Meeder Advisory Services Inc. Has $2.23 Million Position in McKesson Co. (NYSE:MCK)

Meeder Advisory Services Inc. increased its holdings in shares of McKesson Co. (NYSE:MCK) by 41.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,809 shares of the company’s stock after purchasing an additional 1,120 shares during the period. Meeder Advisory Services Inc.’s holdings in McKesson were worth $2,225,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. JPMorgan Chase & Co. lifted its stake in McKesson by 1.1% in the first quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock valued at $2,342,190,000 after buying an additional 46,659 shares in the last quarter. Norges Bank bought a new stake in McKesson in the 4th quarter valued at $1,024,140,000. Putnam Investments LLC lifted its position in McKesson by 3.2% in the 4th quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock valued at $925,017,000 after acquiring an additional 62,242 shares in the last quarter. Swedbank AB acquired a new position in McKesson in the 1st quarter worth $669,326,000. Finally, Boston Partners increased its holdings in McKesson by 4.1% during the 1st quarter. Boston Partners now owns 1,183,829 shares of the company’s stock worth $635,763,000 after purchasing an additional 47,140 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MCK has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their price target on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Robert W. Baird cut their target price on McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Bank of America upped 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. Mizuho lifted their price objective on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Finally, Barclays increased their target price on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $622.07.

McKesson Price Performance

McKesson stock opened at $511.17 on Friday. The company’s 50-day moving average is $568.71 and its 200-day moving average is $557.26. The firm has a market capitalization of $66.29 billion, a PE ratio of 22.84, a P/E/G ratio of 1.18 and a beta of 0.44. McKesson Co. has a fifty-two week low of $417.65 and a fifty-two week high of $637.51.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The firm had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. During the same quarter in the previous year, the business earned $7.27 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. As a group, analysts expect that McKesson Co. will post 32.11 EPS for the current year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be issued a dividend of $0.71 per share. This is an increase from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. This represents a $2.84 annualized dividend and a yield of 0.56%. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $626.03, for a total value of $2,349,490.59. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 11,259 shares of company stock valued at $6,635,492 over the last ninety days. 0.11% of the stock is currently owned by company insiders.

McKesson Profile

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.