Oak Grove Capital LLC Invests $476,000 in McKesson Corporation $MCK

Oak Grove Capital LLC bought a new position in shares of McKesson Corporation (NYSE:MCK) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 650 shares of the company’s stock, valued at approximately $476,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCK. Nuveen LLC purchased a new position in McKesson in the 1st quarter valued at about $475,235,000. Wellington Management Group LLP lifted its stake in McKesson by 4,559.6% in the 1st quarter. Wellington Management Group LLP now owns 427,703 shares of the company’s stock valued at $287,840,000 after buying an additional 418,524 shares in the last quarter. Boston Partners lifted its stake in McKesson by 33.3% in the 1st quarter. Boston Partners now owns 1,461,785 shares of the company’s stock valued at $984,927,000 after buying an additional 365,484 shares in the last quarter. Voya Investment Management LLC lifted its stake in McKesson by 92.3% in the 1st quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock valued at $437,760,000 after buying an additional 312,473 shares in the last quarter. Finally, 1832 Asset Management L.P. purchased a new position in McKesson in the 1st quarter valued at about $140,742,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MCK shares. Evercore ISI raised their price target on shares of McKesson from $800.00 to $825.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. Morgan Stanley raised their price target on shares of McKesson from $810.00 to $857.00 and gave the company an “overweight” rating in a research note on Wednesday, September 24th. Mizuho raised their price target on shares of McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research note on Wednesday, September 24th. Wall Street Zen raised shares of McKesson from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Finally, Citigroup raised 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. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $834.54.

McKesson Price Performance

MCK opened at $802.17 on Monday. The company’s 50 day simple moving average is $728.97 and its two-hundred day simple moving average is $714.53. The firm has a market capitalization of $99.77 billion, a price-to-earnings ratio of 31.98, a price-to-earnings-growth ratio of 1.44 and a beta of 0.52. McKesson Corporation has a 1-year low of $492.39 and a 1-year high of $807.75.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). The firm 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 quarterly revenue was up 23.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $7.88 EPS. On average, equities analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

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

Insider Buying and Selling

In other 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 transaction of $8,418,165.90. Following the completion of the sale, the chief executive officer owned 4,012 shares in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the sale, the chief accounting officer owned 657 shares of the company’s stock, valued at $436,031.19. This represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,189 shares of company stock valued at $16,722,190 in the last 90 days. Insiders own 0.08% of the company’s stock.

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.