Wellington Management Group LLP Sells 565,939 Shares of McKesson Co. (NYSE:MCK)

Wellington Management Group LLP lowered its holdings in McKesson Co. (NYSE:MCK - Free Report) by 98.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,766 shares of the company's stock after selling 565,939 shares during the period. Wellington Management Group LLP's holdings in McKesson were worth $3,840,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MCK. International Assets Investment Management LLC increased its stake in McKesson by 1,020.2% in the 3rd 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 during the period. FMR LLC grew its holdings in shares of McKesson by 17.3% during the 3rd quarter. FMR LLC now owns 2,968,239 shares of the company's stock valued at $1,467,557,000 after acquiring an additional 438,423 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of McKesson by 55.8% in the third quarter. The Manufacturers Life Insurance Company now owns 1,189,377 shares of the company's stock worth $588,048,000 after acquiring an additional 425,875 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of McKesson by 126.8% during the third quarter. Janus Henderson Group PLC now owns 574,440 shares of the company's stock worth $283,903,000 after acquiring an additional 321,119 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in McKesson by 2.9% during 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 purchasing an additional 138,685 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Trading Up 1.5 %

NYSE:MCK traded up $8.20 during mid-day trading on Wednesday, hitting $570.98. 1,130,437 shares of the company's stock traded hands, compared to its average volume of 820,025. The firm has a market capitalization of $72.48 billion, a price-to-earnings ratio of 29.57, a price-to-earnings-growth ratio of 1.25 and a beta of 0.49. The firm has a 50 day moving average of $568.47 and a two-hundred day moving average of $562.84. McKesson Co. has a 12 month low of $444.51 and a 12 month high of $637.51.

McKesson (NYSE:MCK - Get Free Report) last posted 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 period in the prior year, the business earned $6.23 earnings per share. McKesson's revenue for the quarter was up 21.3% compared to the same quarter last year. As a group, equities research analysts expect that McKesson Co. will post 32.73 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 given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend is Monday, December 2nd. McKesson's dividend payout ratio is currently 14.71%.

Analysts Set New Price Targets

MCK has been the subject of a number of recent research reports. Mizuho began coverage on McKesson in a research note on Wednesday, December 4th. They set a "neutral" rating and a $630.00 price target for the company. Citigroup raised their price objective on shares of McKesson from $630.00 to $713.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. StockNews.com raised shares of McKesson from a "hold" rating to a "buy" rating in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft cut their price target on shares of McKesson from $623.00 to $579.00 and set a "buy" rating on the stock in a report on Wednesday, September 25th. Finally, Robert W. Baird upgraded shares of McKesson from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $531.00 to $688.00 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $650.14.

Insider Activity at McKesson

In other McKesson news, EVP Leann B. Smith sold 579 shares of the company's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $602.81, for a total value of $349,026.99. Following the completion of the transaction, the executive vice president now owns 1,443 shares of the company's stock, valued at $869,854.83. This represents a 28.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.11% of the stock is owned by corporate 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.