Archford Capital Strategies LLC Purchases 1,372 Shares of McKesson Corporation $MCK

Key Points

• Archford Capital Strategies LLC increased its stake in McKesson Corporation by 151.8% in the 2nd quarter, now holding 2,276 shares valued at approximately $1.67 million.
• McKesson recently reported $8.26 EPS for the quarter, below analysts' expectations of $8.33, but achieved $97.83 billion in revenue, exceeding expectations of $95.93 billion.
• The company announced an increase in its quarterly dividend to $0.82 per share, up from $0.71, reflecting a commitment to returning value to shareholders.

Archford Capital Strategies LLC lifted its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 151.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,276 shares of the company's stock after buying an additional 1,372 shares during the quarter. Archford Capital Strategies LLC's holdings in McKesson were worth $1,668,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Nuveen LLC acquired a new stake in McKesson during the 1st quarter worth about $475,235,000. Wellington Management Group LLP lifted its stake in shares of McKesson by 4,559.6% in the 1st quarter. Wellington Management Group LLP now owns 427,703 shares of the company's stock valued at $287,840,000 after purchasing an additional 418,524 shares during the period. Boston Partners boosted its position in shares of McKesson by 33.3% during the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock valued at $984,927,000 after purchasing an additional 365,484 shares in the last quarter. Voya Investment Management LLC grew its stake in McKesson by 92.3% during the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company's stock worth $437,760,000 after purchasing an additional 312,473 shares during the period. Finally, 1832 Asset Management L.P. bought a new stake in McKesson in the first quarter worth approximately $140,742,000. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Price Performance

Shares of NYSE:MCK opened at $760.82 on Monday. The firm has a fifty day moving average price of $697.79 and a two-hundred day moving average price of $699.99. The company has a market cap of $94.63 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 1.36 and a beta of 0.51. McKesson Corporation has a one year low of $479.15 and a one year high of $770.00.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). The business had revenue of $97.83 billion during the quarter, compared to analysts' expectations of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company's quarterly revenue was up 23.4% on a year-over-year basis. During the same quarter last year, the business posted $7.88 EPS. Equities research analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.82 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. McKesson's payout ratio is presently 13.08%.

Insider Activity at McKesson

In other news, CEO Brian S. Tyler sold 19,371 shares of the firm's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the sale, the chief executive officer owned 27,872 shares in the company, valued at approximately $19,735,884.48. This trade represents a 41.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the sale, the chief accounting officer directly owned 657 shares of the company's stock, valued at $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,560 shares of company stock worth $30,438,602. 0.08% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on MCK. Cowen reaffirmed a "buy" rating on shares of McKesson in a research report on Wednesday. Morgan Stanley raised their price target on shares of McKesson from $810.00 to $857.00 and gave the stock an "overweight" rating in a report on Wednesday, September 24th. Bank of America lifted their price target on shares of McKesson from $800.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Leerink Partners increased their price objective on shares of McKesson from $785.00 to $850.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 24th. Finally, Citigroup raised their target price on McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $829.08.

McKesson Company 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.

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