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

The Manufacturers Life Insurance Company increased its position in McKesson Co. (NYSE:MCK - Free Report) by 55.8% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,189,377 shares of the company's stock after purchasing an additional 425,875 shares during the period. The Manufacturers Life Insurance Company owned 0.94% of McKesson worth $588,048,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Swedbank AB acquired a new position in McKesson in the first quarter valued at approximately $669,326,000. International Assets Investment Management LLC boosted its stake in 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 acquiring an additional 734,849 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in McKesson by 2.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,943,520 shares of the company's stock valued at $2,444,175,000 after acquiring an additional 138,685 shares during the period. Assenagon Asset Management S.A. boosted its stake in 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 acquiring an additional 129,031 shares during the period. Finally, American Century Companies Inc. boosted its stake in McKesson by 134.6% in the second quarter. American Century Companies Inc. now owns 220,619 shares of the company's stock valued at $128,850,000 after acquiring an additional 126,567 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MCK has been the topic of a number of recent analyst reports. Barclays lifted their price target on McKesson from $596.00 to $616.00 and gave the company an "overweight" rating in a report on Thursday, August 8th. Evercore ISI boosted their target price on McKesson from $560.00 to $680.00 and gave the stock an "outperform" rating in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft dropped their target price on McKesson from $623.00 to $579.00 and set a "buy" rating on the stock in a report on Wednesday, September 25th. Leerink Partners dropped their target price on McKesson from $665.00 to $630.00 and set an "outperform" rating on the stock in a report on Monday, October 7th. Finally, Baird R W raised McKesson from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $631.57.

McKesson Price Performance

Shares of MCK stock traded up $8.27 on Tuesday, hitting $625.00. The company's stock had a trading volume of 551,001 shares, compared to its average volume of 821,887. The stock has a market capitalization of $79.34 billion, a price-to-earnings ratio of 32.37, a P/E/G ratio of 1.35 and a beta of 0.44. McKesson Co. has a fifty-two week low of $431.35 and a fifty-two week high of $637.51. The firm's fifty day moving average price is $535.14 and its 200-day moving average price is $558.45.

McKesson (NYSE:MCK - Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, topping analysts' consensus estimates of $6.88 by $0.19. The firm had revenue of $93.65 billion during the quarter, compared to analyst estimates of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The business's revenue was up 21.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.23 EPS. Analysts predict that McKesson Co. will post 32.78 EPS for the current fiscal year.

McKesson Announces Dividend

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 given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, December 2nd. 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 of the company's stock, valued at $44,094,604.60. The trade was a 4.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.11% of the stock is 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.