Kanawha Capital Management LLC Grows Stake in McKesson Co. (NYSE:MCK)

Kanawha Capital Management LLC increased its holdings in shares of McKesson Co. (NYSE:MCK) by 4.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 682 shares of the company’s stock after purchasing an additional 26 shares during the quarter. Kanawha Capital Management LLC’s holdings in McKesson were worth $399,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in McKesson by 1.1% in the first quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock valued at $2,342,190,000 after acquiring an additional 46,659 shares in the last quarter. Norges Bank purchased a new position in McKesson during the 4th quarter worth approximately $1,024,140,000. Putnam Investments LLC increased its position in McKesson by 3.2% during the fourth quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock worth $925,017,000 after buying an additional 62,242 shares during the period. Swedbank AB purchased a new stake in McKesson in the first quarter valued at approximately $669,326,000. Finally, Boston Partners boosted its holdings in shares of McKesson by 4.1% in the first quarter. Boston Partners now owns 1,183,829 shares of the company’s stock valued at $635,763,000 after acquiring an additional 47,140 shares during the period. 85.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on MCK shares. Wells Fargo & Company raised their price objective on shares of McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 9th. Robert W. Baird dropped their price target on McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday. Citigroup boosted their target price on McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a report on Friday, July 19th. Finally, Argus increased their price target on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.29.

McKesson Stock Down 1.6 %

MCK stock traded down $8.75 on Friday, reaching $552.15. 710,191 shares of the company’s stock were exchanged, compared to its average volume of 743,372. The stock has a fifty day moving average of $584.83 and a 200-day moving average of $554.51. McKesson Co. has a twelve month low of $404.72 and a twelve month high of $637.51. The firm has a market cap of $71.74 billion, a PE ratio of 24.67, a P/E/G ratio of 1.46 and a beta of 0.45.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. The company had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. McKesson’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the business earned $7.27 earnings per share. On average, equities research analysts predict that McKesson Co. will post 31.68 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.51%. This is an increase from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. McKesson’s payout ratio is presently 12.69%.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the sale, the chief executive officer now directly owns 82,339 shares in the company, valued at $51,546,684.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the transaction, the chief executive officer now directly owns 82,339 shares in the company, valued at $51,546,684.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Maria Martinez sold 483 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $585.88, for a total value of $282,980.04. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,257 shares of company stock worth $11,192,946. 0.11% of the stock is owned by corporate insiders.

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.