Steward Partners Investment Advisory LLC Purchases 626 Shares of McKesson Corporation $MCK

Key Points

• Steward Partners Investment Advisory LLC increased its stake in McKesson Corporation by 11.6% in Q1, owning 6,044 shares valued at $4,068,000.
• Several hedge funds, including T. Rowe Price and GAMMA Investing, also significantly increased their holdings, with 85.07% of McKesson's stock now held by institutional investors.
• McKesson announced a quarterly dividend increase to $0.82 per share, up from $0.71, signaling a strong financial position despite a recent earnings miss.

Steward Partners Investment Advisory LLC grew its position in McKesson Corporation (NYSE:MCK - Free Report) by 11.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,044 shares of the company's stock after purchasing an additional 626 shares during the period. Steward Partners Investment Advisory LLC's holdings in McKesson were worth $4,068,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MCK. Raymond James Financial Inc. raised its position in McKesson by 11.6% in the first quarter. Raymond James Financial Inc. now owns 250,821 shares of the company's stock worth $168,800,000 after acquiring an additional 26,004 shares during the period. Forvis Mazars Wealth Advisors LLC raised its position in McKesson by 0.7% in the first quarter. Forvis Mazars Wealth Advisors LLC now owns 8,952 shares of the company's stock worth $6,025,000 after acquiring an additional 60 shares during the period. Nations Financial Group Inc. IA ADV raised its position in McKesson by 48.1% in the first quarter. Nations Financial Group Inc. IA ADV now owns 600 shares of the company's stock worth $404,000 after acquiring an additional 195 shares during the period. Redmond Asset Management LLC raised its position in McKesson by 3.6% in the first quarter. Redmond Asset Management LLC now owns 854 shares of the company's stock worth $575,000 after acquiring an additional 30 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in McKesson by 1.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,035 shares of the company's stock worth $1,370,000 after acquiring an additional 28 shares during the period. Hedge funds and other institutional investors own 85.07% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. UBS Group lifted their price objective on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Morgan Stanley reaffirmed an "overweight" rating and issued a $810.00 price objective (up previously from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Bank of America lifted 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. Cowen reiterated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Finally, Wells Fargo & Company lifted their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $725.10.

McKesson Stock Down 2.6%

NYSE:MCK traded down $18.2950 during mid-day trading on Friday, hitting $687.7050. 1,217,333 shares of the stock traded hands, compared to its average volume of 950,293. The business's 50-day moving average price is $706.69 and its 200 day moving average price is $684.60. The company has a market cap of $85.54 billion, a PE ratio of 27.42, a price-to-earnings-growth ratio of 1.40 and a beta of 0.50. 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 announced its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (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 company had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. During the same quarter in the previous year, the firm earned $7.88 earnings per share. The company's revenue for the quarter was up 23.4% compared to the same quarter last year. Analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio (DPR) is presently 11.32%.

Insider Transactions at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business'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 value of $218,347.43. Following the completion of the sale, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. The trade was a 33.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Britt J. Vitalone sold 1,878 shares of the business's 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 of the company's stock, valued at approximately $10,070,841.48. The trade was a 11.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,620 shares of company stock worth $39,712,388. Corporate 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.