1248 Management LLC Takes $76,000 Position in McKesson Corporation $MCK

1248 Management LLC purchased a new stake in McKesson Corporation (NYSE:MCK) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 113 shares of the company’s stock, valued at approximately $76,000.

A number of other large investors have also made changes to their positions in the stock. GAMMA Investing LLC grew its position in McKesson by 75,632.7% in the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock worth $1,610,567,000 after acquiring an additional 2,389,992 shares during the period. Nuveen LLC purchased a new position in McKesson in the first quarter worth approximately $475,235,000. Farallon Capital Management LLC purchased a new position in McKesson in the fourth quarter worth approximately $348,044,000. Wellington Management Group LLP grew its position in 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 acquiring an additional 418,524 shares during the period. Finally, Boston Partners grew its position in McKesson by 33.3% in the first quarter. Boston Partners now owns 1,461,785 shares of the company’s stock worth $984,927,000 after acquiring an additional 365,484 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Trading Up 0.8%

Shares of MCK opened at $686.44 on Monday. The stock’s 50 day moving average is $702.44 and its two-hundred day moving average is $688.57. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The firm has a market capitalization of $85.38 billion, a PE ratio of 27.37, a P/E/G ratio of 1.37 and a beta of 0.51.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.33 by ($0.07). The company had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company’s revenue for the quarter was up 23.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $7.88 earnings per share. On average, sell-side analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This is a boost from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. McKesson’s payout ratio is 13.08%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Evercore ISI raised their price target on McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 9th. Cowen restated a “buy” rating on shares of McKesson in a research report on Thursday, August 7th. Bank of America raised their price target on McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Wells Fargo & Company increased their price objective on McKesson from $766.00 to $772.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 13th. Finally, Wall Street Zen cut McKesson from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $725.10.

Insider Activity

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer owned 657 shares of the company’s stock, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 19,371 shares of the stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the sale, the chief executive officer owned 27,872 shares in the company, valued at approximately $19,735,884.48. This trade represents a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 62,930 shares of company stock worth $44,112,466 in the last ninety days. Corporate insiders own 0.08% of the company’s stock.

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.