Sumitomo Mitsui Trust Group Inc. Buys 3,427 Shares of McKesson Corporation $MCK

Sumitomo Mitsui Trust Group Inc. increased its position in McKesson Corporation (NYSE:MCK) by 1.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 318,711 shares of the company’s stock after acquiring an additional 3,427 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.26% of McKesson worth $246,217,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of McKesson by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 12,072,090 shares of the company’s stock valued at $8,846,186,000 after purchasing an additional 232,286 shares during the period. Geode Capital Management LLC increased its stake in McKesson by 4.1% in the 2nd quarter. Geode Capital Management LLC now owns 2,820,724 shares of the company’s stock worth $2,057,065,000 after buying an additional 112,224 shares in the last quarter. Alliancebernstein L.P. raised its holdings in McKesson by 150.4% during the second quarter. Alliancebernstein L.P. now owns 2,268,015 shares of the company’s stock valued at $1,661,956,000 after acquiring an additional 1,362,386 shares during the period. Norges Bank purchased a new position in shares of McKesson in the second quarter valued at about $1,346,661,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of McKesson by 56.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,236,536 shares of the company’s stock worth $906,109,000 after acquiring an additional 446,060 shares during the period. 85.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MCK. Evercore ISI reissued an “outperform” rating and set a $1,000.00 target price on shares of McKesson in a research note on Thursday, November 6th. JPMorgan Chase & Co. lifted their price objective on shares of McKesson from $821.00 to $853.00 and gave the company an “overweight” rating in a research report on Friday, September 26th. Bank of America upped their target price on shares of McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. UBS Group raised their target price on shares of McKesson from $920.00 to $980.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Finally, Zacks Research downgraded shares of McKesson from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 25th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $892.86.

Insider Buying and Selling

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, November 7th. The stock was sold at an average price of $861.63, for a total transaction of $283,476.27. Following the completion of the sale, the chief accounting officer directly owned 328 shares in the company, valued at approximately $282,614.64. This trade represents a 50.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas L. Rodgers sold 276 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $816.18, for a total transaction of $225,265.68. Following the completion of the transaction, the executive vice president owned 2,268 shares in the company, valued at approximately $1,851,096.24. The trade was a 10.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.08% of the stock is currently owned by company insiders.

McKesson Stock Up 1.1%

NYSE MCK opened at $825.32 on Tuesday. The company has a fifty day moving average of $834.59 and a two-hundred day moving average of $763.69. The firm has a market capitalization of $101.87 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 1.34 and a beta of 0.41. McKesson Corporation has a 52 week low of $570.51 and a 52 week high of $895.58.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share for the quarter, beating the consensus estimate of $8.84 by $1.02. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%. The business had revenue of $103.15 billion for the quarter, compared to the consensus estimate of $103.80 billion. During the same quarter in the prior year, the firm posted $7.07 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 1st were issued a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, December 1st. McKesson’s dividend payout ratio is presently 10.21%.

McKesson Profile

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.