Concord Asset Management LLC VA Buys Shares of 4,499 McKesson Corporation (NYSE:MCK)

Concord Asset Management LLC VA acquired a new stake in McKesson Corporation (NYSE:MCK - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 4,499 shares of the company's stock, valued at approximately $3,115,000.

A number of other hedge funds have also recently made changes to their positions in the business. Brighton Jones LLC increased its position in shares of McKesson by 46.3% during the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock valued at $1,438,000 after acquiring an additional 798 shares during the last quarter. Proficio Capital Partners LLC bought a new position in McKesson during the fourth quarter valued at $313,000. Connor Clark & Lunn Investment Management Ltd. increased its position in McKesson by 300.6% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,975 shares of the company's stock worth $1,126,000 after buying an additional 1,482 shares during the last quarter. LBP AM SA bought a new stake in shares of McKesson in the fourth quarter valued at $916,000. Finally, Frank Rimerman Advisors LLC raised its stake in shares of 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 buying an additional 17 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Price Performance

Shares of NYSE:MCK traded up $4.75 on Wednesday, hitting $715.57. 418,188 shares of the company's stock were exchanged, compared to its average volume of 922,333. McKesson Corporation has a 12 month low of $464.42 and a 12 month high of $737.89. The business's 50 day simple moving average is $715.73 and its two-hundred day simple moving average is $664.96. The stock has a market capitalization of $89.52 billion, a price-to-earnings ratio of 27.70, a price-to-earnings-growth ratio of 1.42 and a beta of 0.48.

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

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.40%. The ex-dividend date was Monday, June 2nd. McKesson's dividend payout ratio is currently 10.99%.

Insider Activity at McKesson

In other news, CEO Brian S. Tyler sold 19,371 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer owned 27,872 shares of the company's stock, valued at $19,735,884.48. The trade was a 41.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Thomas L. Rodgers sold 2,891 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were 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 in the company, valued at approximately $1,811,785.92. This trade represents a 53.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,488 shares of company stock worth $37,242,862 over the last ninety days. Corporate insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MCK. Mizuho increased their target price on McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research report on Thursday, April 3rd. UBS Group increased their price objective on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Wells Fargo & Company set a $766.00 target price on McKesson and gave the company an "equal weight" rating in a report on Tuesday, June 3rd. Cfra Research downgraded shares of McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, Morgan Stanley restated an "overweight" rating and issued a $810.00 price objective (up from $770.00) on shares of McKesson in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, McKesson currently has a consensus rating of "Moderate Buy" and an average target price of $710.17.

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.