Legacy Advisors LLC Buys Shares of 354 McKesson Corporation (NYSE:MCK)

Legacy Advisors LLC acquired a new position in shares of McKesson Corporation (NYSE:MCK - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 354 shares of the company's stock, valued at approximately $238,000.

Several other large investors also recently made changes to their positions in the stock. Dynamic Advisor Solutions LLC grew its position in McKesson by 16.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock valued at $524,000 after purchasing an additional 111 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in McKesson by 18.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock valued at $15,501,000 after acquiring an additional 3,659 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in McKesson by 4.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock valued at $123,332,000 after acquiring an additional 7,556 shares during the last quarter. Segall Bryant & Hamill LLC lifted its stake in McKesson by 25.5% in the fourth quarter. Segall Bryant & Hamill LLC now owns 81,223 shares of the company's stock valued at $46,290,000 after acquiring an additional 16,502 shares during the last quarter. Finally, Fred Alger Management LLC lifted its stake in McKesson by 95.5% in the fourth quarter. Fred Alger Management LLC now owns 3,091 shares of the company's stock valued at $1,762,000 after acquiring an additional 1,510 shares during the last quarter. Institutional investors own 85.07% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on MCK. Cfra Research cut shares of McKesson from a "moderate buy" rating to a "hold" rating in a research note on Friday, April 4th. Morgan Stanley raised their target price on shares of McKesson from $745.00 to $770.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. UBS Group raised their target price on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Mizuho raised their target price on shares of McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. Finally, Bank of America raised their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, McKesson has an average rating of "Moderate Buy" and an average target price of $696.42.

McKesson Stock Down 0.2%

Shares of McKesson stock opened at $719.18 on Thursday. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $733.10. The company has a 50-day simple moving average of $710.10 and a two-hundred day simple moving average of $650.18. The stock has a market capitalization of $89.98 billion, a price-to-earnings ratio of 27.84, a price-to-earnings-growth ratio of 1.44 and a beta of 0.49.

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

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson's payout ratio is 10.99%.

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 19,370 shares of McKesson stock in a transaction 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 transaction, the chief executive officer now owns 51,243 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of McKesson stock in a transaction on Monday, May 19th. The stock was sold at an average price of $726.51, for a total transaction of $394,494.93. Following the transaction, the chief accounting officer now owns 1,972 shares in the company, valued at approximately $1,432,677.72. This trade represents a 21.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,117 shares of company stock valued at $23,526,451. 0.11% of the stock is currently owned by 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.

Want to see what other hedge funds are holding MCK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McKesson Corporation (NYSE:MCK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.