Procyon Advisors LLC Invests $1.88 Million in McKesson Co. (NYSE:MCK)

Procyon Advisors LLC acquired a new position in McKesson Co. (NYSE:MCK - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,791 shares of the company's stock, valued at approximately $1,878,000.

A number of other institutional investors have also recently made changes to their positions in the business. Permanent Capital Management LP boosted its holdings in McKesson by 4.6% in the first quarter. Permanent Capital Management LP now owns 586 shares of the company's stock worth $395,000 after acquiring an additional 26 shares in the last quarter. Unique Wealth LLC increased its holdings in shares of McKesson by 22.5% during the first quarter. Unique Wealth LLC now owns 2,048 shares of the company's stock valued at $1,378,000 after acquiring an additional 376 shares in the last quarter. Magnus Financial Group LLC purchased a new position in shares of McKesson in the 1st quarter valued at approximately $217,000. Vest Financial LLC acquired a new stake in McKesson in the 1st quarter worth approximately $10,384,000. Finally, Breakwater Capital Group grew its position in McKesson by 8.3% during the 1st quarter. Breakwater Capital Group now owns 469 shares of the company's stock worth $316,000 after purchasing an additional 36 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Trading Up 0.2%

McKesson stock opened at $712.99 on Friday. The firm has a market cap of $89.20 billion, a PE ratio of 32.65, a P/E/G ratio of 1.29 and a beta of 0.53. The stock's 50 day simple moving average is $699.69 and its two-hundred day simple moving average is $641.11. McKesson Co. has a 12 month low of $464.42 and a 12 month high of $731.00.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating the consensus estimate of $9.83 by $0.29. The company had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. McKesson's quarterly revenue was up 18.9% compared to the same quarter last year. During the same period last year, the company earned $6.18 earnings per share. On average, equities research analysts forecast that McKesson Co. will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.71 per share. The ex-dividend date is Monday, June 2nd. This represents a $2.84 annualized dividend and a yield of 0.40%. McKesson's dividend payout ratio (DPR) is currently 10.99%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MCK shares. Cfra Research cut shares of McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Mizuho upped their target price on McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Morgan Stanley lifted their price target on McKesson from $642.00 to $745.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 2nd. Wells Fargo & Company set a $766.00 price target on McKesson and gave the company an "equal weight" rating in a research note on Tuesday. Finally, UBS Group raised their price objective on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $692.46.

Insider Buying and Selling at McKesson

In related news, CFO Britt J. Vitalone sold 1,878 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total transaction of $1,348,234.98. Following the transaction, the chief financial officer now directly owns 14,028 shares in the company, valued at approximately $10,070,841.48. The trade was a 11.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Thomas L. Rodgers sold 2,891 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the completion of the sale, the executive vice president now owns 2,544 shares of the company's stock, valued at approximately $1,811,785.92. The trade was a 53.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,747 shares of company stock valued at $9,852,587 over the last quarter. 0.11% of the stock is currently owned by insiders.

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.

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