OVERSEA CHINESE BANKING Corp Ltd Boosts Stock Position in McKesson Corporation $MCK

OVERSEA CHINESE BANKING Corp Ltd grew its stake in McKesson Corporation (NYSE:MCK) by 77.0% in the second quarter, Holdings Channel.com reports. The firm owned 786 shares of the company’s stock after acquiring an additional 342 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in McKesson were worth $576,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Nuveen LLC purchased a new position in McKesson during the first quarter worth about $475,235,000. Wellington Management Group LLP raised its stake in McKesson by 4,559.6% during the first quarter. Wellington Management Group LLP now owns 427,703 shares of the company’s stock worth $287,840,000 after purchasing an additional 418,524 shares during the period. Boston Partners raised its stake in McKesson by 33.3% during the first quarter. Boston Partners now owns 1,461,785 shares of the company’s stock worth $984,927,000 after purchasing an additional 365,484 shares during the period. Voya Investment Management LLC raised its stake in McKesson by 92.3% during the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock worth $437,760,000 after purchasing an additional 312,473 shares during the period. Finally, 1832 Asset Management L.P. acquired a new position in McKesson in the first quarter valued at approximately $140,742,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on MCK shares. Leerink Partners upped their price objective on McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. UBS Group upped their price objective on McKesson from $860.00 to $920.00 and gave the company a “buy” rating in a report on Monday. Weiss Ratings reiterated a “buy (b)” rating on shares of McKesson in a report on Wednesday, October 8th. TD Cowen upped their price objective on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Finally, Morgan Stanley upped their price objective on McKesson from $810.00 to $857.00 and gave the company an “overweight” rating in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and a consensus price target of $839.15.

McKesson Stock Up 1.2%

NYSE:MCK opened at $811.69 on Tuesday. The stock’s fifty day moving average is $731.79 and its two-hundred day moving average is $715.51. McKesson Corporation has a 52 week low of $492.39 and a 52 week high of $811.86. The stock has a market capitalization of $100.96 billion, a price-to-earnings ratio of 32.36, a price-to-earnings-growth ratio of 1.44 and a beta of 0.52.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.33 by ($0.07). The company had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm’s revenue was up 23.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $7.88 earnings per share. On average, sell-side analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were paid a $0.82 dividend. The ex-dividend date was Tuesday, September 2nd. This is an increase from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. McKesson’s payout ratio is 13.08%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,189 shares of company stock worth $16,722,190. 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.