Northwest & Ethical Investments L.P. raised its position in McKesson Corporation (NYSE:MCK - Free Report) by 20.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 47,054 shares of the company's stock after buying an additional 7,841 shares during the period. McKesson accounts for about 0.9% of Northwest & Ethical Investments L.P.'s investment portfolio, making the stock its 23rd biggest position. Northwest & Ethical Investments L.P.'s holdings in McKesson were worth $31,667,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. raised its stake in shares of McKesson by 54.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock worth $3,056,000 after acquiring an additional 1,592 shares during the last quarter. Dynamic Advisor Solutions LLC raised its stake in shares of McKesson by 16.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock worth $524,000 after acquiring an additional 111 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of McKesson by 18.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock worth $15,501,000 after acquiring an additional 3,659 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of McKesson by 4.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock worth $123,332,000 after acquiring an additional 7,556 shares during the last quarter. Finally, LPL Financial LLC raised its stake in shares of McKesson by 12.8% in the first quarter. LPL Financial LLC now owns 155,946 shares of the company's stock worth $104,950,000 after acquiring an additional 17,750 shares during the last quarter. 85.07% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of equities analysts have weighed in on MCK shares. Bank of America boosted 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. UBS Group boosted 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. Cowen reaffirmed a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Wells Fargo & Company boosted their price target on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 13th. Finally, Wall Street Zen downgraded shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, McKesson presently has an average rating of "Moderate Buy" and a consensus target price of $719.27.
View Our Latest Analysis on McKesson
Insider Transactions at McKesson
In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the company's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $677.76, for a total value of $8,085,676.80. Following the completion of the sale, the chief executive officer owned 15,942 shares of the company's stock, valued at approximately $10,804,849.92. This represents a 42.80% 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 329 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer directly owned 657 shares of the company's stock, valued at $436,031.19. The trade was a 33.37% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 64,204 shares of company stock valued at $45,152,392. Corporate insiders own 0.08% of the company's stock.
McKesson Stock Performance
NYSE:MCK traded up $24.9460 during trading hours on Wednesday, hitting $701.8560. The stock had a trading volume of 1,063,310 shares, compared to its average volume of 890,315. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89. The company has a market cap of $87.30 billion, a price-to-earnings ratio of 27.98, a P/E/G ratio of 1.33 and a beta of 0.50. The business's 50 day moving average is $708.26 and its 200-day moving average is $683.16.
McKesson (NYSE:MCK - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. During the same period in the previous year, the company posted $7.88 EPS. The firm's revenue for the quarter was up 23.4% on a year-over-year basis. On average, sell-side analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.
McKesson Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a $0.82 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a boost from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 0.5%. McKesson's payout ratio is currently 11.32%.
McKesson Company Profile
(
Free Report)
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.
Further Reading
Before you consider McKesson, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and McKesson wasn't on the list.
While McKesson currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
MarketBeat All Access