PNC Financial Services Group Inc. Grows Position in McKesson Corporation $MCK

PNC Financial Services Group Inc. raised its stake in McKesson Corporation (NYSE:MCK) by 83.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 194,904 shares of the company’s stock after purchasing an additional 88,874 shares during the period. PNC Financial Services Group Inc. owned 0.16% of McKesson worth $142,821,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MCK. Wealth Alliance LLC raised its stake in McKesson by 2.7% during the 2nd quarter. Wealth Alliance LLC now owns 653 shares of the company’s stock worth $479,000 after acquiring an additional 17 shares in the last quarter. M&G PLC increased its position in shares of McKesson by 14.3% during the second quarter. M&G PLC now owns 37,347 shares of the company’s stock worth $27,375,000 after purchasing an additional 4,684 shares in the last quarter. Forsta AP Fonden lifted its holdings in shares of McKesson by 6.5% in the 2nd quarter. Forsta AP Fonden now owns 42,847 shares of the company’s stock valued at $31,397,000 after purchasing an additional 2,600 shares during the last quarter. National Pension Service boosted its position in shares of McKesson by 16.6% in the 2nd quarter. National Pension Service now owns 376,778 shares of the company’s stock valued at $276,095,000 after purchasing an additional 53,577 shares during the period. Finally, Advyzon Investment Management LLC acquired a new stake in shares of McKesson in the 2nd quarter valued at about $427,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MCK. Leerink Partners raised their target price on shares of McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 24th. Jefferies Financial Group raised their target price on McKesson from $820.00 to $900.00 and gave the company a “buy” rating in a report on Monday, October 13th. Wall Street Zen downgraded shares of McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Bank of America lifted their price target on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $1,000.00 target price on shares of McKesson in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $887.69.

McKesson Trading Down 1.8%

NYSE:MCK opened at $841.01 on Thursday. McKesson Corporation has a twelve month low of $558.13 and a twelve month high of $867.63. The firm has a market capitalization of $103.80 billion, a price-to-earnings ratio of 33.53, a PEG ratio of 1.46 and a beta of 0.51. The firm’s fifty day simple moving average is $767.30 and its 200 day simple moving average is $727.61.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.84 by $1.02. The company had revenue of $103.15 billion for the quarter, compared to analyst estimates of $103.80 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $7.07 earnings per share. On average, analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be paid a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, December 1st. McKesson’s dividend payout ratio is 10.21%.

Insider Activity

In other news, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the transaction, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $861.63, for a total value of $283,476.27. Following the completion of the transaction, the chief accounting officer owned 328 shares of the company’s stock, valued at approximately $282,614.64. The trade was a 50.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 24,189 shares of company stock worth $16,787,319 in the last ninety days. Corporate insiders own 0.08% of the company’s stock.

McKesson Profile

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.