McKesson Corporation (NYSE:MCK) Stake Increased by Eqis Capital Management Inc.
Eqis Capital Management Inc. boosted its stake in McKesson Corporation (NYSE:MCK) by 2.7% during the second quarter, Holdings Channel reports. The fund owned 6,479 shares of the company’s stock after buying an additional 168 shares during the period. Eqis Capital Management Inc.’s holdings in McKesson Corporation were worth $1,066,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. American Beacon Advisors Inc. purchased a new stake in McKesson Corporation during the first quarter valued at about $100,000. Orrstown Financial Services Inc. raised its stake in McKesson Corporation by 16.3% in the first quarter. Orrstown Financial Services Inc. now owns 715 shares of the company’s stock valued at $106,000 after buying an additional 100 shares during the last quarter. Archford Capital Strategies LLC raised its stake in McKesson Corporation by 52.8% in the first quarter. Archford Capital Strategies LLC now owns 776 shares of the company’s stock valued at $115,000 after buying an additional 268 shares during the last quarter. WFG Advisors LP raised its stake in McKesson Corporation by 123.5% in the first quarter. WFG Advisors LP now owns 818 shares of the company’s stock valued at $121,000 after buying an additional 452 shares during the last quarter. Finally, Tompkins Financial Corp raised its stake in McKesson Corporation by 2.3% in the second quarter. Tompkins Financial Corp now owns 785 shares of the company’s stock valued at $129,000 after buying an additional 18 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.
McKesson Corporation (NYSE MCK) traded up 1.14% during midday trading on Tuesday, reaching $157.45. 558,319 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $164.64 and its 200-day moving average price is $151.68. McKesson Corporation has a one year low of $114.53 and a one year high of $197.08. The stock has a market cap of $33.11 billion, a PE ratio of 7.14 and a beta of 1.13.
McKesson Corporation (NYSE:MCK) last released its quarterly earnings results on Thursday, July 27th. The company reported $2.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.81 by $0.35. The firm had revenue of $51.05 billion for the quarter, compared to the consensus estimate of $51.22 billion. McKesson Corporation had a net margin of 2.42% and a return on equity of 25.76%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.50 earnings per share. Equities analysts predict that McKesson Corporation will post $12.09 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 1st will be paid a dividend of $0.34 per share. This is an increase from McKesson Corporation’s previous quarterly dividend of $0.28. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date is Wednesday, August 30th. McKesson Corporation’s payout ratio is currently 5.00%.
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MCK has been the subject of several recent analyst reports. TheStreet upgraded shares of McKesson Corporation from a “c+” rating to a “b” rating in a research note on Thursday, May 25th. Vetr lowered shares of McKesson Corporation from a “strong-buy” rating to a “buy” rating and set a $157.86 target price for the company. in a research note on Tuesday, April 11th. Barclays PLC set a $187.00 target price on shares of McKesson Corporation and gave the stock a “buy” rating in a research note on Sunday, June 4th. Zacks Investment Research upgraded shares of McKesson Corporation from a “hold” rating to a “buy” rating and set a $184.00 target price for the company in a research note on Wednesday, July 12th. Finally, Jefferies Group LLC upgraded shares of McKesson Corporation from a “hold” rating to a “buy” rating and set a $153.00 target price for the company in a research note on Thursday, July 27th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $171.21.
In related news, Chairman John H. Hammergren sold 19,316 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $162.31, for a total value of $3,135,179.96. Following the transaction, the chairman now directly owns 96,644 shares of the company’s stock, valued at approximately $15,686,287.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Marie L/Ca Knowles sold 1,083 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $162.55, for a total value of $176,041.65. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,231 shares of company stock valued at $9,830,297. Corporate insiders own 1.20% of the company’s stock.
McKesson Corporation Company Profile
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.
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