Arkadios Wealth Advisors Grows Position in McKesson Corporation (NYSE:MCK)

Key Points

• Arkadios Wealth Advisors significantly increased its holdings in McKesson Corporation by 124.2%, acquiring an additional 2,292 shares during the first quarter, bringing its total to 4,138 shares worth approximately $2.78 million.
• McKesson recently reported $10.12 earnings per share, surpassing analyst expectations, and an 18.9% increase in revenue compared to the same quarter last year.
• The company announced an increase in its quarterly dividend to $0.82 from $0.71, reflecting a commitment to delivering returns to shareholders.

Arkadios Wealth Advisors grew its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 124.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,138 shares of the company's stock after acquiring an additional 2,292 shares during the quarter. Arkadios Wealth Advisors' holdings in McKesson were worth $2,784,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MCK. CVA Family Office LLC boosted its stake in McKesson by 6.0% in the 1st quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after purchasing an additional 15 shares in the last quarter. Palisade Asset Management LLC boosted its stake in McKesson by 2.1% in the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock worth $481,000 after purchasing an additional 15 shares in the last quarter. SteelPeak Wealth LLC boosted its stake in McKesson by 0.5% in the 1st quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock worth $1,867,000 after purchasing an additional 15 shares in the last quarter. Parallel Advisors LLC lifted its stake in McKesson by 0.6% during the 1st quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock valued at $1,683,000 after acquiring an additional 16 shares during the period. Finally, Eagle Rock Investment Company LLC lifted its stake in McKesson by 0.4% during the 1st quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock valued at $3,229,000 after acquiring an additional 17 shares during the period. Institutional investors and hedge funds own 85.07% of the company's stock.

Insider Buying and Selling

In other news, EVP Thomas L. Rodgers sold 2,891 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the completion of the sale, the executive vice president owned 2,544 shares of the company's stock, valued at $1,811,785.92. This represents a 53.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Britt J. Vitalone sold 1,878 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $1,348,234.98. Following the sale, the chief financial officer directly owned 14,028 shares of the company's stock, valued at $10,070,841.48. The trade was a 11.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,488 shares of company stock worth $37,242,862 in the last 90 days. 0.08% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Evercore ISI lifted their price objective on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Cfra Research cut shares of McKesson from a "moderate buy" rating to a "hold" rating in a research note on Friday, April 4th. Bank of America lifted their price objective on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Morgan Stanley restated an "overweight" rating and set a $810.00 price objective (up from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Finally, UBS Group lifted their price objective on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $710.17.

McKesson Price Performance

NYSE MCK traded up $4.89 on Friday, hitting $698.43. The company had a trading volume of 960,996 shares, compared to its average volume of 561,144. The company has a market capitalization of $87.38 billion, a PE ratio of 27.04, a PEG ratio of 1.40 and a beta of 0.50. The company's fifty day moving average price is $716.92 and its 200-day moving average price is $674.88. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89.

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

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a boost from McKesson's previous quarterly dividend of $0.71. McKesson's payout ratio is presently 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.