Golden State Wealth Management LLC Raises Holdings in McKesson Corporation (NYSE:MCK)

Golden State Wealth Management LLC boosted its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 111.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,682 shares of the company's stock after purchasing an additional 1,414 shares during the period. Golden State Wealth Management LLC's holdings in McKesson were worth $1,805,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MCK. Capital A Wealth Management LLC bought a new stake in McKesson during the 4th quarter worth $26,000. Millstone Evans Group LLC acquired a new stake in shares of McKesson during the fourth quarter valued at about $28,000. Atala Financial Inc bought a new stake in shares of McKesson during the fourth quarter worth about $34,000. Graney & King LLC acquired a new position in shares of McKesson in the fourth quarter valued at approximately $38,000. Finally, CoreFirst Bank & Trust bought a new position in McKesson in the 4th quarter valued at approximately $67,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Stock Performance

Shares of MCK stock traded down $1.64 during trading hours on Wednesday, hitting $719.18. 529,889 shares of the company were exchanged, compared to its average volume of 920,365. The company has a 50 day simple moving average of $709.57 and a two-hundred day simple moving average of $649.70. The firm has a market cap of $89.98 billion, a P/E ratio of 27.84, a P/E/G ratio of 1.44 and a beta of 0.49. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $733.10.

McKesson (NYSE:MCK - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating analysts' consensus estimates of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The business had revenue of $90.82 billion during the quarter, compared to analyst estimates of $94 billion. During the same period in the previous year, the company posted $6.18 EPS. The firm's revenue was up 18.9% compared to the same quarter last year. As a group, sell-side analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Monday, June 2nd. McKesson's dividend payout ratio (DPR) is presently 10.99%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MCK. UBS Group boosted their target price on shares of 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 price objective on McKesson and gave the company an "equal weight" rating in a report on Tuesday, June 3rd. Bank of America lifted their target price on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Morgan Stanley upped their price target on McKesson from $745.00 to $770.00 and gave the company an "overweight" rating in a research report on Wednesday, June 11th. Finally, Wall Street Zen downgraded McKesson from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 14th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, McKesson has an average rating of "Moderate Buy" and a consensus price target of $696.42.

Insider Activity

In related news, CEO Brian S. Tyler sold 19,370 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $705.93, for a total transaction of $13,673,864.10. Following the completion of the transaction, the chief executive officer now owns 51,243 shares of the company's stock, valued at approximately $36,173,970.99. The trade was a 27.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the firm's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $726.51, for a total value of $394,494.93. Following the completion of the sale, the chief accounting officer now directly owns 1,972 shares in the company, valued at approximately $1,432,677.72. The trade was a 21.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,117 shares of company stock worth $23,526,451 over the last 90 days. 0.11% of the stock is currently owned by corporate insiders.

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.