Wedge Capital Management L L P NC Reduces Position in McKesson Corporation $MCK

Wedge Capital Management L L P NC decreased its holdings in McKesson Corporation (NYSE:MCK) by 18.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 36,114 shares of the company’s stock after selling 7,948 shares during the quarter. Wedge Capital Management L L P NC’s holdings in McKesson were worth $27,900,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MCK. Vanguard Group Inc. grew its stake in shares of McKesson by 2.0% in the second quarter. Vanguard Group Inc. now owns 12,072,090 shares of the company’s stock worth $8,846,186,000 after acquiring an additional 232,286 shares during the period. Geode Capital Management LLC boosted its holdings in McKesson by 4.1% in the second quarter. Geode Capital Management LLC now owns 2,820,724 shares of the company’s stock worth $2,057,065,000 after purchasing an additional 112,224 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in McKesson by 150.4% in the second quarter. Alliancebernstein L.P. now owns 2,268,015 shares of the company’s stock worth $1,661,956,000 after purchasing an additional 1,362,386 shares during the last quarter. Norges Bank bought a new stake in McKesson in the 2nd quarter worth approximately $1,346,661,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in McKesson by 16.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,284,881 shares of the company’s stock valued at $864,712,000 after buying an additional 181,831 shares during the last quarter. Institutional investors own 85.07% of the company’s stock.

Insider Activity

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction 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 sale, the chief accounting officer directly owned 328 shares of the company’s stock, valued at $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.08% of the stock is currently owned by company insiders.

McKesson Stock Performance

NYSE:MCK opened at $819.92 on Friday. The stock has a 50-day simple moving average of $826.23 and a two-hundred day simple moving average of $751.74. McKesson Corporation has a 52-week low of $565.75 and a 52-week high of $895.58. The firm has a market capitalization of $101.20 billion, a PE ratio of 25.52, a P/E/G ratio of 1.35 and a beta of 0.38.

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

McKesson Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Evercore ISI reissued an “outperform” rating and set a $1,000.00 price target on shares of McKesson in a report on Thursday, November 6th. Mizuho upped their price objective on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research report on Wednesday, September 24th. Barclays initiated coverage on McKesson in a research report on Monday, December 8th. They issued an “overweight” rating and a $960.00 target price on the stock. Jefferies Financial Group boosted their price target on McKesson from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Monday, October 13th. Finally, Morgan Stanley upped their price target on shares of McKesson from $857.00 to $916.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $892.86.

About McKesson

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.