McKesson Corp. (MCK) Stake Cut by Deltec Asset Management LLC
Deltec Asset Management LLC cut its stake in shares of McKesson Corp. (NYSE:MCK) by 11.1% during the second quarter, Holdings Channel reports. The institutional investor owned 4,000 shares of the company’s stock after selling 500 shares during the period. Deltec Asset Management LLC’s holdings in McKesson Corp. were worth $747,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Duncker Streett & Co. Inc. raised its position in McKesson Corp. by 67.8% in the first quarter. Duncker Streett & Co. Inc. now owns 6,683 shares of the company’s stock valued at $1,051,000 after buying an additional 2,700 shares in the last quarter. Quantitative Systematic Strategies LLC raised its position in McKesson Corp. by 437.7% in the first quarter. Quantitative Systematic Strategies LLC now owns 8,281 shares of the company’s stock valued at $1,306,000 after buying an additional 6,741 shares in the last quarter. OLD National Bancorp IN raised its position in McKesson Corp. by 4.0% in the first quarter. OLD National Bancorp IN now owns 54,884 shares of the company’s stock valued at $8,631,000 after buying an additional 2,122 shares in the last quarter. Cornerstone Investment Partners LLC purchased a new position in McKesson Corp. during the first quarter valued at $2,508,000. Finally, FirstMerit Bank N A Trustee raised its position in McKesson Corp. by 7.0% in the first quarter. FirstMerit Bank N A Trustee now owns 15,722 shares of the company’s stock valued at $2,472,000 after buying an additional 1,027 shares in the last quarter. 84.77% of the stock is currently owned by institutional investors and hedge funds.
McKesson Corp. (NYSE:MCK) traded up 0.97% on Wednesday, reaching $166.40. The company had a trading volume of 1,865,520 shares. The stock has a market cap of $37.56 billion, a price-to-earnings ratio of 17.28 and a beta of 0.95. McKesson Corp. has a one year low of $148.29 and a one year high of $202.20. The company has a 50-day moving average of $185.20 and a 200 day moving average of $178.76.
McKesson Corp. (NYSE:MCK) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $3.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.33 by $0.17. McKesson Corp. had a return on equity of 31.62% and a net margin of 1.15%. The business had revenue of $49.73 billion for the quarter, compared to analyst estimates of $50.32 billion. During the same period last year, the company earned $3.14 EPS. The firm’s revenue was up 4.6% on a year-over-year basis. On average, equities research analysts predict that McKesson Corp. will post $13.63 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 1st will be given a $0.28 dividend. The ex-dividend date is Tuesday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 0.67%. McKesson Corp.’s dividend payout ratio is currently 11.64%.
Several research firms have recently weighed in on MCK. Deutsche Bank AG reaffirmed a “buy” rating on shares of McKesson Corp. in a research note on Monday, July 18th. Citigroup Inc. raised their target price on McKesson Corp. from $215.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Morgan Stanley raised their target price on McKesson Corp. from $199.00 to $211.00 and gave the company an “overweight” rating in a report on Thursday, July 28th. Mizuho raised their target price on McKesson Corp. from $174.00 to $197.00 and gave the company a “neutral” rating in a report on Thursday, August 11th. Finally, JPMorgan Chase & Co. raised their target price on McKesson Corp. from $210.00 to $221.00 and gave the company an “overweight” rating in a report on Tuesday, August 9th. Nine research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. McKesson Corp. currently has an average rating of “Buy” and an average price target of $201.95.
In related news, CFO James A. Beer sold 5,500 shares of the firm’s stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $199.00, for a total transaction of $1,094,500.00. Following the sale, the chief financial officer now owns 12,412 shares of the company’s stock, valued at approximately $2,469,988. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Wayne A. Budd sold 2,309 shares of the firm’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $179.70, for a total value of $414,927.30. Following the sale, the director now directly owns 723 shares in the company, valued at approximately $129,923.10. The disclosure for this sale can be found here. 1.15% of the stock is owned by insiders.
McKesson Corp. Company Profile
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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