McKesson Corporation $MCK Stock Purchased by Phoenix Financial Ltd.

Phoenix Financial Ltd. grew its stake in shares of McKesson Corporation (NYSE:MCK) by 5.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,616 shares of the company’s stock after acquiring an additional 471 shares during the quarter. Phoenix Financial Ltd.’s holdings in McKesson were worth $8,210,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of MCK. BlackRock Inc. purchased a new position in shares of McKesson in the 2nd quarter worth about $8,156,743,000. Bank of America Corp DE purchased a new stake in McKesson during the 2nd quarter valued at about $998,896,000. Legal & General Group Plc purchased a new stake in McKesson during the 2nd quarter valued at about $656,566,000. The Manufacturers Life Insurance Company purchased a new stake in McKesson during the 2nd quarter valued at about $651,462,000. Finally, Bank of New York Mellon Corp bought a new stake in McKesson during the 2nd quarter valued at about $599,060,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Stock Performance

Shares of NYSE:MCK traded up $26.26 during midday trading on Friday, reaching $1,103.31. 527,403 shares of the company’s stock traded hands, compared to its average volume of 716,694. The company has a market cap of $127.39 billion, a price-to-earnings ratio of 28.37, a P/E/G ratio of 1.82 and a beta of 0.27. McKesson Corporation has a one year low of $723.68 and a one year high of $1,121.50. The stock has a 50 day moving average of $955.45 and a 200 day moving average of $874.53.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, November 4th. The company reported $11.68 EPS for the quarter, beating the consensus estimate of $10.72 by $0.96. McKesson had a negative return on equity of 202.94% and a net margin of 1.12%. The company had revenue of $110.96 billion for the quarter, compared to analysts’ expectations of $109.90 billion. During the same period last year, the firm posted $9.86 earnings per share. McKesson’s revenue was up 7.5% compared to the same quarter last year. Sell-side analysts predict that McKesson Corporation will post 46.16 EPS for the current fiscal year.

McKesson Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 1st will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, December 1st. McKesson’s dividend payout ratio (DPR) is presently 9.67%.

Insider Transactions at McKesson

In other news, EVP Francisco Fraga sold 650 shares of the business’s stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $1,102.96, for a total transaction of $716,924.00. Following the completion of the transaction, the executive vice president directly owned 4,414 shares of the company’s stock, valued at $4,868,465.44. The trade was a 12.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Napoleon B. Rutledge, Jr. sold 111 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $891.45, for a total transaction of $98,950.95. Following the transaction, the chief accounting officer owned 521 shares in the company, valued at approximately $464,445.45. This trade represents a 17.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 2,161 shares of company stock worth $2,242,515. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. TD Cowen lifted their target price on shares of McKesson from $1,006.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, November 5th. JPMorgan Chase & Co. upped their target price on shares of McKesson from $1,042.00 to $1,255.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 10th. Wall Street Zen upgraded shares of McKesson from a “hold” rating to a “buy” rating in a report on Saturday, October 17th. Wells Fargo & Company increased their price target on shares of McKesson from $812.00 to $933.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. Finally, Morgan Stanley set a $977.00 price target on shares of McKesson in a research report on Tuesday, October 6th. Fifteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,040.29.

McKesson Profile

McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and other medical products. Its customers include pharmacies, hospitals, health systems, clinics and other healthcare providers. The company also provides medical-surgical supplies and technology and services that support pharmacy operations, prescription management and care delivery. Its offerings include specialized support for oncology and other areas of care. Founded in 1833, McKesson serves customers primarily in the United States and Canada.