Meeder Asset Management Inc. Decreases Stock Holdings in McKesson Co. (NYSE:MCK)

Meeder Asset Management Inc. lessened its position in McKesson Co. (NYSE:MCK) by 7.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,818 shares of the company’s stock after selling 309 shares during the period. Meeder Asset Management Inc.’s holdings in McKesson were worth $1,888,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of MCK. Legal & General Group Plc increased its holdings in McKesson by 2.9% during the 2nd quarter. Legal & General Group Plc now owns 1,297,620 shares of the company’s stock valued at $757,862,000 after purchasing an additional 36,583 shares during the period. Swedbank AB purchased a new position in shares of McKesson during the first quarter valued at approximately $669,326,000. Boston Partners raised its holdings in shares of McKesson by 4.1% during the first quarter. Boston Partners now owns 1,183,829 shares of the company’s stock valued at $635,763,000 after acquiring an additional 47,140 shares in the last quarter. AQR Capital Management LLC lifted its stake in McKesson by 7.9% in the second quarter. AQR Capital Management LLC now owns 857,611 shares of the company’s stock worth $500,879,000 after acquiring an additional 62,875 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in McKesson by 1,020.2% in the third quarter. International Assets Investment Management LLC now owns 806,878 shares of the company’s stock valued at $398,937,000 after acquiring an additional 734,849 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of McKesson stock opened at $615.61 on Tuesday. The company has a 50-day simple moving average of $522.14 and a two-hundred day simple moving average of $555.17. McKesson Co. has a 52-week low of $431.35 and a 52-week high of $637.51. The stock has a market capitalization of $78.15 billion, a PE ratio of 31.88, a price-to-earnings-growth ratio of 1.31 and a beta of 0.44.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.88 by $0.19. The business had revenue of $93.65 billion for the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The firm’s quarterly revenue was up 21.3% on a year-over-year basis. During the same period in the prior year, the firm posted $6.23 EPS. As a group, equities research analysts forecast that McKesson Co. will post 32.81 EPS for the current fiscal year.

McKesson Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at $44,094,604.60. The trade was a 4.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.11% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MCK shares. Mizuho raised their target price on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Wells Fargo & Company lowered their price objective on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. Evercore ISI upped their target price on McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Baird R W upgraded McKesson from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Finally, Robert W. Baird raised McKesson from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $531.00 to $688.00 in a research note on Thursday, November 7th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $631.57.

About McKesson

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.