PGGM Investments Decreases Stock Holdings in McKesson Co. (NYSE:MCK)

PGGM Investments reduced its stake in shares of McKesson Co. (NYSE:MCK) by 0.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,991 shares of the company’s stock after selling 100 shares during the quarter. PGGM Investments’ holdings in McKesson were worth $23,356,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MCK. Norges Bank purchased a new stake in shares of McKesson during the 4th quarter worth $1,024,140,000. Swedbank AB purchased a new stake in McKesson in the first quarter valued at about $669,326,000. TD Asset Management Inc raised its stake in McKesson by 202.8% in the fourth quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock valued at $278,778,000 after buying an additional 403,312 shares during the last quarter. Bessemer Group Inc. raised its stake in McKesson by 3,621.7% in the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after buying an additional 340,007 shares during the last quarter. Finally, Bristol Gate Capital Partners Inc. purchased a new stake in McKesson in the first quarter valued at about $97,510,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Maria Martinez sold 483 shares of McKesson stock in a transaction on Friday, June 7th. The stock was sold at an average price of $585.88, for a total value of $282,980.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Britt J. Vitalone sold 12,752 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total transaction of $7,116,763.68. Following the completion of the transaction, the chief financial officer now directly owns 14,028 shares of the company’s stock, valued at approximately $7,828,886.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Maria Martinez sold 483 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $585.88, for a total value of $282,980.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,713 shares of company stock valued at $18,702,605. 0.11% of the stock is currently owned by corporate insiders.

McKesson Price Performance

McKesson stock traded up $1.08 during trading on Wednesday, reaching $552.83. 756,971 shares of the company were exchanged, compared to its average volume of 740,537. McKesson Co. has a 52-week low of $404.72 and a 52-week high of $637.51. The company has a market capitalization of $71.83 billion, a P/E ratio of 24.70, a PEG ratio of 1.46 and a beta of 0.45. The stock’s 50 day simple moving average is $590.02 and its two-hundred day simple moving average is $551.97.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The company had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. During the same quarter in the previous year, the business earned $7.27 earnings per share. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, equities analysts forecast that McKesson Co. will post 31.68 earnings per share for the current year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, August 30th. This is a boost from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.51%. McKesson’s payout ratio is presently 12.69%.

Analysts Set New Price Targets

A number of equities research analysts have commented on MCK shares. Evercore ISI decreased their price target on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Mizuho raised their price objective on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Wells Fargo & Company raised their price objective on McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 9th. Bank of America raised their price objective on McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research note on Tuesday, June 25th. Finally, Robert W. Baird dropped their target price on McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $609.79.

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.