HB Wealth Management LLC Has $5.66 Million Stock Holdings in McKesson Corporation (NYSE:MCK)

Key Points

• HB Wealth Management LLC increased its stake in McKesson Corporation by 11.6% during the first quarter, holding 8,410 shares valued at approximately $5.66 million.
• Insider transactions revealed that EVP Leann B. Smith sold 1,248 shares at an average price of $717.30, resulting in a 32.26% decrease in her position.
• Analysts have raised their price targets for McKesson, with Morgan Stanley increasing its target from $770 to $810, while the consensus rating stands at "Moderate Buy".

HB Wealth Management LLC raised its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 11.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,410 shares of the company's stock after buying an additional 872 shares during the quarter. HB Wealth Management LLC's holdings in McKesson were worth $5,660,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. increased its holdings in McKesson by 8.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company's stock valued at $1,622,754,000 after buying an additional 222,496 shares during the period. Geode Capital Management LLC boosted its stake in shares of McKesson by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company's stock valued at $1,513,195,000 after purchasing an additional 10,015 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of McKesson by 4.6% in the 4th quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company's stock valued at $1,493,704,000 after purchasing an additional 114,396 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of McKesson by 75,632.7% in the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after purchasing an additional 2,389,992 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of McKesson by 9.0% in the 4th quarter. Northern Trust Corp now owns 1,532,203 shares of the company's stock valued at $873,218,000 after purchasing an additional 126,940 shares in the last quarter. Institutional investors own 85.07% of the company's stock.

Insider Buying and Selling at McKesson

In related news, CFO Britt J. Vitalone sold 1,878 shares of the firm's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $1,348,234.98. Following the completion of the transaction, the chief financial officer directly owned 14,028 shares of the company's stock, valued at approximately $10,070,841.48. This trade represents a 11.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the firm's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the transaction, the chief accounting officer directly owned 1,972 shares of the company's stock, valued at $1,432,677.72. This represents a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,488 shares of company stock worth $37,242,862 in the last quarter. Company insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

MCK has been the topic of several recent analyst reports. UBS Group boosted their target price on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Cfra Research downgraded shares of McKesson from a "moderate buy" rating to a "hold" rating in a research note on Friday, April 4th. Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the stock an "equal weight" rating in a research report on Tuesday, June 3rd. Wall Street Zen downgraded shares of McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Mizuho upped their target price on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $710.17.

McKesson Trading Up 0.0%

Shares of NYSE:MCK traded up $0.12 during mid-day trading on Wednesday, reaching $712.27. The stock had a trading volume of 257,474 shares, compared to its average volume of 872,400. The firm has a 50 day simple moving average of $717.32 and a two-hundred day simple moving average of $673.84. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The firm has a market cap of $89.11 billion, a PE ratio of 27.57, a price-to-earnings-growth ratio of 1.43 and a beta of 0.48.

McKesson (NYSE:MCK - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $94 billion. During the same period in the prior year, the business earned $6.18 EPS. McKesson's revenue for the quarter was up 18.9% compared to the same quarter last year. On average, equities analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 0.46%. This is a boost from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is presently 10.99%.

McKesson 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.