Bristol Gate Capital Partners Inc. Has $101.60 Million Stock Position in McKesson Co. (NYSE:MCK)

Bristol Gate Capital Partners Inc. reduced its stake in shares of McKesson Co. (NYSE:MCK) by 4.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 173,952 shares of the company’s stock after selling 7,681 shares during the period. McKesson accounts for about 5.0% of Bristol Gate Capital Partners Inc.’s holdings, making the stock its 2nd largest position. Bristol Gate Capital Partners Inc.’s holdings in McKesson were worth $101,595,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Swedbank AB purchased a new stake in McKesson during the 1st quarter valued at $669,326,000. TD Asset Management Inc increased its position in McKesson by 202.8% during the fourth quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock valued at $278,778,000 after acquiring an additional 403,312 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of McKesson by 3,621.7% in the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after acquiring an additional 340,007 shares during the period. Third Point LLC bought a new stake in shares of McKesson in the 4th quarter worth about $76,392,000. Finally, American Century Companies Inc. boosted its stake in shares of McKesson by 134.6% during the 2nd quarter. American Century Companies Inc. now owns 220,619 shares of the company’s stock worth $128,850,000 after purchasing an additional 126,567 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Stock Performance

NYSE:MCK opened at $507.95 on Friday. The firm has a 50-day simple moving average of $561.63 and a 200-day simple moving average of $557.00. McKesson Co. has a one year low of $431.35 and a one year high of $637.51. The firm 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 posted its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share 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 during the quarter, compared to analyst estimates of $82.53 billion. During the same quarter in the prior year, the business earned $7.27 earnings per share. McKesson’s revenue was up 6.4% on a year-over-year basis. On average, research analysts predict that McKesson Co. will post 32.11 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be given a $0.71 dividend. The ex-dividend date is Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.56%. This is an increase from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is presently 12.69%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Leerink Partners reduced their price objective on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. JPMorgan Chase & Co. raised their price target on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Argus upped their price objective on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research report on Monday, June 24th. StockNews.com lowered McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Finally, Evercore ISI lowered their target price on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus 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 that occurred on Monday, August 5th. The shares were sold at an average price of $626.03, for a total value of $2,349,490.59. Following the completion of 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 legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 11,259 shares of company stock worth $6,635,492 in the last 90 days. 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.