McKesson Corp. (MCK) Stake Cut by Deltec Asset Management LLC
Deltec Asset Management LLC reduced its position in McKesson Corp. (NYSE:MCK) by 11.1% during the second quarter, Holdings Channel reports. The firm 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.
A number of other hedge funds also recently added to or reduced their stakes in MCK. Scharf Investments LLC raised its position in McKesson Corp. by 11,803.7% in the first quarter. Scharf Investments LLC now owns 1,190,016 shares of the company’s stock worth $187,130,000 after buying an additional 1,180,019 shares in the last quarter. Wellington Management Group LLP raised its position in McKesson Corp. by 9.3% in the first quarter. Wellington Management Group LLP now owns 11,312,022 shares of the company’s stock worth $1,778,816,000 after buying an additional 961,630 shares in the last quarter. Cornerstone Investment Partners LLC raised its position in McKesson Corp. by 2,769.9% in the second quarter. Cornerstone Investment Partners LLC now owns 457,779 shares of the company’s stock worth $85,444,000 after buying an additional 441,828 shares in the last quarter. Orbis Allan Gray Ltd acquired a new position in McKesson Corp. during the first quarter worth about $63,790,000. Finally, Prudential Financial Inc. raised its position in McKesson Corp. by 45.3% in the first quarter. Prudential Financial Inc. now owns 973,341 shares of the company’s stock worth $153,057,000 after buying an additional 303,530 shares in the last quarter. Institutional investors own 84.77% of the company’s stock.
Shares of McKesson Corp. (NYSE:MCK) traded up 0.97% on Wednesday, hitting $166.40. 1,865,520 shares of the stock traded hands. McKesson Corp. has a 12 month low of $148.29 and a 12 month high of $202.20. The firm’s 50 day moving average is $185.20 and its 200-day moving average is $178.76. The company has a market cap of $37.56 billion, a PE ratio of 17.28 and a beta of 0.95.
McKesson Corp. (NYSE:MCK) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $3.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.33 by $0.17. McKesson Corp. had a return on equity of 31.62% and a net margin of 1.15%. The firm 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 quarterly revenue was up 4.6% on a year-over-year basis. Equities analysts predict that McKesson Corp. will post $13.63 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 1st will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Tuesday, August 30th. McKesson Corp.’s payout ratio is 11.64%.
A number of equities analysts have issued reports on the stock. Deutsche Bank AG reissued a “buy” rating on shares of McKesson Corp. in a research report on Monday, July 18th. Citigroup Inc. raised their price target on shares of McKesson Corp. from $215.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Morgan Stanley raised their price target on shares of McKesson Corp. from $199.00 to $211.00 and gave the stock an “overweight” rating in a research report on Thursday, July 28th. Mizuho raised their price target on shares of McKesson Corp. from $174.00 to $197.00 and gave the stock a “neutral” rating in a research report on Thursday, August 11th. Finally, JPMorgan Chase & Co. raised their price target on shares of McKesson Corp. from $210.00 to $221.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 9th. Nine research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $201.95.
In other news, Director Wayne A. Budd sold 2,309 shares of McKesson Corp. stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $179.70, for a total value of $414,927.30. Following the transaction, the director now directly owns 723 shares of the company’s stock, valued at approximately $129,923.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James A. Beer sold 5,500 shares of McKesson Corp. stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $199.00, for a total value of $1,094,500.00. Following the completion of the transaction, the chief financial officer now directly owns 12,412 shares in the company, valued at $2,469,988. The disclosure for this sale can be found here. 1.15% of the stock is owned by company 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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