Pzena Investment Management LLC Increases Position in McKesson Corporation (MCK)
Pzena Investment Management LLC increased its stake in shares of McKesson Corporation (NYSE:MCK) by 1.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,097,855 shares of the company’s stock after buying an additional 20,751 shares during the period. McKesson Corporation comprises approximately 1.9% of Pzena Investment Management LLC’s holdings, making the stock its 17th largest position. Pzena Investment Management LLC owned approximately 0.99% of McKesson Corporation worth $345,181,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the stock. Cadence Capital Management LLC boosted its stake in shares of McKesson Corporation by 0.4% in the second quarter. Cadence Capital Management LLC now owns 8,621 shares of the company’s stock valued at $1,418,000 after buying an additional 36 shares in the last quarter. Pax World Management LLC boosted its stake in shares of McKesson Corporation by 6.0% in the second quarter. Pax World Management LLC now owns 1,762 shares of the company’s stock valued at $290,000 after buying an additional 100 shares in the last quarter. Peddock Capital Advisors LLC boosted its stake in shares of McKesson Corporation by 2.7% in the second quarter. Peddock Capital Advisors LLC now owns 10,144 shares of the company’s stock valued at $1,669,000 after buying an additional 268 shares in the last quarter. Wayne Hummer Investments L.L.C. boosted its stake in shares of McKesson Corporation by 12.4% in the second quarter. Wayne Hummer Investments L.L.C. now owns 6,445 shares of the company’s stock valued at $1,060,000 after buying an additional 710 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of McKesson Corporation during the second quarter valued at about $3,780,000. 86.58% of the stock is owned by institutional investors.
McKesson Corporation (MCK) opened at 147.58 on Friday. The firm has a 50-day moving average of $157.94 and a 200-day moving average of $152.42. The stock has a market capitalization of $31.03 billion, a PE ratio of 6.70 and a beta of 1.13. McKesson Corporation has a 52-week low of $114.53 and a 52-week high of $186.28.
McKesson Corporation (NYSE:MCK) last issued its quarterly earnings data on Thursday, July 27th. The company reported $2.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.81 by $0.35. The company had revenue of $51.05 billion during the quarter, compared to the consensus estimate of $51.22 billion. McKesson Corporation had a net margin of 2.42% and a return on equity of 25.76%. McKesson Corporation’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company earned $3.50 earnings per share. On average, equities analysts expect that McKesson Corporation will post $12.08 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 1st will be given a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This is a positive change from McKesson Corporation’s previous quarterly dividend of $0.28. This represents a $1.36 annualized dividend and a dividend yield of 0.92%. McKesson Corporation’s dividend payout ratio is presently 5.00%.
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Several analysts have recently issued reports on the stock. BidaskClub cut shares of McKesson Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 19th. Jefferies Group LLC raised shares of McKesson Corporation from a “hold” rating to a “buy” rating and set a $153.00 price objective for the company in a research note on Thursday, July 27th. Vetr cut shares of McKesson Corporation from a “strong-buy” rating to a “buy” rating and set a $187.51 price objective for the company. in a research note on Monday, July 17th. Zacks Investment Research raised shares of McKesson Corporation from a “hold” rating to a “buy” rating and set a $184.00 price objective for the company in a research note on Wednesday, July 12th. Finally, Leerink Swann boosted their price objective on shares of McKesson Corporation to $170.00 and gave the company a “market perform” rating in a research note on Thursday, June 29th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $171.21.
In related news, SVP Erin M. Lampert sold 404 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $160.53, for a total value of $64,854.12. Following the transaction, the senior vice president now directly owns 2,003 shares in the company, valued at $321,541.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman John H. Hammergren sold 19,316 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $162.31, for a total transaction of $3,135,179.96. Following the completion of the transaction, the chairman now owns 96,644 shares in the company, valued at $15,686,287.64. The disclosure for this sale can be found here. Insiders sold 61,314 shares of company stock worth $9,987,798 over the last three months. Insiders own 1.20% of the company’s stock.
McKesson Corporation Company Profile
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.
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