GC Wealth Management RIA LLC Raises Stock Holdings in McKesson Corporation $MCK

Key Points

• GC Wealth Management RIA LLC has increased its holdings in McKesson Corporation by 845.8%, owning 3,963 shares worth approximately $2.9 million as of the latest SEC filing.
• McKesson reported Q2 earnings per share of $8.26, missing estimates but showing a revenue increase of 23.4% year-over-year, totaling $97.83 billion.
• The company has raised its quarterly dividend from $0.71 to $0.82, with the next payment scheduled for October 1st, reflecting a yield of 0.4%.

GC Wealth Management RIA LLC increased its position in McKesson Corporation (NYSE:MCK - Free Report) by 845.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,963 shares of the company's stock after buying an additional 3,544 shares during the quarter. GC Wealth Management RIA LLC's holdings in McKesson were worth $2,904,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Nuveen LLC purchased a new position in McKesson during the 1st quarter valued at about $475,235,000. Wellington Management Group LLP lifted its holdings in McKesson by 4,559.6% in the 1st quarter. Wellington Management Group LLP now owns 427,703 shares of the company's stock worth $287,840,000 after buying an additional 418,524 shares during the period. Boston Partners increased its stake in shares of McKesson by 33.3% during the first quarter. Boston Partners now owns 1,461,785 shares of the company's stock valued at $984,927,000 after buying an additional 365,484 shares during the period. Voya Investment Management LLC increased its stake in shares of McKesson by 92.3% during the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company's stock valued at $437,760,000 after buying an additional 312,473 shares during the period. Finally, 1832 Asset Management L.P. purchased a new position in shares of McKesson during the first quarter valued at approximately $140,742,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Up 3.3%

Shares of NYSE MCK opened at $760.82 on Monday. The firm's 50-day moving average price is $697.79 and its 200-day moving average price is $699.99. The company has a market cap of $94.63 billion, a PE ratio of 30.34, a PEG ratio of 1.36 and a beta of 0.51. McKesson Corporation has a 52-week low of $479.15 and a 52-week high of $770.00.

McKesson (NYSE:MCK - Get Free Report) last issued its 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 negative return on equity of 196.66% and a net margin of 0.84%.The company had revenue of $97.83 billion during the quarter, compared to analysts' expectations of $95.93 billion. During the same quarter in the prior year, the business posted $7.88 EPS. The company's revenue for the quarter was up 23.4% compared to the same quarter last year. As a group, equities research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The company 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 $0.82 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 0.4%. McKesson's payout ratio is 13.08%.

Insider Activity

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the transaction, the chief accounting officer owned 657 shares of the company's stock, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction on Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the transaction, the chief executive officer owned 27,872 shares in the company, valued at $19,735,884.48. This represents a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,560 shares of company stock worth $30,438,602 over the last three months. Insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on MCK shares. Wall Street Zen raised shares of McKesson from a "hold" rating to a "buy" rating in a research report on Sunday. Citigroup boosted their price objective on shares of McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a research report on Wednesday. Mizuho boosted their price target on shares of McKesson from $750.00 to $770.00 and gave the company a "neutral" rating in a research report on Wednesday, September 24th. Cowen reiterated a "buy" rating on shares of McKesson in a research report on Wednesday. Finally, UBS Group upped their target price on McKesson from $820.00 to $860.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $829.08.

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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