Country Trust Bank Raises Stock Holdings in McKesson Corporation $MCK

Country Trust Bank grew its stake in shares of McKesson Corporation (NYSE:MCK) by 7,192.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 948 shares of the company’s stock after acquiring an additional 935 shares during the quarter. Country Trust Bank’s holdings in McKesson were worth $732,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in McKesson in the second quarter worth approximately $1,346,661,000. Alliancebernstein L.P. lifted its holdings in shares of McKesson by 150.4% during the 2nd quarter. Alliancebernstein L.P. now owns 2,268,015 shares of the company’s stock valued at $1,661,956,000 after buying an additional 1,362,386 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of McKesson by 56.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,236,536 shares of the company’s stock valued at $906,109,000 after buying an additional 446,060 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of McKesson by 45.6% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 833,780 shares of the company’s stock worth $610,977,000 after buying an additional 261,296 shares during the last quarter. Finally, Acadian Asset Management LLC grew its holdings in shares of McKesson by 68.0% in the second quarter. Acadian Asset Management LLC now owns 636,596 shares of the company’s stock worth $466,441,000 after acquiring an additional 257,670 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $861.63, for a total value of $283,476.27. Following the completion of the sale, the chief accounting officer directly owned 328 shares in the company, valued at approximately $282,614.64. This represents a 50.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Thomas L. Rodgers sold 276 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $816.18, for a total transaction of $225,265.68. Following the completion of the sale, the executive vice president directly owned 2,268 shares of the company’s stock, valued at $1,851,096.24. The trade was a 10.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MCK has been the topic of several research reports. Bank of America raised their target price on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Cowen reissued a “buy” rating on shares of McKesson in a report on Monday, December 22nd. Wells Fargo & Company boosted their target price on shares of McKesson from $816.00 to $914.00 and gave the company an “equal weight” rating in a research report on Monday, November 10th. Wall Street Zen downgraded shares of McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings reiterated a “buy (a-)” rating on shares of McKesson in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, McKesson has an average rating of “Moderate Buy” and an average price target of $895.79.

McKesson Stock Up 1.1%

Shares of McKesson stock opened at $843.30 on Friday. McKesson Corporation has a twelve month low of $570.51 and a twelve month high of $895.58. The business has a 50-day moving average price of $833.68 and a 200-day moving average price of $765.42. The firm has a market cap of $104.09 billion, a price-to-earnings ratio of 26.25, a PEG ratio of 1.37 and a beta of 0.41.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, topping analysts’ consensus estimates of $8.84 by $1.02. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%. The business had revenue of $103.15 billion during the quarter, compared to analysts’ expectations of $103.80 billion. During the same period last year, the company posted $7.07 EPS. The business’s revenue was up 10.2% on a year-over-year basis. On average, equities analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 1st were issued a $0.82 dividend. The ex-dividend date was Monday, December 1st. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s payout ratio is presently 10.21%.

McKesson Profile

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.