Forsta AP Fonden Has $23.33 Million Stock Position in McKesson Co. (NYSE:MCK)

Forsta AP Fonden cut its position in McKesson Co. (NYSE:MCK) by 10.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,947 shares of the company’s stock after selling 4,800 shares during the quarter. Forsta AP Fonden’s holdings in McKesson were worth $23,331,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Avantax Advisory Services Inc. increased its stake in shares of McKesson by 20.0% in the fourth quarter. Avantax Advisory Services Inc. now owns 1,847 shares of the company’s stock worth $855,000 after purchasing an additional 308 shares during the period. Quotient Wealth Partners LLC bought a new position in McKesson in the 4th quarter worth approximately $393,000. Janney Montgomery Scott LLC lifted its holdings in shares of McKesson by 0.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 33,163 shares of the company’s stock worth $15,354,000 after buying an additional 91 shares during the last quarter. Foundations Investment Advisors LLC boosted its position in shares of McKesson by 55.5% in the fourth quarter. Foundations Investment Advisors LLC now owns 10,147 shares of the company’s stock valued at $5,092,000 after acquiring an additional 3,621 shares during the period. Finally, Wade G W & Inc. boosted its position in shares of McKesson by 14.7% in the fourth quarter. Wade G W & Inc. now owns 5,704 shares of the company’s stock valued at $2,641,000 after acquiring an additional 733 shares during the period. Institutional investors own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on MCK. StockNews.com cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Barclays increased their target price on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Mizuho boosted their price target on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Leerink Partners reduced their price objective on McKesson from $670.00 to $665.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Finally, Argus boosted their price objective on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $622.07.

McKesson Stock Performance

MCK opened at $510.45 on Thursday. The firm has a market cap of $66.20 billion, a price-to-earnings ratio of 22.81, a PEG ratio of 1.16 and a beta of 0.44. The firm’s 50-day simple moving average is $570.15 and its 200-day simple moving average is $557.58. McKesson Co. has a twelve month low of $417.65 and a twelve month high of $637.51.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping the consensus estimate of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. During the same period in the prior year, the firm earned $7.27 earnings per share. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that McKesson Co. will post 32.14 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently announced 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 is Friday, August 30th. This is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.56%. McKesson’s dividend payout ratio (DPR) is 12.69%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the transaction, the chief executive officer now directly owns 82,339 shares in the company, valued at $51,546,684.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 11,259 shares of company stock worth $6,635,492. 0.11% of the stock is currently owned by corporate 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.