ING Groep NV Purchases New Position in McKesson Corp. (MCK)
ING Groep NV acquired a new position in shares of McKesson Corp. (NYSE:MCK) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 7,992 shares of the company’s stock, valued at approximately $1,491,000.
Other large investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake 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 during the last quarter. Geode Capital Management LLC boosted its position in McKesson Corp. by 1.6% in the first quarter. Geode Capital Management LLC now owns 1,897,745 shares of the company’s stock worth $297,829,000 after buying an additional 29,337 shares during the period. Scharf Investments LLC boosted 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 during the period. Legal & General Group Plc boosted its position in McKesson Corp. by 2.8% in the first quarter. Legal & General Group Plc now owns 1,124,131 shares of the company’s stock worth $176,779,000 after buying an additional 30,231 shares during the period. Finally, Franklin Resources Inc. boosted its position in McKesson Corp. by 5.9% in the first quarter. Franklin Resources Inc. now owns 1,095,920 shares of the company’s stock worth $172,334,000 after buying an additional 61,297 shares during the period. 84.77% of the stock is currently owned by institutional investors.
Shares of McKesson Corp. (NYSE:MCK) traded down 0.56% during trading on Thursday, hitting $164.75. 1,677,187 shares of the stock traded hands. McKesson Corp. has a 1-year low of $148.29 and a 1-year high of $202.20. The firm has a 50-day moving average of $175.93 and a 200-day moving average of $179.10. The firm has a market capitalization of $37.18 billion, a price-to-earnings ratio of 17.11 and a beta of 0.93.
McKesson Corp. (NYSE:MCK) last issued its earnings results on Wednesday, July 27th. The company reported $3.50 earnings per share for the quarter, beating analysts’ consensus estimates of $3.33 by $0.17. McKesson Corp. had a net margin of 1.15% and a return on equity of 31.62%. The firm had revenue of $49.73 billion for the quarter, compared to analyst estimates of $50.32 billion. During the same quarter last year, the business posted $3.14 earnings per share. The company’s quarterly revenue was up 4.6% on a year-over-year basis. On average, equities analysts forecast that McKesson Corp. will post $13.63 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 1st were given a $0.28 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 0.68%. McKesson Corp.’s dividend payout ratio is currently 11.64%.
A number of research analysts have recently issued reports on MCK shares. Zacks Investment Research cut shares of McKesson Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. Goldman Sachs Group Inc. cut shares of McKesson Corp. from a “buy” rating to a “neutral” rating and cut their target price for the company from $210.00 to $189.00 in a research note on Friday, September 16th. Morgan Stanley lifted their target price on shares of McKesson Corp. from $199.00 to $211.00 and gave the company an “overweight” rating in a research note on Thursday, July 28th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of McKesson Corp. in a research note on Thursday, June 30th. Finally, Bank of America Corp. started coverage on shares of McKesson Corp. in a research note on Wednesday, June 8th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $201.17.
In other McKesson Corp. news, SVP Erin M. Lampert sold 1,739 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $165.94, for a total value of $288,569.66. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO James A. Beer sold 5,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of $199.00, for a total transaction of $1,094,500.00. Following the completion of the sale, the chief financial officer now owns 12,412 shares in the company, valued at approximately $2,469,988. The disclosure for this sale can be found here. 1.15% of the stock is currently 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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