Pzena Investment Management LLC lifted its position in shares of McKesson Co. (NYSE:MCK) by 4.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,860,785 shares of the company’s stock after purchasing an additional 177,589 shares during the period. McKesson accounts for about 2.7% of Pzena Investment Management LLC’s holdings, making the stock its 7th biggest position. Pzena Investment Management LLC owned approximately 2.07% of McKesson worth $518,851,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Gradient Investments LLC raised its position in McKesson by 1,944.4% in the second quarter. Gradient Investments LLC now owns 184 shares of the company’s stock worth $25,000 after acquiring an additional 175 shares during the period. Mark Sheptoff Financial Planning LLC purchased a new position in McKesson during the first quarter valued at approximately $27,000. Smart Portfolios LLC purchased a new position in McKesson during the first quarter valued at approximately $35,000. Investors Research Corp purchased a new position in McKesson during the first quarter valued at approximately $36,000. Finally, Berman Capital Advisors LLC grew its stake in McKesson by 175.2% during the second quarter. Berman Capital Advisors LLC now owns 289 shares of the company’s stock valued at $37,000 after acquiring an additional 184 shares in the last quarter. 89.07% of the stock is currently owned by institutional investors.
NYSE MCK traded up $3.75 on Friday, reaching $145.02. 28,012 shares of the stock were exchanged, compared to its average volume of 1,570,241. McKesson Co. has a one year low of $106.11 and a one year high of $149.99. The firm has a market capitalization of $26.43 billion, a PE ratio of 10.69, a PEG ratio of 1.48 and a beta of 1.13. The company’s 50-day simple moving average is $140.51 and its two-hundred day simple moving average is $128.45. The company has a current ratio of 1.01, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be issued a $0.41 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.39. This represents a $1.64 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Friday, August 30th. McKesson’s payout ratio is presently 11.50%.
In related news, Director M Christine Jacobs sold 1,296 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $146.65, for a total value of $190,058.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Brian Scott Tyler sold 1,488 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $125.49, for a total value of $186,729.12. Following the completion of the sale, the chief executive officer now owns 12,192 shares in the company, valued at approximately $1,529,974.08. The disclosure for this sale can be found here. Insiders sold 4,704 shares of company stock valued at $625,131 over the last quarter. 0.88% of the stock is currently owned by corporate insiders.
A number of research firms have commented on MCK. TheStreet raised shares of McKesson from a “c” rating to a “b” rating in a research note on Wednesday, July 31st. Bank of America set a $160.00 price target on shares of McKesson and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Zacks Investment Research cut shares of McKesson from a “hold” rating to a “sell” rating in a research note on Thursday, May 2nd. Guggenheim began coverage on shares of McKesson in a research note on Monday, July 22nd. They issued a “neutral” rating and a $152.00 price target for the company. Finally, JPMorgan Chase & Co. began coverage on shares of McKesson in a research note on Monday, July 22nd. They issued an “overweight” rating and a $164.00 price target for the company. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $148.70.
McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. It operates in three segments: U.S. Pharmaceutical and Specialty Solutions, European Pharmaceutical Solutions, and Medical-Surgical Solutions. The company distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs, as well as other healthcare-related products; and offers practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices.
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