Blueshift Asset Management LLC Buys New Stake in McKesson Co. (NYSE:MCK)

Blueshift Asset Management LLC purchased a new position in shares of McKesson Co. (NYSE:MCK) in the third quarter, HoldingsChannel reports. The institutional investor purchased 2,857 shares of the company’s stock, valued at approximately $1,413,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Swedbank AB bought a new stake in McKesson during the 1st quarter worth approximately $669,326,000. International Assets Investment Management LLC raised its position in McKesson by 1,020.2% in the 3rd quarter. International Assets Investment Management LLC now owns 806,878 shares of the company’s stock valued at $398,937,000 after purchasing an additional 734,849 shares during the last quarter. FMR LLC grew its holdings in shares of McKesson by 17.3% during the third quarter. FMR LLC now owns 2,968,239 shares of the company’s stock worth $1,467,557,000 after purchasing an additional 438,423 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of McKesson by 55.8% in the third quarter. The Manufacturers Life Insurance Company now owns 1,189,377 shares of the company’s stock valued at $588,048,000 after buying an additional 425,875 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of McKesson by 2.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,943,520 shares of the company’s stock valued at $2,444,175,000 after buying an additional 138,685 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MCK shares. StockNews.com upgraded shares of McKesson from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. boosted their price objective on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Mizuho increased their price objective on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Citigroup upped their price target on McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company dropped their price objective on McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $631.57.

McKesson Price Performance

NYSE:MCK opened at $625.00 on Wednesday. The business’s 50-day simple moving average is $535.14 and its 200-day simple moving average is $558.45. McKesson Co. has a fifty-two week low of $431.35 and a fifty-two week high of $637.51. The stock has a market capitalization of $79.34 billion, a PE ratio of 32.37, a price-to-earnings-growth ratio of 1.33 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, topping the consensus estimate of $6.88 by $0.19. The company had revenue of $93.65 billion during the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. McKesson’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.23 earnings per share. On average, research analysts expect that McKesson Co. will post 32.78 earnings per share for the current year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend is Monday, December 2nd. McKesson’s dividend payout ratio (DPR) is currently 14.71%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the sale, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. This represents a 4.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company 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.