Chase Investment Counsel Corp Has $5.25 Million Stock Position in McKesson Co. (NYSE:MCK)

Chase Investment Counsel Corp raised its holdings in shares of McKesson Co. (NYSE:MCK) by 50.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,985 shares of the company’s stock after purchasing an additional 3,027 shares during the period. McKesson accounts for approximately 1.8% of Chase Investment Counsel Corp’s holdings, making the stock its 13th biggest holding. Chase Investment Counsel Corp’s holdings in McKesson were worth $5,247,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Steward Partners Investment Advisory LLC boosted its position in shares of McKesson by 30.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,670 shares of the company’s stock worth $773,000 after purchasing an additional 386 shares during the last quarter. Alberta Investment Management Corp increased its stake in shares of McKesson by 22.2% in the 4th quarter. Alberta Investment Management Corp now owns 3,300 shares of the company’s stock valued at $1,528,000 after acquiring an additional 600 shares during the last quarter. Carolinas Wealth Consulting LLC raised its position in shares of McKesson by 42.9% in the 4th quarter. Carolinas Wealth Consulting LLC now owns 80 shares of the company’s stock valued at $37,000 after acquiring an additional 24 shares during the period. California State Teachers Retirement System boosted its stake in McKesson by 1.0% during the 4th quarter. California State Teachers Retirement System now owns 219,507 shares of the company’s stock worth $101,627,000 after acquiring an additional 2,215 shares during the last quarter. Finally, APG Asset Management US Inc. acquired a new position in McKesson during the fourth quarter valued at approximately $15,560,000. Institutional investors own 85.07% of the company’s stock.

Insider Activity at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on 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 completion of the sale, the chief executive officer now owns 82,339 shares of the company’s stock, valued at $51,546,684.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 11,259 shares of company stock worth $6,635,492 in the last ninety days. 0.11% of the stock is owned by company insiders.

McKesson Stock Performance

Shares of MCK stock opened at $488.25 on Monday. McKesson Co. has a 52-week low of $431.35 and a 52-week high of $637.51. The stock has a market cap of $63.44 billion, a price-to-earnings ratio of 21.82, a PEG ratio of 1.18 and a beta of 0.44. The firm’s 50-day moving average is $550.84 and its 200-day moving average is $555.82.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $82.53 billion. During the same period in the previous year, the company posted $7.27 EPS. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. Sell-side analysts predict that McKesson Co. will post 32.07 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be issued a dividend of $0.71 per share. This is a boost from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Friday, August 30th. McKesson’s dividend payout ratio (DPR) is presently 12.69%.

Analysts Set New Price Targets

Several research firms have weighed in on MCK. Baird R W lowered shares of McKesson from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 24th. Mizuho raised their price target on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Barclays increased their target price on McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Finally, Citigroup lowered their target price on McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a report on Tuesday, September 10th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $613.36.

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.