Ninepoint Partners LP Invests $701,000 in McKesson Co. (NYSE:MCK)

Ninepoint Partners LP bought a new position in McKesson Co. (NYSE:MCK) in the 2nd quarter, HoldingsChannel reports. The fund bought 1,201 shares of the company’s stock, valued at approximately $701,000.

Several other hedge funds also recently made changes to their positions in MCK. 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 purchasing 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 purchasing 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 purchasing an additional 17 shares during the period. First Western Trust Bank boosted its position in McKesson by 2.0% during the 1st quarter. First Western Trust Bank now owns 913 shares of the company’s stock valued at $490,000 after purchasing an additional 18 shares during the period. Finally, Lindbrook Capital LLC boosted its position in McKesson by 1.7% during the 1st quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock valued at $608,000 after purchasing an additional 19 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Activity

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $580.92, for a total transaction of $2,180,192.76. Following the transaction, the chief executive officer now owns 86,092 shares in the company, valued at $50,012,564.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have sold 11,259 shares of company stock worth $6,635,492. 0.11% of the stock is owned by corporate insiders.

McKesson Stock Performance

MCK opened at $488.35 on Friday. McKesson Co. has a one year low of $431.35 and a one year high of $637.51. The stock’s fifty day moving average is $552.67 and its 200-day moving average is $555.67. The company has a market capitalization of $63.45 billion, a PE ratio of 21.82, a P/E/G ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. The company had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. McKesson’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $7.27 earnings per share. On average, equities research analysts forecast 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. Stockholders of record on Monday, September 2nd will be given a dividend of $0.71 per share. The ex-dividend date of this dividend 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 0.58%. McKesson’s payout ratio is 12.69%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MCK shares. Evercore ISI reduced their price objective on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. JPMorgan Chase & Co. boosted their price target on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. StockNews.com lowered McKesson from a “buy” rating to a “hold” rating in a research report on Friday. Mizuho boosted 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. Finally, Leerink Partners reduced their price target on McKesson from $670.00 to $665.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $613.36.

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.