average price of $185.97 and a 200 day moving average price of $178.85. The stock has a market cap of $37.20 billion, a PE ratio of 17.11 and a beta of 0.95.
McKesson Corp. (NYSE:MCK) last released its quarterly earnings results on Wednesday, July 27th. The company reported $3.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.33 by $0.17. The company had revenue of $49.73 billion for the quarter, compared to analysts’ expectations of $50.32 billion. McKesson Corp. had a return on equity of 31.62% and a net margin of 1.15%. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.14 earnings per share. Equities analysts expect that McKesson Corp. will post $13.66 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 1st will be issued a dividend of $0.28 per share. The ex-dividend date is Tuesday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.68%. McKesson Corp.’s dividend payout ratio (DPR) is presently 11.64%.
Several analysts have commented on the company. Deutsche Bank AG reaffirmed a “buy” rating on shares of McKesson Corp. in a research note on Monday, July 18th. Citigroup Inc. upped their price objective on McKesson Corp. from $215.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Morgan Stanley upped their price objective on McKesson Corp. from $199.00 to $211.00 and gave the company an “overweight” rating in a research note on Thursday, July 28th. Mizuho upped their price objective on McKesson Corp. from $174.00 to $197.00 and gave the company a “neutral” rating in a research note on Thursday, August 11th. Finally, JPMorgan Chase & Co. upped their price objective on McKesson Corp. from $210.00 to $221.00 and gave the company an “overweight” rating in a research note on Tuesday, August 9th. Nine analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $201.95.
In other news, Director Wayne A. Budd sold 2,309 shares of McKesson Corp. stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $179.70, for a total transaction of $414,927.30. Following the sale, the director now owns 723 shares of the company’s stock, valued at $129,923.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman John H. Hammergren sold 100,500 shares of McKesson Corp. stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $184.22, for a total value of $18,514,110.00. Following the sale, the chairman now directly owns 100,500 shares in the company, valued at approximately $18,514,110. The disclosure for this sale can be found here. Insiders own 1.15% of the company’s stock.
About McKesson Corp.
McKesson Corporation (McKesson) is a pharmaceutical distribution services and information technology company. The Company delivers an offering of pharmaceuticals and medical supplies. It operates through two segments: McKesson Distribution Solutions and McKesson Technology Solutions. The Distribution Solutions segment distributes branded and generic pharmaceutical drugs and other healthcare-related products around the world and provides practice management, technology, clinical support and business solutions to community-based oncology and other specialty practices.
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