Empowered Funds LLC Boosts Stock Position in McKesson Co. (NYSE:MCK)

Empowered Funds LLC increased its stake in shares of McKesson Co. (NYSE:MCK) by 166.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 35,745 shares of the company’s stock after buying an additional 22,342 shares during the quarter. Empowered Funds LLC’s holdings in McKesson were worth $17,673,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in MCK. Headlands Technologies LLC bought a new position in shares of McKesson during the 1st quarter worth $67,000. Kingsview Wealth Management LLC boosted its position in shares of McKesson by 78.9% in the first quarter. Kingsview Wealth Management LLC now owns 1,526 shares of the company’s stock valued at $819,000 after acquiring an additional 673 shares during the period. HBK Sorce Advisory LLC grew its stake in McKesson by 3.0% during the first quarter. HBK Sorce Advisory LLC now owns 1,268 shares of the company’s stock valued at $681,000 after acquiring an additional 37 shares in the last quarter. Councilmark Asset Management LLC purchased a new stake in McKesson in the 1st quarter worth approximately $5,160,000. Finally, JPMorgan Chase & Co. boosted its holdings in McKesson by 1.1% in the 1st quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock valued at $2,342,190,000 after purchasing an additional 46,659 shares during the period. Institutional investors own 85.07% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MCK. Robert W. Baird upgraded McKesson from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $531.00 to $688.00 in a research report on Thursday, November 7th. Baird R W raised McKesson from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Mizuho raised their target price on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Wells Fargo & Company decreased their price target on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. Finally, StockNews.com raised shares of McKesson from a “hold” rating to a “buy” rating in a report on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $631.57.

McKesson Stock Up 0.4 %

NYSE MCK opened at $612.38 on Friday. The stock’s 50 day moving average is $516.06 and its 200 day moving average is $553.41. McKesson Co. has a twelve month low of $431.35 and a twelve month high of $637.51. The firm has a market capitalization of $77.74 billion, a PE ratio of 31.59, a P/E/G ratio of 1.35 and a beta of 0.44.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, topping analysts’ consensus estimates of $6.88 by $0.19. The company had revenue of $93.65 billion for the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The firm’s revenue was up 21.3% compared to the same quarter last year. During the same quarter last year, the business earned $6.23 EPS. On average, research analysts anticipate that McKesson Co. will post 32.81 earnings per share for the current year.

McKesson Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a $0.71 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.46%. McKesson’s payout ratio is 14.71%.

Insider Transactions at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. The trade was a 4.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.11% of the company’s stock.

McKesson Company 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.