Commonwealth Equity Services LLC Has $38.76 Million Holdings in McKesson Corporation (NYSE:MCK)

Key Points

• Commonwealth Equity Services LLC increased its holdings in McKesson Corporation by 10.5%, owning 57,590 shares worth approximately $38.76 million after acquiring 5,489 additional shares in Q1.
• McKesson recently declared a quarterly dividend of $0.82, up from $0.71, representing an annualized dividend yield of 0.5%.
• McKesson's stock price is currently around $709.15, with Wall Street analysts projecting a consensus price target of $710.17 and a "Moderate Buy" rating.

Commonwealth Equity Services LLC lifted its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 10.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 57,590 shares of the company's stock after acquiring an additional 5,489 shares during the quarter. Commonwealth Equity Services LLC's holdings in McKesson were worth $38,757,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in the stock. CBIZ Investment Advisory Services LLC increased its stake in McKesson by 1,366.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after buying an additional 41 shares during the period. Capital A Wealth Management LLC bought a new position in McKesson during the 4th quarter valued at $26,000. Bank of Jackson Hole Trust increased its position in shares of McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after purchasing an additional 18 shares during the period. Cornerstone Planning Group LLC lifted its holdings in shares of McKesson by 1,840.0% in the first quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock valued at $67,000 after buying an additional 92 shares during the period. Finally, Johnson Financial Group Inc. bought a new position in McKesson during the fourth quarter valued at about $76,000. 85.07% of the stock is owned by institutional investors and hedge funds.

McKesson Price Performance

NYSE:MCK traded down $4.64 during trading hours on Wednesday, reaching $704.85. 1,268,592 shares of the stock were exchanged, compared to its average volume of 624,894. The stock has a market cap of $88.18 billion, a PE ratio of 27.29, a PEG ratio of 1.43 and a beta of 0.50. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The firm has a 50 day moving average of $716.27 and a 200 day moving average of $677.85.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. During the same quarter last year, the business earned $7.88 earnings per share. The company's revenue was up 23.4% on a year-over-year basis. Equities research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. This is a boost from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio (DPR) is currently 10.99%.

Insider Activity

In related news, EVP Thomas L. Rodgers sold 2,891 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $712.18, for a total value of $2,058,912.38. Following the completion of the transaction, the executive vice president owned 2,544 shares of the company's stock, valued at $1,811,785.92. The trade was a 53.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the sale, the chief accounting officer owned 1,972 shares of the company's stock, valued at $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,488 shares of company stock worth $37,242,862. Insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

MCK has been the topic of a number of analyst reports. Morgan Stanley reissued an "overweight" rating and issued a $810.00 price target (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Wells Fargo & Company set a $766.00 target price on McKesson and gave the stock an "equal weight" rating in a research report on Tuesday, June 3rd. Evercore ISI increased their price objective on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Bank of America upped their target price on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, UBS Group increased their price objective on McKesson from $708.00 to $805.00 and gave the stock 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 issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $710.17.

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.