Meyer Handelman Co. Lowers Stock Position in McKesson Co. (NYSE:MCK)

Meyer Handelman Co. decreased its stake in McKesson Co. (NYSE:MCKGet Rating) by 2.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 156,715 shares of the company’s stock after selling 3,650 shares during the period. McKesson accounts for about 2.2% of Meyer Handelman Co.’s holdings, making the stock its 8th biggest position. Meyer Handelman Co.’s holdings in McKesson were worth $51,122,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of McKesson in the fourth quarter valued at approximately $386,729,000. Aaron Wealth Advisors LLC raised its position in shares of McKesson by 30,460.5% in the first quarter. Aaron Wealth Advisors LLC now owns 890,838 shares of the company’s stock valued at $2,910,000 after purchasing an additional 887,923 shares during the period. Acadian Asset Management LLC raised its position in shares of McKesson by 360.8% in the first quarter. Acadian Asset Management LLC now owns 1,077,083 shares of the company’s stock valued at $329,689,000 after purchasing an additional 843,348 shares during the period. 1832 Asset Management L.P. bought a new stake in shares of McKesson in the first quarter valued at approximately $99,472,000. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of McKesson by 53.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 915,949 shares of the company’s stock valued at $280,399,000 after purchasing an additional 320,588 shares during the period. Institutional investors own 86.43% of the company’s stock.

Insider Activity

In other news, EVP Thomas L. Rodgers sold 1,300 shares of the company’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $367.21, for a total value of $477,373.00. Following the completion of the sale, the executive vice president now owns 2,544 shares of the company’s stock, valued at approximately $934,182.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Thomas L. Rodgers sold 1,300 shares of the company’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $367.21, for a total value of $477,373.00. Following the completion of the sale, the executive vice president now owns 2,544 shares of the company’s stock, valued at approximately $934,182.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lori A. Schechter sold 7,500 shares of the company’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $343.94, for a total transaction of $2,579,550.00. Following the completion of the sale, the executive vice president now directly owns 11,678 shares of the company’s stock, valued at approximately $4,016,531.32. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

McKesson Price Performance

MCK stock traded down $5.38 during midday trading on Friday, reaching $341.58. The company had a trading volume of 10,142 shares, compared to its average volume of 1,041,585. McKesson Co. has a 1 year low of $193.89 and a 1 year high of $375.23. The company has a market capitalization of $49.10 billion, a P/E ratio of 36.68, a P/E/G ratio of 1.41 and a beta of 0.59. The firm has a 50-day moving average price of $351.78 and a 200-day moving average price of $328.20.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 1st will be paid a $0.54 dividend. This is a boost from McKesson’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 0.63%. McKesson’s dividend payout ratio is 22.83%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Argus boosted their price target on shares of McKesson from $370.00 to $430.00 and gave the company a “buy” rating in a research report on Monday, September 12th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of McKesson from $378.00 to $409.00 in a research note on Monday, August 8th. Robert W. Baird boosted their price objective on shares of McKesson from $386.00 to $400.00 and gave the company an “outperform” rating in a research note on Thursday, August 4th. Morgan Stanley boosted their price objective on shares of McKesson from $370.00 to $403.00 and gave the company an “overweight” rating in a research note on Monday, August 22nd. Finally, Credit Suisse Group boosted their price objective on shares of McKesson from $377.00 to $385.00 and gave the company an “outperform” rating in a research note on Monday, August 8th. One equities research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $352.46.

McKesson Company Profile

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McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, International, Medical-Surgical Solutions, and Prescription Technology Solutions (RxTS). The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs and other healthcare-related products.

See Also

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Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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