Concord Wealth Partners Grows Position in McKesson Corporation (NYSE:MCK)

Concord Wealth Partners raised its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 3,314.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,019 shares of the company's stock after acquiring an additional 4,872 shares during the period. Concord Wealth Partners' holdings in McKesson were worth $3,378,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital A Wealth Management LLC bought a new position in McKesson in the fourth quarter valued at about $26,000. Millstone Evans Group LLC bought a new stake in shares of McKesson during the fourth quarter worth about $28,000. Graney & King LLC bought a new stake in shares of McKesson during the fourth quarter worth about $38,000. Cornerstone Planning Group LLC grew its holdings in shares of McKesson by 1,840.0% during the first quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock worth $67,000 after purchasing an additional 92 shares during the last quarter. Finally, CoreFirst Bank & Trust bought a new stake in shares of McKesson during the fourth quarter worth about $67,000. Institutional investors own 85.07% of the company's stock.

Analyst Upgrades and Downgrades

MCK has been the topic of several research reports. Cfra Research cut McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Morgan Stanley restated an "overweight" rating and set a $810.00 price target (up from $770.00) on shares of McKesson in a report on Wednesday. Wells Fargo & Company set a $766.00 price target on McKesson and gave the stock an "equal weight" rating in a report on Tuesday, June 3rd. UBS Group boosted their price target on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, Mizuho upped their target price on McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Three investment 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $710.17.

Insider Buying and Selling

In other news, EVP Thomas L. Rodgers sold 2,891 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the transaction, the executive vice president directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $1,348,234.98. Following the transaction, the chief financial officer directly owned 14,028 shares in the company, valued at $10,070,841.48. The trade was a 11.81% 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 worth $37,242,862 over the last ninety days. 0.08% of the stock is owned by company insiders.

McKesson Stock Performance

Shares of MCK stock traded down $0.44 during trading hours on Friday, hitting $709.84. 496,474 shares of the company were exchanged, compared to its average volume of 919,283. The company has a 50 day simple moving average of $716.12 and a two-hundred day simple moving average of $665.92. The firm has a market cap of $88.81 billion, a P/E ratio of 27.48, a P/E/G ratio of 1.43 and a beta of 0.48. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, beating 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%. McKesson's revenue for the quarter was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $6.18 EPS. As a group, sell-side analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

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

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.