McKesson Corporation (NYSE:MCK) Shares Purchased by Avantax Advisory Services Inc.

Key Points

• Avantax Advisory Services Inc. increased its holdings in McKesson Corporation by 19.1%, owning 4,236 shares valued at approximately $2.85 million as of the end of the first quarter.
• Institutional investors and hedge funds control 85.07% of McKesson's stock, reflecting strong interest from large financial entities.
• Analysts are generally optimistic about McKesson, with a consensus rating of "Moderate Buy" and a price target average of $710.17.

Avantax Advisory Services Inc. grew its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 19.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,236 shares of the company's stock after acquiring an additional 679 shares during the quarter. Avantax Advisory Services Inc.'s holdings in McKesson were worth $2,851,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Brighton Jones LLC raised its stake in shares of McKesson by 46.3% during the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock worth $1,438,000 after buying an additional 798 shares during the period. Allianz SE acquired a new position in McKesson during the fourth quarter worth $177,000. Wellington Management Group LLP boosted its stake in McKesson by 18.2% during the fourth quarter. Wellington Management Group LLP now owns 9,179 shares of the company's stock worth $5,231,000 after buying an additional 1,413 shares during the last quarter. Summit Financial LLC lifted its stake in shares of McKesson by 19.7% in the 4th quarter. Summit Financial LLC now owns 1,347 shares of the company's stock valued at $769,000 after purchasing an additional 222 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of McKesson by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company's stock valued at $1,513,195,000 after purchasing an additional 10,015 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MCK shares. Cfra Research downgraded McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Bank of America raised their target price on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Wells Fargo & Company set a $766.00 price target on McKesson and gave the stock an "equal weight" rating in a research report on Tuesday, June 3rd. Mizuho upped their price target on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Finally, UBS Group upped their target price on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a report 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. According to MarketBeat, McKesson presently has an average rating of "Moderate Buy" and a consensus target price of $710.17.

Insider Activity

In other news, CFO Britt J. Vitalone sold 1,878 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 14,028 shares of the company's stock, valued at approximately $10,070,841.48. This represents a 11.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the company's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the transaction, the chief executive officer directly owned 27,872 shares of the company's stock, valued at $19,735,884.48. This trade represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,488 shares of company stock valued at $37,242,862 over the last three months. Company insiders own 0.08% of the company's stock.

McKesson Stock Performance

Shares of NYSE:MCK traded up $2.56 during trading on Wednesday, hitting $714.71. The company's stock had a trading volume of 876,668 shares, compared to its average volume of 513,964. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89. The stock's 50-day moving average price is $717.32 and its two-hundred day moving average price is $673.84. The company has a market capitalization of $89.42 billion, a PE ratio of 27.67, a PEG ratio of 1.44 and a beta of 0.48.

McKesson (NYSE:MCK - Get Free Report) last released 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. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The business had revenue of $90.82 billion for the quarter, compared to analysts' expectations of $94 billion. During the same quarter in the previous year, the firm posted $6.18 earnings per share. The company's revenue was up 18.9% compared to the same quarter last year. On average, equities analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 0.46%. This is a boost from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is presently 10.99%.

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.