DAVENPORT & Co LLC Acquires 5,102 Shares of McKesson Corporation (NYSE:MCK)

DAVENPORT & Co LLC increased its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 237.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,249 shares of the company's stock after buying an additional 5,102 shares during the quarter. DAVENPORT & Co LLC's holdings in McKesson were worth $4,879,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Summit Trail Advisors LLC grew its holdings in shares of McKesson by 33.6% during the first quarter. Summit Trail Advisors LLC now owns 2,399 shares of the company's stock valued at $1,616,000 after buying an additional 603 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in McKesson by 1.1% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,530 shares of the company's stock valued at $11,125,000 after purchasing an additional 174 shares in the last quarter. Cidel Asset Management Inc. grew its stake in McKesson by 4.9% in the first quarter. Cidel Asset Management Inc. now owns 446 shares of the company's stock valued at $300,000 after purchasing an additional 21 shares in the last quarter. Smith Group Asset Management LLC grew its stake in McKesson by 5.0% in the first quarter. Smith Group Asset Management LLC now owns 49,692 shares of the company's stock valued at $33,442,000 after purchasing an additional 2,371 shares in the last quarter. Finally, Mather Group LLC. grew its stake in McKesson by 13.1% in the first quarter. Mather Group LLC. now owns 975 shares of the company's stock valued at $656,000 after purchasing an additional 113 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company's stock.

Insider Activity

In related news, CFO Britt J. Vitalone sold 1,878 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $1,348,234.98. Following the completion of the sale, the chief financial officer owned 14,028 shares in the company, valued at $10,070,841.48. This represents a 11.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian S. Tyler sold 19,370 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $705.93, for a total value of $13,673,864.10. Following the sale, the chief executive officer owned 51,243 shares of the company's stock, valued at approximately $36,173,970.99. The trade was a 27.43% decrease in their position. 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 90 days. Company insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Cfra Research downgraded McKesson from a "moderate buy" rating to a "hold" rating in a research note on Friday, April 4th. Wall Street Zen upgraded McKesson from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Mizuho boosted their target price on McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. UBS Group boosted their target price on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Finally, Morgan Stanley boosted their target price on McKesson from $745.00 to $770.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, McKesson has a consensus rating of "Moderate Buy" and an average price target of $696.42.

McKesson Stock Performance

Shares of MCK traded up $13.85 during trading hours on Friday, hitting $719.30. 392,096 shares of the company were exchanged, compared to its average volume of 926,752. The company has a market cap of $89.99 billion, a PE ratio of 27.85, a PEG ratio of 1.44 and a beta of 0.48. The firm's 50 day moving average is $714.17 and its 200-day moving average is $657.75. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $736.96.

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

McKesson Dividend Announcement

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

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.