Kovitz Investment Group Partners LLC Increases Stake in McKesson Corporation (MCK)
Kovitz Investment Group Partners LLC boosted its stake in McKesson Corporation (NYSE:MCK) by 2.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 356,119 shares of the company’s stock after buying an additional 10,126 shares during the period. McKesson Corporation comprises 3.1% of Kovitz Investment Group Partners LLC’s investment portfolio, making the stock its 12th largest position. Kovitz Investment Group Partners LLC owned approximately 0.17% of McKesson Corporation worth $58,596,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the company. Clark Estates Inc. NY purchased a new stake in McKesson Corporation during the first quarter valued at approximately $3,113,000. Hexavest Inc. raised its stake in McKesson Corporation by 8.9% in the first quarter. Hexavest Inc. now owns 445,191 shares of the company’s stock valued at $66,004,000 after buying an additional 36,404 shares during the period. State of Alaska Department of Revenue raised its stake in McKesson Corporation by 107.4% in the first quarter. State of Alaska Department of Revenue now owns 2,649 shares of the company’s stock valued at $392,000 after buying an additional 1,372 shares during the period. Rockland Trust Co. raised its stake in McKesson Corporation by 184.7% in the first quarter. Rockland Trust Co. now owns 54,628 shares of the company’s stock valued at $8,099,000 after buying an additional 35,440 shares during the period. Finally, Boys Arnold & Co. Inc. raised its stake in McKesson Corporation by 5.3% in the first quarter. Boys Arnold & Co. Inc. now owns 3,622 shares of the company’s stock valued at $537,000 after buying an additional 183 shares during the period. Institutional investors own 86.58% of the company’s stock.
McKesson Corporation (MCK) opened at 146.83 on Friday. The company has a 50-day moving average price of $160.71 and a 200-day moving average price of $152.08. The firm has a market capitalization of $30.87 billion, a PE ratio of 6.66 and a beta of 1.13. McKesson Corporation has a 12-month low of $114.53 and a 12-month high of $194.77.
McKesson Corporation (NYSE:MCK) last released its earnings results on Thursday, July 27th. The company reported $2.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.81 by $0.35. The firm had revenue of $51.05 billion during the quarter, compared to analysts’ expectations of $51.22 billion. McKesson Corporation had a return on equity of 25.76% and a net margin of 2.42%. The firm’s revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $3.50 earnings per share. On average, analysts predict that McKesson Corporation will post $12.08 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 1st will be paid a $0.34 dividend. This is a boost from McKesson Corporation’s previous quarterly dividend of $0.28. This represents a $1.36 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend is Wednesday, August 30th. McKesson Corporation’s payout ratio is presently 5.00%.
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Several equities research analysts have commented on the company. UBS AG reiterated a “neutral” rating and set a $166.00 price objective (up from $156.00) on shares of McKesson Corporation in a research note on Monday, June 26th. Vetr lowered McKesson Corporation from a “strong-buy” rating to a “buy” rating and set a $187.51 price objective for the company. in a research note on Monday, July 17th. Leerink Swann boosted their price objective on McKesson Corporation to $170.00 and gave the stock a “market perform” rating in a research note on Thursday, June 29th. Barclays PLC set a $187.00 price objective on McKesson Corporation and gave the stock a “buy” rating in a research note on Sunday, June 4th. Finally, Zacks Investment Research upgraded McKesson Corporation from a “hold” rating to a “buy” rating and set a $184.00 price objective for the company in a research note on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $171.21.
In other McKesson Corporation news, SVP Erin M. Lampert sold 404 shares of McKesson Corporation stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $160.53, for a total value of $64,854.12. Following the completion of the sale, the senior vice president now directly owns 2,003 shares of the company’s stock, valued at approximately $321,541.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Marie L/Ca Knowles sold 1,083 shares of McKesson Corporation stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $162.55, for a total transaction of $176,041.65. The disclosure for this sale can be found here. Insiders sold a total of 60,231 shares of company stock valued at $9,830,297 over the last ninety days. 1.20% of the stock is owned by corporate insiders.
McKesson Corporation 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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