Advisor Resource Council Invests $4.70 Million in McKesson Corporation (NYSE:MCK)

Advisor Resource Council bought a new position in shares of McKesson Corporation (NYSE:MCK - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,652 shares of the company's stock, valued at approximately $4,701,000.

Other hedge funds have also added to or reduced their stakes in the company. CVA Family Office LLC grew its holdings in shares of McKesson by 6.0% in the 1st quarter. CVA Family Office LLC now owns 265 shares of the company's stock valued at $178,000 after acquiring an additional 15 shares in the last quarter. Parallel Advisors LLC boosted its position in McKesson by 0.6% during the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock valued at $1,683,000 after purchasing an additional 16 shares during the last quarter. Frank Rimerman Advisors LLC grew its stake in McKesson by 2.2% in the fourth quarter. Frank Rimerman Advisors LLC now owns 807 shares of the company's stock valued at $460,000 after purchasing an additional 17 shares in the last quarter. Eagle Rock Investment Company LLC increased its position in shares of McKesson by 0.4% during the 1st quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock worth $3,229,000 after purchasing an additional 17 shares during the last quarter. Finally, First Western Trust Bank raised its stake in shares of McKesson by 2.0% during the 4th quarter. First Western Trust Bank now owns 931 shares of the company's stock worth $531,000 after purchasing an additional 18 shares in the last quarter. Institutional investors own 85.07% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Morgan Stanley upped their price target on shares of McKesson from $745.00 to $770.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Cfra Research cut shares of McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Mizuho raised their target price on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. Wall Street Zen downgraded McKesson from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 14th. Finally, Bank of America raised their price objective on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $694.38.

Insider Activity at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the transaction, the chief accounting officer now directly owns 1,972 shares in the company, valued at approximately $1,432,677.72. This represents a 21.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 19,370 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $705.93, for a total value of $13,673,864.10. Following the sale, the chief executive officer now directly owns 51,243 shares in the company, valued at approximately $36,173,970.99. This trade represents a 27.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,117 shares of company stock valued at $23,526,451 in the last quarter. Insiders own 0.11% of the company's stock.

McKesson Stock Performance

NYSE:MCK opened at $729.28 on Friday. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $732.99. The firm's 50-day simple moving average is $707.81 and its 200 day simple moving average is $647.13. The firm has a market cap of $91.24 billion, a price-to-earnings ratio of 28.23, a P/E/G ratio of 1.46 and a beta of 0.49.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping analysts' consensus estimates of $9.83 by $0.29. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The company had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. During the same quarter in the prior year, the firm posted $6.18 EPS. The firm's quarterly revenue was up 18.9% on a year-over-year basis. Sell-side analysts anticipate that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson's dividend payout ratio is 10.99%.

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.

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