McKesson Corp. (MCK) Stake Reduced by Smith Asset Management Group LP
Smith Asset Management Group LP lowered its stake in McKesson Corp. (NYSE:MCK) by 1.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 137,559 shares of the company’s stock after selling 1,928 shares during the period. Smith Asset Management Group LP’s holdings in McKesson Corp. were worth $25,675,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Seven Eight Capital LLC bought a new stake in shares of McKesson Corp. during the first quarter valued at about $110,000. Kelman Lazarov Inc. bought a new stake in shares of McKesson Corp. during the second quarter valued at about $115,000. Baker Ellis Asset Management LLC increased its stake in shares of McKesson Corp. by 15.7% in the first quarter. Baker Ellis Asset Management LLC now owns 735 shares of the company’s stock valued at $116,000 after buying an additional 100 shares in the last quarter. Winslow Evans & Crocker Inc. increased its stake in shares of McKesson Corp. by 14.1% in the second quarter. Winslow Evans & Crocker Inc. now owns 816 shares of the company’s stock valued at $152,000 after buying an additional 101 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its stake in shares of McKesson Corp. by 7.5% in the second quarter. State of Alaska Department of Revenue now owns 1,115 shares of the company’s stock valued at $208,000 after buying an additional 78 shares in the last quarter. 84.77% of the stock is owned by institutional investors.
Shares of McKesson Corp. (NYSE:MCK) traded up 0.97% during mid-day trading on Wednesday, reaching $166.40. 1,865,520 shares of the company’s stock traded hands. The company has a market cap of $37.56 billion, a P/E ratio of 17.28 and a beta of 0.95. The firm has a 50-day moving average of $185.20 and a 200 day moving average of $178.76. McKesson Corp. has a 12-month low of $148.29 and a 12-month high of $202.20.
McKesson Corp. (NYSE:MCK) last released its quarterly earnings data on Wednesday, July 27th. The company reported $3.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.33 by $0.17. McKesson Corp. had a net margin of 1.15% and a return on equity of 31.62%. The firm had revenue of $49.73 billion for the quarter, compared to the consensus estimate of $50.32 billion. During the same quarter in the prior year, the company posted $3.14 earnings per share. The business’s revenue was up 4.6% on a year-over-year basis. Equities analysts forecast that McKesson Corp. will post $13.63 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 1st will be paid a $0.28 dividend. The ex-dividend date is Tuesday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 0.67%. McKesson Corp.’s payout ratio is 11.64%.
Several equities research analysts have recently issued reports on the stock. Vetr raised shares of McKesson Corp. from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 16th. Bank of America Corp. reaffirmed a “neutral” rating and issued a $190.00 target price on shares of McKesson Corp. in a research report on Tuesday, June 7th. Deutsche Bank AG reaffirmed a “buy” rating on shares of McKesson Corp. in a research report on Monday, July 18th. FBR & Co reaffirmed a “buy” rating on shares of McKesson Corp. in a research report on Wednesday, June 22nd. Finally, Mizuho raised their target price on shares of McKesson Corp. from $174.00 to $197.00 and gave the company a “neutral” rating in a research report on Thursday, August 11th. Nine research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. McKesson Corp. has an average rating of “Buy” and an average price target of $201.95.
In other news, Chairman John H. Hammergren sold 100,500 shares of the company’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $180.77, for a total value of $18,167,385.00. Following the completion of the sale, the chairman now owns 100,500 shares in the company, valued at approximately $18,167,385. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James A. Beer sold 5,500 shares of the company’s stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $199.00, for a total transaction of $1,094,500.00. Following the completion of the sale, the chief financial officer now owns 12,412 shares of the company’s stock, valued at approximately $2,469,988. The disclosure for this sale can be found here. 1.15% of the stock is currently owned by insiders.
About McKesson Corp.
McKesson Corporation (McKesson) is a pharmaceutical distribution services and information technology company. The Company delivers an offering of pharmaceuticals and medical supplies. It operates through two segments: McKesson Distribution Solutions and McKesson Technology Solutions. The Distribution Solutions segment distributes branded and generic pharmaceutical drugs and other healthcare-related products around the world and provides practice management, technology, clinical support and business solutions to community-based oncology and other specialty practices.
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