McKesson Corporation $MCK Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. cut its position in McKesson Corporation (NYSE:MCK) by 6.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 524,801 shares of the company’s stock after selling 33,280 shares during the period. Bessemer Group Inc. owned approximately 0.42% of McKesson worth $384,563,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB increased 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. Cardinal Point Capital Management ULC increased its holdings in shares of McKesson by 2.2% in the second quarter. Cardinal Point Capital Management ULC now owns 645 shares of the company’s stock valued at $473,000 after purchasing an additional 14 shares during the period. SteelPeak Wealth LLC increased its holdings in shares of McKesson by 0.5% in the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock valued at $1,867,000 after purchasing an additional 15 shares during the period. Cypress Wealth Services LLC increased its holdings in shares of McKesson by 3.7% in the second quarter. Cypress Wealth Services LLC now owns 417 shares of the company’s stock valued at $305,000 after purchasing an additional 15 shares during the period. Finally, Valmark Advisers Inc. increased its holdings in shares of McKesson by 2.1% in the second quarter. Valmark Advisers Inc. now owns 843 shares of the company’s stock valued at $618,000 after purchasing an additional 17 shares during the period. 85.07% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MCK has been the topic of several analyst reports. Jefferies Financial Group raised their target price on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a report on Monday, October 13th. TD Cowen lifted their price target on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Wall Street Zen upgraded McKesson from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Leerink Partners lifted their price target on McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a research report on Wednesday, September 24th. Finally, Mizuho lifted their price target on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $834.54.

McKesson Price Performance

McKesson stock opened at $802.17 on Monday. The stock has a market capitalization of $99.77 billion, a PE ratio of 31.98, a price-to-earnings-growth ratio of 1.44 and a beta of 0.52. McKesson Corporation has a 12 month low of $492.39 and a 12 month high of $807.75. The business has a 50 day simple moving average of $728.97 and a 200-day simple moving average of $714.53.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). The business had revenue of $97.83 billion during the quarter, compared to analysts’ expectations of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm’s quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter last year, the firm earned $7.88 earnings per share. On average, equities research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. This is an increase from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Tuesday, September 2nd. McKesson’s dividend payout ratio is presently 13.08%.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the transaction, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. This trade represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,189 shares of company stock worth $16,722,190 in the last three months. 0.08% of the stock is currently owned by corporate insiders.

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.