LGT Fund Management Co Ltd. Grows Stock Holdings in McKesson Corporation $MCK

LGT Fund Management Co Ltd. grew its holdings in McKesson Corporation (NYSE:MCK) by 15.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,933 shares of the company’s stock after acquiring an additional 657 shares during the period. LGT Fund Management Co Ltd.’s holdings in McKesson were worth $3,615,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB grew its holdings in shares of McKesson by 1.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock valued at $632,000 after purchasing an additional 14 shares during the period. CVA Family Office LLC grew its holdings in shares of McKesson by 6.0% in the first quarter. CVA Family Office LLC now owns 265 shares of the company’s stock valued at $178,000 after purchasing an additional 15 shares during the period. Palisade Asset Management LLC boosted its stake in McKesson by 2.1% during the first quarter. Palisade Asset Management LLC now owns 715 shares of the company’s stock worth $481,000 after buying an additional 15 shares during the period. SteelPeak Wealth LLC boosted its stake in McKesson by 0.5% during the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock worth $1,867,000 after buying an additional 15 shares during the period. Finally, Eagle Rock Investment Company LLC boosted its stake in McKesson by 0.4% during the first quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company’s stock worth $3,229,000 after buying an additional 17 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Citigroup increased their target price on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. UBS Group increased their target price on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Cowen reaffirmed a “buy” rating on shares of McKesson in a research note on Wednesday, September 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of McKesson in a research note on Saturday, September 27th. Finally, JPMorgan Chase & Co. increased their target price on shares of McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a research note on Friday, September 26th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and an average target price of $829.08.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer owned 4,012 shares of the company’s stock, valued at $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,560 shares of company stock worth $30,438,602. 0.08% of the stock is owned by corporate insiders.

McKesson Stock Performance

Shares of MCK opened at $738.00 on Friday. The stock has a market capitalization of $91.80 billion, a PE ratio of 29.43, a P/E/G ratio of 1.36 and a beta of 0.52. McKesson Corporation has a 1 year low of $480.39 and a 1 year high of $776.14. The company’s 50-day simple moving average is $702.60 and its 200-day simple moving average is $702.96.

McKesson (NYSE:MCK) last issued its quarterly earnings results 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 business 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 firm’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period in the prior year, the company posted $7.88 EPS. On average, sell-side analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were given 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 0.4%. The ex-dividend date of this dividend was Tuesday, September 2nd. McKesson’s dividend payout ratio is currently 13.08%.

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.