Wedge Capital Management L L P NC Raises Position in McKesson Co. (NYSE:MCK)

Wedge Capital Management L L P NC increased its holdings in McKesson Co. (NYSE:MCK) by 2.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,515 shares of the company’s stock after purchasing an additional 1,340 shares during the period. Wedge Capital Management L L P NC’s holdings in McKesson were worth $32,650,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in MCK. Capital A Wealth Management LLC acquired a new stake in McKesson in the 4th quarter worth about $26,000. Millstone Evans Group LLC acquired a new stake in shares of McKesson in the fourth quarter worth approximately $28,000. Atala Financial Inc purchased a new stake in McKesson in the fourth quarter valued at approximately $34,000. Graney & King LLC acquired a new position in McKesson during the fourth quarter worth approximately $38,000. Finally, Creative Capital Management Investments LLC purchased a new position in McKesson during the fourth quarter worth approximately $44,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Cfra Research cut shares of McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Mizuho boosted their price target on McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a research report on Thursday, April 3rd. Morgan Stanley raised their price objective on McKesson from $642.00 to $745.00 and gave the stock an “overweight” rating in a report on Wednesday, April 2nd. UBS Group boosted their target price on McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Finally, Bank of America raised their price target on shares of McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $692.46.

McKesson Stock Performance

McKesson stock opened at $712.99 on Friday. The firm has a market capitalization of $89.20 billion, a PE ratio of 32.65, a price-to-earnings-growth ratio of 1.29 and a beta of 0.49. McKesson Co. has a one year low of $464.42 and a one year high of $731.00. The stock’s 50 day moving average price is $699.69 and its 200 day moving average price is $641.25.

McKesson (NYSE:MCK) last posted its earnings results on Thursday, May 8th. The company reported $10.12 EPS for the quarter, topping analysts’ consensus estimates of $9.83 by $0.29. The business had revenue of $90.82 billion for the quarter, compared to analysts’ expectations of $94 billion. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. The business’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period in the previous year, the company posted $6.18 earnings per share. On average, analysts forecast that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be issued a $0.71 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.40%. McKesson’s dividend payout ratio is currently 10.99%.

Insider Buying and Selling at McKesson

In other McKesson news, EVP Leann B. Smith sold 1,248 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $895,190.40. Following the transaction, the executive vice president now directly owns 2,621 shares of the company’s stock, valued at $1,880,043.30. This represents a 32.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Thomas L. Rodgers sold 510 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $366,134.10. Following the transaction, the executive vice president now owns 5,435 shares of the company’s stock, valued at approximately $3,901,840.85. This trade represents a 8.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,747 shares of company stock valued at $9,852,587 in the last ninety days. Insiders own 0.11% 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.