Intech Investment Management LLC Acquires 25,826 Shares of McKesson Co. (NYSE:MCK)

Intech Investment Management LLC increased its holdings in McKesson Co. (NYSE:MCK) by 67.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,353 shares of the company’s stock after acquiring an additional 25,826 shares during the quarter. Intech Investment Management LLC’s holdings in McKesson were worth $37,585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of MCK. Swedbank AB bought a new position in shares of McKesson during the first quarter valued at approximately $669,326,000. TD Asset Management Inc increased its position in McKesson by 202.8% during the 4th quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock valued at $278,778,000 after buying an additional 403,312 shares in the last quarter. Bessemer Group Inc. raised its stake in McKesson by 3,621.7% during the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after buying an additional 340,007 shares during the last quarter. Bristol Gate Capital Partners Inc. purchased a new position in McKesson during the first quarter valued at $97,510,000. Finally, Third Point LLC purchased a new position in McKesson during the fourth quarter valued at $76,392,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Performance

Shares of McKesson stock opened at $507.95 on Friday. McKesson Co. has a one year low of $431.35 and a one year high of $637.51. The stock’s fifty day moving average is $561.63 and its 200 day moving average is $557.00. The stock has a market cap of $66.00 billion, a P/E ratio of 22.70, a P/E/G ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last announced 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. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. During the same period last year, the firm earned $7.27 EPS. McKesson’s revenue for the quarter was up 6.4% compared to the same quarter last year. Analysts predict that McKesson Co. will post 32.11 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.84 annualized dividend and a yield of 0.56%. This is a positive change from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on MCK shares. Argus lifted their price objective on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Leerink Partners dropped their target price on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Bank of America upped their target price on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research note on Tuesday, June 25th. Mizuho upped 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. Finally, StockNews.com cut McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $620.93.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the sale, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders sold 11,259 shares of company stock worth $6,635,492. Corporate insiders own 0.11% of the company’s stock.

McKesson Company 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.