The Manufacturers Life Insurance Company Has $588.05 Million Holdings in McKesson Co. (NYSE:MCK)

The Manufacturers Life Insurance Company boosted its position in shares of McKesson Co. (NYSE:MCK) by 55.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,189,377 shares of the company’s stock after acquiring an additional 425,875 shares during the period. The Manufacturers Life Insurance Company’s holdings in McKesson were worth $588,048,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Distillate Capital Partners LLC boosted its position in shares of McKesson by 127,542.9% during the 2nd quarter. Distillate Capital Partners LLC now owns 35,740 shares of the company’s stock valued at $20,874,000 after acquiring an additional 35,712 shares in the last quarter. Chase Investment Counsel Corp increased its stake in shares of McKesson by 50.8% in the 2nd quarter. Chase Investment Counsel Corp now owns 8,985 shares of the company’s stock valued at $5,247,000 after buying an additional 3,027 shares during the period. Wealthspire Advisors LLC raised its holdings in McKesson by 8.9% during the 2nd quarter. Wealthspire Advisors LLC now owns 1,623 shares of the company’s stock worth $948,000 after purchasing an additional 133 shares during the last quarter. Vaughan David Investments LLC IL bought a new position in McKesson in the second quarter valued at approximately $238,000. Finally, Newbridge Financial Services Group Inc. lifted its stake in McKesson by 2,143.1% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,458 shares of the company’s stock valued at $851,000 after buying an additional 1,393 shares during the period. 85.07% of the stock is currently owned by institutional investors.

McKesson Trading Down 1.0 %

Shares of MCK opened at $616.72 on Tuesday. McKesson Co. has a 12 month low of $431.35 and a 12 month high of $637.51. The firm has a fifty day simple moving average of $532.91 and a 200 day simple moving average of $557.99. The stock has a market capitalization of $78.29 billion, a price-to-earnings ratio of 31.94, a PEG ratio of 1.35 and a beta of 0.44.

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 negative return on equity of 207.50% and a net margin of 0.77%. The company had revenue of $93.65 billion during the quarter, compared to analysts’ expectations of $89.33 billion. During the same quarter last year, the company earned $6.23 EPS. McKesson’s revenue for the quarter was up 21.3% compared to the same quarter last year. As a group, research analysts predict that McKesson Co. will post 32.78 earnings per share for the current fiscal 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 $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.46%. The ex-dividend date is Monday, December 2nd. McKesson’s payout ratio is presently 14.71%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MCK shares. 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 report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Wells Fargo & Company dropped their price objective on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. StockNews.com raised McKesson from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Finally, Leerink Partners dropped their price target on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $631.57.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares in the company, valued at approximately $44,094,604.60. This trade represents a 4.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.11% of the stock is owned by company insiders.

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.