McKesson Corporation $MCK Stock Position Raised by Axxcess Wealth Management LLC

Key Points

• Axxcess Wealth Management LLC increased its stake in McKesson Corporation ($MCK) by 65.4% during the 2nd quarter, holding 898 shares worth approximately $658,000 at the end of the period.
• McKesson recently adjusted its quarterly dividend from $0.71 to $0.82, reflecting an annualized yield of 0.4% and a payout ratio of 13.08%.
• Analysts have raised their price targets for McKesson, with TD Cowen setting a new target at $864.00 and several firms maintaining "buy" ratings on the stock.

Axxcess Wealth Management LLC boosted its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 65.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 898 shares of the company's stock after acquiring an additional 355 shares during the quarter. Axxcess Wealth Management LLC's holdings in McKesson were worth $658,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. raised its holdings in shares of McKesson by 54.0% during 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 in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in McKesson by 18.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock valued at $15,501,000 after buying an additional 3,659 shares in the last quarter. Acadian Asset Management LLC raised its holdings in McKesson by 22.0% during the first quarter. Acadian Asset Management LLC now owns 378,926 shares of the company's stock valued at $254,979,000 after buying an additional 68,294 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of McKesson in the 1st quarter valued at approximately $289,000. Finally, Archford Capital Strategies LLC raised its stake in shares of McKesson by 151.8% in the 2nd quarter. Archford Capital Strategies LLC now owns 2,276 shares of the company's stock valued at $1,668,000 after acquiring an additional 1,372 shares in the last quarter. Institutional investors own 85.07% of the company's stock.

McKesson Stock Performance

NYSE:MCK opened at $788.27 on Friday. The firm's 50-day moving average is $716.48 and its 200-day moving average is $709.96. McKesson Corporation has a 52-week low of $492.39 and a 52-week high of $793.97. The company has a market cap of $98.05 billion, a price-to-earnings ratio of 31.43, a PEG ratio of 1.40 and a beta of 0.52.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). The firm had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business's revenue for the quarter was up 23.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $7.88 earnings per share. Equities analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were paid a $0.82 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. This is an increase from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is currently 13.08%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MCK. TD Cowen raised their price objective on McKesson from $830.00 to $864.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Wells Fargo & Company lifted their target price on shares of McKesson from $772.00 to $816.00 and gave the stock an "equal weight" rating in a report on Wednesday, September 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of McKesson in a report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their target price on shares of McKesson from $821.00 to $853.00 and gave the stock an "overweight" rating in a report on Friday, September 26th. Finally, Jefferies Financial Group lifted their price objective on McKesson from $820.00 to $900.00 and gave the stock a "buy" rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $834.54.

Insider Activity at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the sale, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the sale, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. The trade was a 74.83% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,189 shares of company stock worth $16,722,190. Corporate insiders own 0.08% of the company's stock.

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.

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.