Driehaus Capital Management LLC Increases Stock Position in McKesson Co. (NYSE:MCK)

Driehaus Capital Management LLC raised its position in shares of McKesson Co. (NYSE:MCK) by 46.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,415 shares of the company’s stock after purchasing an additional 452 shares during the quarter. Driehaus Capital Management LLC’s holdings in McKesson were worth $826,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. RFP Financial Group LLC boosted its position in McKesson by 9.8% during the 2nd quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock valued at $112,000 after buying an additional 17 shares during the period. Modera Wealth Management LLC boosted its position in McKesson by 2.2% during the 2nd quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock valued at $470,000 after buying an additional 17 shares during the period. Larson Financial Group LLC boosted its position in McKesson by 1.6% during the 2nd quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $639,000 after buying an additional 17 shares during the period. First Western Trust Bank lifted its position in shares of McKesson by 2.0% in the 1st quarter. First Western Trust Bank now owns 913 shares of the company’s stock worth $490,000 after purchasing an additional 18 shares during the period. Finally, KCM Investment Advisors LLC lifted its position in shares of McKesson by 1.4% in the 1st quarter. KCM Investment Advisors LLC now owns 1,355 shares of the company’s stock worth $727,000 after purchasing an additional 19 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Up 1.3 %

Shares of MCK stock opened at $494.42 on Tuesday. The company has a 50 day moving average price of $549.07 and a 200-day moving average price of $555.57. McKesson Co. has a 52 week low of $431.35 and a 52 week high of $637.51. The firm has a market capitalization of $64.24 billion, a PE ratio of 22.09, a P/E/G ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last announced its quarterly 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 net margin of 0.94% and a negative return on equity of 242.57%. The firm had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same period in the previous year, the business posted $7.27 earnings per share. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. Analysts anticipate that McKesson Co. will post 32.07 earnings per share for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a $0.71 dividend. The ex-dividend date is Friday, August 30th. This is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.57%. McKesson’s payout ratio is currently 12.69%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MCK shares. Wells Fargo & Company dropped their target price on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Bank of America increased their price target 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. Evercore ISI decreased their price target 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. JPMorgan Chase & Co. increased their price target on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $531.00 price target (down from $603.00) on shares of McKesson in a research note on Tuesday, September 24th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $613.36.

Insider Transactions at McKesson

In related 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 transaction, 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 SEC, which is accessible through this link. Insiders sold 11,259 shares of company stock worth $6,635,492 over the last three months. 0.11% of the stock is currently owned by company 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.