Sumitomo Mitsui DS Asset Management Company Ltd Grows Position in McKesson Co. (NYSE:MCK)

Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of McKesson Co. (NYSE:MCKGet Rating) by 4.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,393 shares of the company’s stock after buying an additional 450 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in McKesson were worth $3,390,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Dorsey & Whitney Trust CO LLC grew its stake in McKesson by 3.4% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 961 shares of the company’s stock worth $295,000 after buying an additional 32 shares during the last quarter. Keystone Financial Services lifted its position in McKesson by 1.4% during the 1st quarter. Keystone Financial Services now owns 2,323 shares of the company’s stock worth $758,000 after acquiring an additional 33 shares during the period. Covestor Ltd lifted its position in McKesson by 72.3% during the 1st quarter. Covestor Ltd now owns 81 shares of the company’s stock worth $25,000 after acquiring an additional 34 shares during the period. Lindbrook Capital LLC lifted its position in McKesson by 9.9% during the 1st quarter. Lindbrook Capital LLC now owns 389 shares of the company’s stock worth $119,000 after acquiring an additional 35 shares during the period. Finally, Cambridge Trust Co. lifted its position in McKesson by 6.9% during the 1st quarter. Cambridge Trust Co. now owns 556 shares of the company’s stock worth $170,000 after acquiring an additional 36 shares during the period. Hedge funds and other institutional investors own 86.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MCK. Robert W. Baird increased their price objective on McKesson from $386.00 to $400.00 and gave the stock an “outperform” rating in a research report on Thursday, August 4th. Argus increased their price objective on McKesson from $370.00 to $430.00 and gave the stock a “buy” rating in a research report on Monday, September 12th. UBS Group increased their price objective on McKesson from $380.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Cowen increased their price objective on McKesson to $384.00 in a research report on Tuesday, August 9th. Finally, Mizuho raised their price target on McKesson from $331.00 to $345.00 and gave the company a “neutral” rating in a report on Thursday, August 4th. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, McKesson currently has a consensus rating of “Buy” and an average price target of $352.46.

McKesson Stock Performance

Shares of MCK stock opened at $345.47 on Thursday. The stock has a fifty day moving average price of $351.37 and a 200 day moving average price of $327.73. The stock has a market cap of $49.65 billion, a PE ratio of 36.52, a P/E/G ratio of 1.42 and a beta of 0.59. McKesson Co. has a 1 year low of $193.89 and a 1 year high of $375.23.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 1st will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This is a boost from McKesson’s previous quarterly dividend of $0.47. This represents a $2.16 annualized dividend and a yield of 0.63%. McKesson’s payout ratio is currently 22.83%.

Insider Buying and Selling

In related news, EVP Lori A. Schechter sold 7,500 shares of McKesson stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $343.94, for a total transaction of $2,579,550.00. Following the completion of the transaction, the executive vice president now directly owns 11,678 shares of the company’s stock, valued at $4,016,531.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other McKesson news, EVP Thomas L. Rodgers sold 1,300 shares of the firm’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $367.21, for a total transaction of $477,373.00. Following the completion of the transaction, the executive vice president now owns 2,544 shares of the company’s stock, valued at $934,182.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lori A. Schechter sold 7,500 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $343.94, for a total value of $2,579,550.00. Following the transaction, the executive vice president now directly owns 11,678 shares of the company’s stock, valued at approximately $4,016,531.32. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

About McKesson

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McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, International, Medical-Surgical Solutions, and Prescription Technology Solutions (RxTS). The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs and other healthcare-related products.

Further Reading

Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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