McKesson Corporation (MCK) Position Reduced by Principal Financial Group Inc.
Principal Financial Group Inc. decreased its position in McKesson Corporation (NYSE:MCK) by 5.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 404,452 shares of the company’s stock after selling 22,170 shares during the period. Principal Financial Group Inc. owned about 0.19% of McKesson Corporation worth $62,128,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. American Beacon Advisors Inc. acquired a new position in McKesson Corporation in the 1st quarter worth approximately $100,000. Captrust Financial Advisors acquired a new position in McKesson Corporation in the 2nd quarter worth approximately $107,000. Archford Capital Strategies LLC boosted its stake in McKesson Corporation by 52.8% in the 1st quarter. Archford Capital Strategies LLC now owns 776 shares of the company’s stock worth $115,000 after purchasing an additional 268 shares during the period. Orrstown Financial Services Inc. boosted its stake in McKesson Corporation by 6.0% in the 2nd quarter. Orrstown Financial Services Inc. now owns 758 shares of the company’s stock worth $124,000 after purchasing an additional 43 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new position in McKesson Corporation in the 2nd quarter worth approximately $125,000. 85.93% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on MCK shares. Royal Bank Of Canada started coverage on shares of McKesson Corporation in a research report on Tuesday, September 19th. They issued a “sector perform” rating and a $168.00 target price for the company. Jefferies Group LLC set a $165.00 target price on shares of McKesson Corporation and gave the stock a “hold” rating in a research report on Wednesday, October 18th. Cowen and Company upgraded shares of McKesson Corporation from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $176.00 to $189.00 in a research report on Tuesday, October 10th. Needham & Company LLC set a $179.00 target price on shares of McKesson Corporation and gave the stock a “buy” rating in a research report on Monday, October 16th. Finally, BidaskClub downgraded shares of McKesson Corporation from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 19th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $174.27.
McKesson Corporation (NYSE:MCK) opened at $138.05 on Tuesday. McKesson Corporation has a 12 month low of $133.82 and a 12 month high of $169.29. The company has a quick ratio of 0.61, a current ratio of 1.05 and a debt-to-equity ratio of 0.66. The stock has a market cap of $28,688.18, a price-to-earnings ratio of 11.32, a P/E/G ratio of 1.41 and a beta of 1.21.
McKesson Corporation (NYSE:MCK) last posted its earnings results on Thursday, October 26th. The company reported $3.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.78 by $0.50. McKesson Corporation had a net margin of 2.24% and a return on equity of 24.87%. The business had revenue of $52.06 billion for the quarter, compared to analyst estimates of $51.69 billion. During the same period last year, the business posted $2.94 EPS. McKesson Corporation’s revenue was up 4.2% compared to the same quarter last year. equities analysts anticipate that McKesson Corporation will post 12.16 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 1st will be paid a $0.34 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.36 dividend on an annualized basis and a yield of 0.99%. McKesson Corporation’s payout ratio is presently 6.45%.
In related news, CEO John H. Hammergren sold 99,000 shares of the firm’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $153.89, for a total value of $15,235,110.00. Following the transaction, the chief executive officer now directly owns 165,000 shares in the company, valued at approximately $25,391,850. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Erin M. Lampert sold 900 shares of the firm’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $155.65, for a total transaction of $140,085.00. The disclosure for this sale can be found here. Insiders sold a total of 950,983 shares of company stock worth $145,560,946 over the last quarter. 1.20% of the stock is currently owned by company insiders.
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About McKesson Corporation
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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