Fred Alger Management LLC Buys 12,114 Shares of McKesson Co. (NYSE:MCK)

Fred Alger Management LLC grew its stake in shares of McKesson Co. (NYSE:MCK) by 5.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 242,262 shares of the company’s stock after acquiring an additional 12,114 shares during the period. Fred Alger Management LLC owned about 0.19% of McKesson worth $141,491,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. RFP Financial Group LLC grew its position in McKesson by 9.8% during the 2nd quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock worth $112,000 after purchasing an additional 17 shares during the period. Modera Wealth Management LLC grew its holdings in McKesson by 2.2% during the second quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock worth $470,000 after acquiring an additional 17 shares during the period. Larson Financial Group LLC raised its position in McKesson by 1.6% during the second quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $639,000 after acquiring an additional 17 shares in the last quarter. First Western Trust Bank lifted its holdings in McKesson by 2.0% in the first quarter. First Western Trust Bank now owns 913 shares of the company’s stock valued at $490,000 after acquiring an additional 18 shares during the period. Finally, Lindbrook Capital LLC boosted its position in McKesson by 1.7% in the 1st quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock worth $608,000 after purchasing an additional 19 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Price Performance

NYSE MCK opened at $480.49 on Wednesday. The company has a market cap of $62.31 billion, a P/E ratio of 21.47, a P/E/G ratio of 1.18 and a beta of 0.44. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51. The stock has a 50-day moving average of $556.72 and a two-hundred day moving average of $556.74.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $82.53 billion. During the same period in the prior year, the firm earned $7.27 EPS. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, analysts anticipate that McKesson Co. will post 32.07 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.59%. This is a boost from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, August 30th. McKesson’s payout ratio is presently 12.69%.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 82,339 shares of the company’s stock, valued at $51,546,684.17. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold a total of 11,259 shares of company stock worth $6,635,492 in the last quarter. 0.11% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MCK has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their target price on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Citigroup decreased their price objective on shares of McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a research report on Tuesday, September 10th. Robert W. Baird restated a “neutral” rating and set a $531.00 target price (down from $603.00) on shares of McKesson in a research report on Tuesday. Argus upped their price target on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, Bank of America increased their price target on McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, McKesson presently has a consensus rating of “Moderate Buy” and a consensus target price of $610.93.

About McKesson

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.