Bornite Capital Management LP Has $21.47 Million Holdings in McKesson Co. (NYSE:MCK)

Bornite Capital Management LP cut its holdings in shares of McKesson Co. (NYSE:MCK) by 46.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,000 shares of the company’s stock after selling 35,000 shares during the quarter. McKesson comprises 3.6% of Bornite Capital Management LP’s investment portfolio, making the stock its 9th largest holding. Bornite Capital Management LP’s holdings in McKesson were worth $21,474,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Intrust Bank NA bought a new stake in McKesson in the fourth quarter valued at $206,000. Allspring Global Investments Holdings LLC lifted its stake in McKesson by 6.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock valued at $39,714,000 after buying an additional 5,425 shares during the period. Heritage Wealth Management LLC acquired a new position in McKesson in the fourth quarter valued at about $1,538,000. Councilmark Asset Management LLC acquired a new position in McKesson in the first quarter valued at about $5,160,000. Finally, Atlantic Edge Private Wealth Management LLC acquired a new stake in shares of McKesson during the fourth quarter worth about $2,487,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Stock Up 1.1 %

Shares of NYSE MCK traded up $6.55 during trading on Monday, reaching $606.71. The company had a trading volume of 666,165 shares, compared to its average volume of 700,617. The company’s fifty day moving average price is $583.58 and its 200-day moving average price is $543.72. McKesson Co. has a 12 month low of $395.30 and a 12 month high of $612.17. The stock has a market cap of $78.84 billion, a P/E ratio of 27.11, a PEG ratio of 1.40 and a beta of 0.45.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). The business had revenue of $76.36 billion during the quarter, compared to analyst estimates of $79.32 billion. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $7.19 earnings per share. As a group, equities analysts predict that McKesson Co. will post 31.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Wells Fargo & Company raised their price target on McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 9th. StockNews.com upgraded McKesson from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 23rd. Argus raised their price target on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Bank of America raised their price objective on McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. Finally, Citigroup lifted their price target on McKesson from $620.00 to $670.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $599.33.

Insider Activity

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the completion of the sale, the chief executive officer now directly owns 89,845 shares of the company’s stock, valued at approximately $51,607,866.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total value of $2,155,760.73. Following the completion of the transaction, the chief executive officer now directly owns 89,845 shares in the company, valued at $51,607,866.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Thomas L. Rodgers sold 789 shares of McKesson stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $557.40, for a total value of $439,788.60. Following the sale, the executive vice president now directly owns 7,909 shares of the company’s stock, valued at approximately $4,408,476.60. The disclosure for this sale can be found here. Insiders have sold 29,567 shares of company stock valued at $16,691,841 in the last ninety days. 0.11% of the stock is owned by company insiders.

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.