Tocqueville Asset Management L.P. Grows Position in McKesson Co. (MCK)
Tocqueville Asset Management L.P. increased its holdings in shares of McKesson Co. (NYSE:MCK) by 11.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,809 shares of the company’s stock after acquiring an additional 4,799 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in McKesson were worth $6,111,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. James Hambro & Partners increased its stake in shares of McKesson by 141.6% in the second quarter. James Hambro & Partners now owns 877 shares of the company’s stock valued at $117,000 after purchasing an additional 514 shares during the period. Mount Yale Investment Advisors LLC acquired a new stake in shares of McKesson in the first quarter valued at approximately $138,000. Archford Capital Strategies LLC acquired a new stake in shares of McKesson in the first quarter valued at approximately $142,000. Cerebellum GP LLC acquired a new stake in shares of McKesson in the second quarter valued at approximately $174,000. Finally, Squar Milner Financial Services LLC acquired a new stake in shares of McKesson in the second quarter valued at approximately $179,000. Hedge funds and other institutional investors own 88.58% of the company’s stock.
McKesson stock opened at $129.74 on Friday. The company has a quick ratio of 0.57, a current ratio of 1.00 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $25.92 billion, a PE ratio of 9.92, a P/E/G ratio of 1.39 and a beta of 1.25. McKesson Co. has a 12-month low of $122.49 and a 12-month high of $178.86.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Tuesday, September 4th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, August 31st. This is a boost from McKesson’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.20%. McKesson’s dividend payout ratio (DPR) is 12.36%.
Several equities research analysts have commented on MCK shares. Royal Bank of Canada dropped their price target on shares of McKesson to $158.00 and set a “market perform” rating on the stock in a research note on Friday, June 29th. Mizuho restated a “hold” rating and issued a $133.00 price target on shares of McKesson in a research note on Sunday, August 12th. Morgan Stanley dropped their price target on shares of McKesson from $175.00 to $142.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 3rd. ValuEngine lowered shares of McKesson from a “hold” rating to a “sell” rating in a research note on Tuesday, May 22nd. Finally, Jefferies Financial Group restated a “buy” rating and issued a $160.00 price target on shares of McKesson in a research note on Friday, July 27th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. McKesson presently has an average rating of “Hold” and an average price target of $154.30.
In other news, Director N Anthony Coles sold 1,350 shares of the stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $128.69, for a total value of $173,731.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.87% of the company’s stock.
McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. It operates in three segments: U.S. Pharmaceutical and Specialty Solutions, European Pharmaceutical Solutions, and Medical-Surgical Solutions. The company distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs, as well as other healthcare-related products; and offers practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices.
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