Allworth Financial LP Increases Position in McKesson Corporation (NYSE:MCK)

Allworth Financial LP lifted its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 50.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,445 shares of the company's stock after acquiring an additional 1,817 shares during the quarter. Allworth Financial LP's holdings in McKesson were worth $3,748,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Capital A Wealth Management LLC bought a new position in shares of McKesson during the fourth quarter valued at approximately $26,000. Millstone Evans Group LLC bought a new position in shares of McKesson during the fourth quarter valued at approximately $28,000. Atala Financial Inc bought a new position in shares of McKesson during the fourth quarter valued at approximately $34,000. Graney & King LLC bought a new position in shares of McKesson during the fourth quarter valued at approximately $38,000. Finally, Cornerstone Planning Group LLC boosted its stake in shares of McKesson by 1,840.0% during the first quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock valued at $67,000 after purchasing an additional 92 shares in the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MCK has been the subject of several recent analyst reports. Morgan Stanley raised their target price on shares of McKesson from $745.00 to $770.00 and gave the company 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 company 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 company a "neutral" rating in a research note on Thursday, April 3rd. Wall Street Zen upgraded shares of McKesson from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 5th. Finally, Cfra Research downgraded shares of McKesson from a "moderate buy" rating to a "hold" rating in a research note on Friday, April 4th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $706.83.

McKesson Trading Down 0.8%

Shares of NYSE MCK traded down $6.05 during trading on Friday, reaching $708.49. 530,634 shares of the company traded hands, compared to its average volume of 925,911. The firm's fifty day simple moving average is $715.67 and its 200 day simple moving average is $662.14. The stock has a market cap of $88.64 billion, a P/E ratio of 27.43, a PEG ratio of 1.43 and a beta of 0.48. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89.

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

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 2nd were paid a $0.71 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.40%. McKesson's dividend payout ratio is presently 10.99%.

Insider Transactions at McKesson

In related news, CFO Britt J. Vitalone sold 6,336 shares of McKesson stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $4,544,812.80. Following the completion of the transaction, the chief financial officer owned 14,760 shares in the company, valued at $10,587,348. The trade was a 30.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Leann B. Smith sold 1,248 shares of McKesson stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $895,190.40. Following the completion of the sale, the executive vice president owned 2,621 shares in the company, valued at approximately $1,880,043.30. The trade was a 32.26% decrease in their ownership of the stock. 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 quarter. Company insiders own 0.08% of the company's stock.

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.