Oppenheimer Asset Management Inc. Increases Stock Position in McKesson Corporation (NYSE:MCK)

Oppenheimer Asset Management Inc. raised its position in McKesson Corporation (NYSE:MCK) by 54.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,541 shares of the company’s stock after buying an additional 1,592 shares during the period. Oppenheimer Asset Management Inc.’s holdings in McKesson were worth $3,056,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MCK. T. Rowe Price Investment Management Inc. increased its stake in shares of McKesson by 8.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company’s stock valued at $1,622,754,000 after purchasing an additional 222,496 shares in the last quarter. Geode Capital Management LLC boosted its position in McKesson by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company’s stock worth $1,513,195,000 after purchasing an additional 10,015 shares in the last quarter. Franklin Resources Inc. grew its holdings in McKesson by 4.6% in the fourth quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company’s stock valued at $1,493,704,000 after purchasing an additional 114,396 shares during the period. GAMMA Investing LLC increased its position in shares of McKesson by 75,632.7% in the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock valued at $1,610,567,000 after buying an additional 2,389,992 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of McKesson in the fourth quarter valued at approximately $1,200,361,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on MCK. Bank of America increased their target price on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a report on Friday, May 9th. Wall Street Zen downgraded shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 14th. Cfra Research lowered McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Mizuho raised their price objective on McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a research report on Thursday, April 3rd. Finally, UBS Group boosted their price objective on shares of McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, McKesson has a consensus rating of “Moderate Buy” and an average target price of $696.42.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $726.51, for a total transaction of $394,494.93. Following the sale, the chief accounting officer now owns 1,972 shares in the company, valued at $1,432,677.72. This represents a 21.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian S. Tyler sold 19,370 shares of McKesson stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $705.93, for a total value of $13,673,864.10. Following the completion of the transaction, the chief executive officer now owns 51,243 shares of the company’s stock, valued at $36,173,970.99. The trade was a 27.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,117 shares of company stock worth $23,526,451 over the last 90 days. Corporate insiders own 0.11% of the company’s stock.

McKesson Price Performance

NYSE MCK opened at $719.18 on Thursday. The company has a market cap of $89.98 billion, a P/E ratio of 27.84, a P/E/G ratio of 1.44 and a beta of 0.49. The stock has a 50-day moving average of $710.10 and a two-hundred day moving average of $650.18. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $733.10.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating the consensus estimate of $9.83 by $0.29. The business had revenue of $90.82 billion during the quarter, compared to analyst estimates of $94 billion. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The business’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same quarter last year, the firm posted $6.18 earnings per share. On average, analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be given a $0.71 dividend. The ex-dividend date is Monday, June 2nd. This represents a $2.84 annualized dividend and a yield of 0.39%. McKesson’s dividend payout ratio is presently 10.99%.

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.