Phoenix Financial Ltd. Raises Position in McKesson Corporation (NYSE:MCK)

Key Points

• Phoenix Financial Ltd. increased its holdings in McKesson Corporation by 176.1%, now owning a total of 16,045 shares valued at approximately $10.81 million.
• Analysts have mixed ratings for McKesson, with UBS raising its price target to $805.00 and Morgan Stanley to $810.00, while Cfra Research downgraded it to a "hold."
• McKesson's stock has shown significant performance, with a 52-week high of $737.89, and the company reported quarterly earnings exceeding analyst estimates at $10.12 EPS.

Phoenix Financial Ltd. raised its stake in McKesson Corporation (NYSE:MCK - Free Report) by 176.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,045 shares of the company's stock after purchasing an additional 10,233 shares during the period. Phoenix Financial Ltd.'s holdings in McKesson were worth $10,813,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. CVA Family Office LLC increased its position in shares of McKesson by 6.0% during the first quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after acquiring an additional 15 shares in the last quarter. Palisade Asset Management LLC increased its position in shares of McKesson by 2.1% during the first quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock worth $481,000 after acquiring an additional 15 shares in the last quarter. SteelPeak Wealth LLC increased its position in shares of McKesson by 0.5% during the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock worth $1,867,000 after acquiring an additional 15 shares in the last quarter. Parallel Advisors LLC increased its position in shares of McKesson by 0.6% during the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock worth $1,683,000 after acquiring an additional 16 shares in the last quarter. Finally, Eagle Rock Investment Company LLC increased its position in shares of McKesson by 0.4% during the first quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock worth $3,229,000 after acquiring an additional 17 shares in the last quarter. 85.07% of the stock is owned by institutional investors.

McKesson Price Performance

Shares of McKesson stock traded up $4.94 on Tuesday, reaching $711.22. 478,250 shares of the company traded hands, compared to its average volume of 873,378. The firm has a market capitalization of $88.98 billion, a PE ratio of 27.53, a PEG ratio of 1.44 and a beta of 0.48. The company has a 50 day moving average of $717.46 and a 200 day moving average of $673.58. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $737.89.

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

McKesson Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Leann B. Smith sold 341 shares of the stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $244,807.31. Following the transaction, the executive vice president owned 2,800 shares of the company's stock, valued at $2,010,148. This represents a 10.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian S. Tyler sold 19,371 shares of the stock in a transaction on Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the completion of the transaction, the chief executive officer directly owned 27,872 shares in the company, valued at $19,735,884.48. The trade was a 41.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,488 shares of company stock worth $37,242,862. Company insiders own 0.08% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on MCK shares. Evercore ISI boosted their price target on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Bank of America boosted their price target on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a report on Friday, May 9th. UBS Group boosted their price target on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Finally, Morgan Stanley restated an "overweight" rating and set a $810.00 price target (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Three equities 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. Based on data from MarketBeat.com, McKesson currently has an average rating of "Moderate Buy" and a consensus price target of $710.17.

McKesson 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.