Advisory Services Network LLC Grows Holdings in McKesson Corporation $MCK

Advisory Services Network LLC boosted its holdings in shares of McKesson Corporation (NYSE:MCK) by 11.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,052 shares of the company’s stock after acquiring an additional 1,597 shares during the period. Advisory Services Network LLC’s holdings in McKesson were worth $10,439,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in McKesson during the second quarter valued at $1,346,661,000. Alliancebernstein L.P. grew its holdings in shares of McKesson by 150.4% during the second 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 last quarter. Arrowstreet Capital Limited Partnership raised its holdings in McKesson by 56.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,236,536 shares of the company’s stock worth $906,109,000 after acquiring an additional 446,060 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of McKesson by 4,559.6% in the first quarter. Wellington Management Group LLP now owns 427,703 shares of the company’s stock worth $287,840,000 after purchasing an additional 418,524 shares during the last quarter. Finally, Voya Investment Management LLC lifted its holdings in shares of McKesson by 92.3% during the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock valued at $437,760,000 after purchasing an additional 312,473 shares in the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MCK shares. Wells Fargo & Company boosted their target price on McKesson from $816.00 to $914.00 and gave the stock an “equal weight” rating in a research report on Monday, November 10th. Mizuho increased their price objective on shares of McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research report on Wednesday, September 24th. Wall Street Zen downgraded shares of McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Barclays started coverage on McKesson in a report on Monday, December 8th. They set an “overweight” rating and a $960.00 price target on the stock. Finally, Bank of America raised their price target on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and an average price target of $892.86.

McKesson Stock Performance

MCK opened at $814.16 on Monday. The stock has a market capitalization of $100.49 billion, a price-to-earnings ratio of 25.34, a PEG ratio of 1.34 and a beta of 0.38. McKesson Corporation has a fifty-two week low of $558.13 and a fifty-two week high of $895.58. The company has a fifty day moving average of $820.19 and a 200 day moving average of $748.57.

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

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 1st will be given a $0.82 dividend. The ex-dividend date is Monday, December 1st. This represents a $3.28 annualized dividend and a yield of 0.4%. McKesson’s dividend payout ratio (DPR) is currently 10.21%.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $861.63, for a total transaction of $283,476.27. Following the sale, the chief accounting officer directly owned 328 shares in the company, valued at $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.08% of the stock is owned by insiders.

About McKesson

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.