Flputnam Investment Management Co. Has $20.64 Million Stock Holdings in McKesson Corporation $MCK

Key Points

• Flputnam Investment Management Co. increased its stake in McKesson Corporation by 1,151.2%, now holding approximately $20.64 million worth of shares.
• Insider trading activity revealed that both the CAO and CEO of McKesson sold significant shares, with the CEO's sale representing a 74.83% decrease in their position.
• Analysts are optimistic about McKesson, with several raising their price targets and rating the stock as a Moderate Buy, while forecasting a growth in earnings per share for the fiscal year.

Flputnam Investment Management Co. raised its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 1,151.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,667 shares of the company's stock after purchasing an additional 28,216 shares during the period. Flputnam Investment Management Co.'s holdings in McKesson were worth $20,639,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in MCK. Brighton Jones LLC lifted its position in McKesson by 46.3% during the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock valued at $1,438,000 after purchasing an additional 798 shares during the period. AXA S.A. lifted its position in McKesson by 1.8% during the 4th quarter. AXA S.A. now owns 53,378 shares of the company's stock valued at $30,421,000 after purchasing an additional 940 shares during the period. Aptus Capital Advisors LLC lifted its position in McKesson by 1.8% during the 4th quarter. Aptus Capital Advisors LLC now owns 4,087 shares of the company's stock valued at $2,330,000 after purchasing an additional 72 shares during the period. Alpha Family Trust acquired a new stake in shares of McKesson in the 4th quarter valued at approximately $214,000. Finally, Ameriprise Financial Inc. raised its position in shares of McKesson by 10.7% in the 4th quarter. Ameriprise Financial Inc. now owns 346,827 shares of the company's stock valued at $197,685,000 after acquiring an additional 33,622 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the sale, the chief accounting officer owned 657 shares of the company's stock, valued at $436,031.19. This trade represents a 33.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Brian S. Tyler sold 11,930 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the sale, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. The trade was a 74.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,930 shares of company stock worth $44,112,466. Insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Evercore ISI raised their price target on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Morgan Stanley reissued an "overweight" rating and set a $810.00 target price (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Wells Fargo & Company boosted their target price on McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 13th. Bank of America boosted their target price on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Cowen reissued a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $725.10.

McKesson Stock Up 0.8%

Shares of NYSE:MCK opened at $686.44 on Friday. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The stock's 50 day moving average is $702.44 and its 200-day moving average is $687.98. The firm has a market capitalization of $85.38 billion, a price-to-earnings ratio of 27.37, a PEG ratio of 1.36 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). The business had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm's revenue for the quarter was up 23.4% compared to the same quarter last year. During the same quarter last year, the company earned $7.88 EPS. Equities research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase from McKesson's previous quarterly dividend of $0.71. McKesson's payout ratio is 11.32%.

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.

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