Transcend Capital Advisors LLC purchased a new stake in McKesson Co. (NYSE:MCK – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 920 shares of the company’s stock, valued at approximately $537,000.
Other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in shares of McKesson by 1.1% during the 1st quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock worth $2,342,190,000 after buying an additional 46,659 shares during the period. Norges Bank acquired a new position in shares of McKesson during the 4th quarter worth approximately $1,024,140,000. Putnam Investments LLC raised its stake in shares of McKesson by 3.2% during the 4th quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock worth $925,017,000 after buying an additional 62,242 shares during the period. Swedbank AB acquired a new position in shares of McKesson during the 1st quarter worth approximately $669,326,000. Finally, Boston Partners raised its stake in shares of McKesson by 4.1% during the 1st quarter. Boston Partners now owns 1,183,829 shares of the company’s stock worth $635,763,000 after buying an additional 47,140 shares during the period. 85.07% of the stock is owned by institutional investors and hedge funds.
McKesson Stock Performance
Shares of NYSE MCK traded up $1.29 during mid-day trading on Friday, reaching $630.38. 881,722 shares of the company’s stock were exchanged, compared to its average volume of 666,040. The firm has a market capitalization of $81.91 billion, a price-to-earnings ratio of 28.17, a PEG ratio of 1.46 and a beta of 0.45. McKesson Co. has a 52-week low of $404.72 and a 52-week high of $637.51. The company’s 50-day moving average is $588.74 and its 200-day moving average is $547.10.
McKesson Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be paid a dividend of $0.71 per share. This is a positive change from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. This represents a $2.84 annualized dividend and a yield of 0.45%. McKesson’s dividend payout ratio is presently 11.08%.
Wall Street Analyst Weigh In
Several analysts recently commented on the company. Morgan Stanley boosted their price target on McKesson from $522.00 to $548.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Argus boosted their price target on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Wells Fargo & Company boosted their price target on McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 9th. Barclays boosted their price target on McKesson from $571.00 to $596.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Finally, StockNews.com upgraded McKesson from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and a consensus target price of $599.33.
Check Out Our Latest Stock Analysis on MCK
Insider Buying and Selling
In related news, Director Maria Martinez sold 483 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $585.88, for a total transaction of $282,980.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other McKesson news, Director Susan R. Salka sold 606 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $558.04, for a total value of $338,172.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Maria Martinez sold 483 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $585.88, for a total value of $282,980.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,567 shares of company stock valued at $16,691,841. Corporate insiders own 0.11% of the company’s stock.
About McKesson
McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.
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