Suncoast Equity Management Decreases Stock Position in McKesson Corporation $MCK

Suncoast Equity Management lessened its stake in shares of McKesson Corporation (NYSE:MCK) by 0.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 29,240 shares of the company’s stock after selling 125 shares during the period. McKesson makes up approximately 2.2% of Suncoast Equity Management’s holdings, making the stock its 21st largest holding. Suncoast Equity Management’s holdings in McKesson were worth $21,427,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of MCK. Nuveen LLC purchased a new stake in McKesson during the 1st quarter valued at $475,235,000. Wellington Management Group LLP raised its holdings in McKesson by 4,559.6% during 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 during the period. Boston Partners increased its stake 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 purchasing an additional 365,484 shares during the period. Voya Investment Management LLC increased its stake in McKesson by 92.3% in the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock worth $437,760,000 after purchasing an additional 312,473 shares during the period. Finally, 1832 Asset Management L.P. purchased a new stake in McKesson in the first quarter worth $140,742,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Trading Up 0.6%

MCK opened at $846.51 on Thursday. McKesson Corporation has a 12-month low of $530.39 and a 12-month high of $863.32. The business’s fifty day simple moving average is $750.73 and its 200-day simple moving average is $721.95. The company has a market capitalization of $105.29 billion, a price-to-earnings ratio of 33.75, a PEG ratio of 1.46 and a beta of 0.52.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.84 by $1.02. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The business had revenue of $103.15 billion for the quarter, compared to the consensus estimate of $103.80 billion. During the same quarter in the prior year, the company earned $7.07 EPS. The business’s revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, December 1st. McKesson’s dividend payout ratio (DPR) is currently 13.08%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MCK. Deutsche Bank Aktiengesellschaft increased their target price on McKesson from $775.00 to $856.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Jefferies Financial Group increased their target price on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a research note on Monday, October 13th. UBS Group increased their target price on McKesson from $860.00 to $920.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Mizuho increased their target price on McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 24th. Finally, Leerink Partners increased their target price on McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $839.15.

Insider Activity

In other news, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the transaction, the chief executive officer directly owned 4,012 shares in the company, 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 document filed with the SEC, which is available through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value 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 represents a 33.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 24,189 shares of company stock valued at $16,722,190. Corporate 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.