Cohen Capital Management Inc. Increases Stake in McKesson Corp. (MCK)
Cohen Capital Management Inc. raised its stake in McKesson Corp. (NYSE:MCK) by 62.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,880 shares of the company’s stock after buying an additional 14,630 shares during the period. McKesson Corp. makes up 1.8% of Cohen Capital Management Inc.’s investment portfolio, making the stock its 20th largest position. Cohen Capital Management Inc.’s holdings in McKesson Corp. were worth $6,316,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in MCK. Kelman Lazarov Inc. acquired a new stake in McKesson Corp. during the second quarter valued at $115,000. Welch Group LLC acquired a new stake in McKesson Corp. during the second quarter valued at $126,000. Seven Eight Capital LLC acquired a new stake in McKesson Corp. during the first quarter valued at $110,000. Winslow Evans & Crocker Inc. raised its stake in 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 during the period. Finally, Carroll Financial Associates Inc. raised its stake in McKesson Corp. by 5.7% in the third quarter. Carroll Financial Associates Inc. now owns 928 shares of the company’s stock valued at $154,000 after buying an additional 50 shares during the period. Hedge funds and other institutional investors own 86.25% of the company’s stock.
McKesson Corp. (NYSE:MCK) traded down 0.96% during midday trading on Tuesday, reaching $141.46. 1,384,737 shares of the company’s stock were exchanged. McKesson Corp. has a 1-year low of $114.53 and a 1-year high of $202.20. The stock has a market cap of $31.98 billion, a P/E ratio of 16.96 and a beta of 1.02. The firm’s 50-day moving average is $147.23 and its 200 day moving average is $174.41.
McKesson Corp. (NYSE:MCK) last posted its quarterly earnings results on Thursday, October 27th. The company reported $2.94 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.05 by $0.11. The business had revenue of $49.96 billion for the quarter, compared to the consensus estimate of $24.16 billion. McKesson Corp. had a return on equity of 29.85% and a net margin of 0.99%. The company’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period last year, the firm earned $3.31 earnings per share. Equities analysts anticipate that McKesson Corp. will post $12.53 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 2nd. Investors of record on Thursday, December 1st will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date of this dividend is Tuesday, November 29th. McKesson Corp.’s dividend payout ratio (DPR) is 13.45%.
Several research firms recently weighed in on MCK. TheStreet lowered shares of McKesson Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, November 3rd. Mizuho raised their price target on shares of McKesson Corp. from $174.00 to $197.00 and gave the company a “neutral” rating in a research note on Thursday, August 11th. JPMorgan Chase & Co. raised their price target on shares of McKesson Corp. from $210.00 to $221.00 and gave the company an “overweight” rating in a research note on Tuesday, August 9th. Deutsche Bank AG lowered shares of McKesson Corp. from a “buy” rating to a “hold” rating and dropped their price target for the company from $196.00 to $153.00 in a research note on Friday, October 28th. Finally, Zacks Investment Research lowered shares of McKesson Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. Two analysts have rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $189.50.
In related news, Chairman John H. Hammergren sold 100,500 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $180.77, for a total transaction of $18,167,385.00. Following the completion of the sale, the chairman now directly owns 100,500 shares of the company’s stock, valued at $18,167,385. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Wayne A. Budd sold 2,309 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $179.70, for a total transaction of $414,927.30. Following the sale, the director now directly owns 723 shares of the company’s stock, valued at $129,923.10. The disclosure for this sale can be found here. Corporate insiders own 1.15% of the company’s stock.
McKesson Corp. Company 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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