Hourglass Capital LLC Has $2.68 Million Holdings in McKesson Co. (NYSE:MCK)

Hourglass Capital LLC grew its stake in shares of McKesson Co. (NYSE:MCK) by 2.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,422 shares of the company’s stock after acquiring an additional 150 shares during the period. Hourglass Capital LLC’s holdings in McKesson were worth $2,681,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of MCK. Swedbank AB acquired a new stake in McKesson during the first quarter worth approximately $669,326,000. International Assets Investment Management LLC raised its position in shares of McKesson by 1,020.2% in the third quarter. International Assets Investment Management LLC now owns 806,878 shares of the company’s stock valued at $398,937,000 after buying an additional 734,849 shares in the last quarter. Bessemer Group Inc. raised its position 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 buying an additional 340,007 shares in the last quarter. Bristol Gate Capital Partners Inc. acquired a new stake in shares of McKesson in the first quarter valued at approximately $97,510,000. Finally, Assenagon Asset Management S.A. raised its position in shares of McKesson by 581.0% in the third quarter. Assenagon Asset Management S.A. now owns 151,240 shares of the company’s stock valued at $74,776,000 after buying an additional 129,031 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Stock Up 1.1 %

MCK stock opened at $624.61 on Thursday. The firm has a market cap of $79.29 billion, a price-to-earnings ratio of 32.35, a PEG ratio of 1.33 and a beta of 0.44. McKesson Co. has a 12-month low of $431.35 and a 12-month high of $637.51. The company’s fifty day simple moving average is $515.00 and its 200 day simple moving average is $552.91.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, beating the consensus estimate of $6.88 by $0.19. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The firm had revenue of $93.65 billion for the quarter, compared to analyst estimates of $89.33 billion. During the same quarter in the prior year, the business earned $6.23 earnings per share. The business’s quarterly revenue was up 21.3% compared to the same quarter last year. Research analysts expect that McKesson Co. will post 32.81 earnings per share for the current year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.71 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.45%. McKesson’s dividend payout ratio is currently 14.71%.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the sale, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MCK has been the subject of a number of analyst reports. Mizuho lifted their price target on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Robert W. Baird upgraded shares of McKesson from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $531.00 to $688.00 in a research report on Thursday, November 7th. Leerink Partners lowered their price objective on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Barclays boosted their price objective on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Baird R W upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $631.57.

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.