LPL Financial LLC Buys 17,750 Shares of McKesson Corporation (NYSE:MCK)

LPL Financial LLC boosted its position in McKesson Corporation (NYSE:MCK - Free Report) by 12.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 155,946 shares of the company's stock after buying an additional 17,750 shares during the quarter. LPL Financial LLC owned approximately 0.12% of McKesson worth $104,950,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Oppenheimer Asset Management Inc. boosted its stake in McKesson by 54.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock valued at $3,056,000 after purchasing an additional 1,592 shares during the period. Dynamic Advisor Solutions LLC boosted its stake in McKesson by 16.6% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock valued at $524,000 after purchasing an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in McKesson by 18.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock valued at $15,501,000 after purchasing an additional 3,659 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of McKesson by 4.3% during the 1st 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 period. Finally, CWA Asset Management Group LLC grew its holdings in shares of McKesson by 6.3% during the 1st quarter. CWA Asset Management Group LLC now owns 979 shares of the company's stock worth $659,000 after purchasing an additional 58 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Stock Performance

NYSE:MCK traded up $4.89 during trading hours on Friday, reaching $698.43. The stock had a trading volume of 960,996 shares, compared to its average volume of 879,579. The stock has a 50 day simple moving average of $716.92 and a 200 day simple moving average of $674.88. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89. The stock has a market cap of $87.38 billion, a P/E ratio of 27.04, a price-to-earnings-growth ratio of 1.45 and a beta of 0.48.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, beating the consensus estimate of $9.83 by $0.29. The company had revenue of $90.82 billion during the quarter, compared to analysts' expectations of $94 billion. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The firm's quarterly revenue was up 18.9% compared to the same quarter last year. During the same period in the previous year, the business earned $6.18 earnings per share. On average, equities analysts expect that McKesson Corporation will post 32.77 earnings per share 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 given a dividend of $0.82 per share. The ex-dividend date 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 0.5%. McKesson's dividend payout ratio (DPR) is presently 12.70%.

Insider Buying and Selling at McKesson

In related news, EVP Thomas L. Rodgers sold 2,891 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the completion of the transaction, the executive vice president directly owned 2,544 shares in the company, valued at $1,811,785.92. The trade was a 53.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $708.09, for a total value of $13,716,411.39. Following the sale, the chief executive officer directly owned 27,872 shares of the company's stock, valued at approximately $19,735,884.48. This trade represents a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,488 shares of company stock valued at $37,242,862 over the last 90 days. Insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MCK shares. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Mizuho increased their price target on McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd. Wells Fargo & Company set a $766.00 price target on McKesson and gave the company an "equal weight" rating in a research report on Tuesday, June 3rd. Evercore ISI increased their price target on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $810.00 price target (up from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. 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, the company has an average rating of "Moderate Buy" and an average target price of $710.17.

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.