Gateway Investment Advisers LLC Raises Holdings in McKesson Co. (NYSE:MCK)

Posted by Defense World Staff on Mar 24th, 2023

Gateway Investment Advisers LLC increased its position in McKesson Co. (NYSE:MCK – Get Rating) by 138.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,796 shares of the company’s stock after buying an additional 2,204 shares during the quarter. Gateway Investment Advisers LLC’s holdings in McKesson were worth $1,424,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. State Street Corp raised its position in shares of McKesson by 1.0% in the 2nd quarter. State Street Corp now owns 6,611,727 shares of the company’s stock worth $2,159,803,000 after buying an additional 67,443 shares during the period. The Manufacturers Life Insurance Company raised its position in McKesson by 13.1% in the third quarter. The Manufacturers Life Insurance Company now owns 1,186,592 shares of the company’s stock valued at $403,287,000 after purchasing an additional 137,396 shares during the period. Arrowstreet Capital Limited Partnership raised its position in McKesson by 53.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 915,949 shares of the company’s stock valued at $280,399,000 after purchasing an additional 320,588 shares during the period. WCM Investment Management LLC purchased a new position in McKesson in the third quarter valued at about $302,630,000. Finally, Fred Alger Management LLC raised its position in McKesson by 11.6% in the third quarter. Fred Alger Management LLC now owns 823,327 shares of the company’s stock valued at $279,824,000 after purchasing an additional 85,272 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Morgan Stanley raised their price objective on McKesson from $420.00 to $426.00 and gave the company an “overweight” rating in a research report on Thursday, February 2nd. StockNews.com assumed coverage on McKesson in a research report on Thursday, March 16th. They issued a “strong-buy” rating on the stock. UBS Group cut their price objective on McKesson from $450.00 to $440.00 and set a “buy” rating on the stock in a research report on Tuesday, January 31st. Finally, Robert W. Baird lifted their target price on McKesson from $445.00 to $450.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $416.30.

McKesson Stock Performance

NYSE:MCK opened at $335.83 on Friday. The company has a market capitalization of $45.99 billion, a price-to-earnings ratio of 15.36, a price-to-earnings-growth ratio of 1.29 and a beta of 0.59. McKesson Co. has a one year low of $298.69 and a one year high of $401.78. The stock has a 50-day simple moving average of $359.75 and a 200 day simple moving average of $365.78.

McKesson (NYSE:MCK – Get Rating) last posted its quarterly earnings results on Wednesday, February 1st. The company reported $6.90 EPS for the quarter, topping analysts’ consensus estimates of $6.36 by $0.54. The business had revenue of $70.49 billion during the quarter, compared to the consensus estimate of $70.98 billion. McKesson had a negative return on equity of 216.12% and a net margin of 1.15%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the firm earned $6.15 earnings per share. On average, equities research analysts forecast that McKesson Co. will post 25.93 EPS for the current fiscal year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Wednesday, March 1st will be paid a $0.54 dividend. The ex-dividend date is Tuesday, February 28th. This represents a $2.16 dividend on an annualized basis and a yield of 0.64%. McKesson’s payout ratio is currently 9.88%.

Insider Buying and Selling at McKesson

In other McKesson news, EVP Nancy Avila sold 161 shares of McKesson stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $370.02, for a total value of $59,573.22. Following the completion of the transaction, the executive vice president now directly owns 4,631 shares in the company, valued at $1,713,562.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Brian S. Tyler sold 7,416 shares of McKesson stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $380.00, for a total transaction of $2,818,080.00. Following the sale, the chief executive officer now owns 75,737 shares of the company’s stock, valued at $28,780,060. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Nancy Avila sold 161 shares of McKesson stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $370.02, for a total value of $59,573.22. Following the sale, the executive vice president now directly owns 4,631 shares in the company, valued at approximately $1,713,562.62. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

McKesson Company Profile

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McKesson Corp. engages in the provision of supply chain management solutions, retail pharmacy, community oncology and specialty care, and healthcare information technology. It operates through the following segments: U.S. Pharmaceutical, International, Medical-Surgical Solutions, and Prescription Technology Solutions (RxTS).