Sterling Capital Management LLC grew its position in shares of McKesson Corporation (NYSE:MCK) by 2,499.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 355,560 shares of the company’s stock after purchasing an additional 341,880 shares during the quarter. Sterling Capital Management LLC owned approximately 0.17% of McKesson Corporation worth $58,504,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. Family Firm Inc. boosted its stake in shares of McKesson Corporation by 0.3% during the second quarter. Family Firm Inc. now owns 1,922 shares of the company’s stock valued at $316,000 after purchasing an additional 5 shares in the last quarter. Cypress Capital Group boosted its stake in shares of McKesson Corporation by 0.3% during the second quarter. Cypress Capital Group now owns 3,588 shares of the company’s stock valued at $590,000 after purchasing an additional 10 shares in the last quarter. Tompkins Financial Corp boosted its stake in shares of McKesson Corporation by 2.3% during the second quarter. Tompkins Financial Corp now owns 785 shares of the company’s stock valued at $129,000 after purchasing an additional 18 shares in the last quarter. First Financial Bank Trust Division boosted its stake in shares of McKesson Corporation by 1.3% during the second quarter. First Financial Bank Trust Division now owns 1,811 shares of the company’s stock valued at $298,000 after purchasing an additional 23 shares in the last quarter. Finally, LBA Wealth Management LLC boosted its stake in shares of McKesson Corporation by 0.4% during the first quarter. LBA Wealth Management LLC now owns 6,429 shares of the company’s stock valued at $953,000 after purchasing an additional 25 shares in the last quarter. 85.19% of the stock is currently owned by hedge funds and other institutional investors.
MCK has been the topic of a number of recent research reports. TheStreet lowered McKesson Corporation from a “b” rating to a “c+” rating in a research note on Friday, August 25th. Morgan Stanley lowered McKesson Corporation from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $184.00 to $172.00 in a research note on Thursday, September 14th. Needham & Company LLC raised McKesson Corporation from a “hold” rating to a “buy” rating and set a $179.00 price target on the stock in a research note on Friday, September 8th. Vetr raised McKesson Corporation from a “buy” rating to a “strong-buy” rating and set a $181.27 price target on the stock in a research note on Monday, June 19th. Finally, Leerink Swann lifted their price target on McKesson Corporation to $170.00 and gave the company a “market perform” rating in a research note on Thursday, June 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company. McKesson Corporation currently has an average rating of “Hold” and an average price target of $172.45.
Shares of McKesson Corporation (NYSE:MCK) traded up 0.870% during midday trading on Thursday, reaching $151.245. The company’s stock had a trading volume of 356,748 shares. The company’s 50-day moving average price is $151.76 and its 200 day moving average price is $153.58. McKesson Corporation has a 12-month low of $114.53 and a 12-month high of $169.29. The company has a market capitalization of $31.80 billion, a P/E ratio of 6.862 and a beta of 1.17.
McKesson Corporation (NYSE:MCK) last released its quarterly earnings results on Thursday, July 27th. The company reported $2.46 EPS for the quarter, missing analysts’ consensus estimates of $2.81 by ($0.35). The business had revenue of $51.05 billion for the quarter, compared to the consensus estimate of $51.22 billion. McKesson Corporation had a net margin of 2.42% and a return on equity of 25.76%. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the company earned $3.50 EPS. On average, equities research analysts forecast that McKesson Corporation will post $12.07 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 1st were given a dividend of $0.34 per share. This is a positive change from McKesson Corporation’s previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, August 30th. This represents a $1.36 dividend on an annualized basis and a yield of 0.91%. McKesson Corporation’s dividend payout ratio is presently 6.07%.
In other McKesson Corporation news, CEO John H. Hammergren sold 99,000 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $153.89, for a total transaction of $15,235,110.00. Following the completion of the transaction, the chief executive officer now owns 165,000 shares of the company’s stock, valued at approximately $25,391,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Marie L/Ca Knowles sold 1,083 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $162.55, for a total value of $176,041.65. The disclosure for this sale can be found here. Insiders have sold a total of 952,066 shares of company stock valued at $145,736,987 in the last ninety days. 1.20% of the stock is currently owned by corporate insiders.
McKesson Corporation Profile
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.
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