WBI Investments LLC Takes Position in McKesson Corporation $MCK

Key Points

• WBI Investments LLC has acquired a new stake in McKesson Corporation, buying 3,563 shares valued at approximately $2.4 million during the 1st quarter.
• McKesson recently declared a quarterly dividend of $0.82 per share, an increase from the previous dividend of $0.71.
• The company's latest earnings report showed a revenue increase of 23.4% year-over-year, although it missed earnings per share estimates by $0.07.

WBI Investments LLC acquired a new stake in shares of McKesson Corporation (NYSE:MCK - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 3,563 shares of the company's stock, valued at approximately $2,398,000.

Other institutional investors have also modified their holdings of the company. Oppenheimer Asset Management Inc. lifted its holdings in shares of McKesson by 54.0% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock valued at $3,056,000 after purchasing an additional 1,592 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its holdings in shares of McKesson by 16.6% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock valued at $524,000 after purchasing an additional 111 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of McKesson by 18.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock valued at $15,501,000 after purchasing an additional 3,659 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of McKesson by 4.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock valued at $123,332,000 after purchasing an additional 7,556 shares in the last quarter. Finally, LPL Financial LLC raised its position in McKesson by 12.8% in the 1st quarter. LPL Financial LLC now owns 155,946 shares of the company's stock valued at $104,950,000 after buying an additional 17,750 shares during the last quarter. Institutional investors own 85.07% of the company's stock.

McKesson Stock Up 0.0%

NYSE:MCK opened at $705.88 on Thursday. The firm has a market capitalization of $87.80 billion, a price-to-earnings ratio of 28.15, a price-to-earnings-growth ratio of 1.40 and a beta of 0.51. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The stock's 50 day moving average price is $697.99 and its two-hundred day moving average price is $692.62.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). The company had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The firm's revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period last year, the firm earned $7.88 EPS. As a group, analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.82 per share. This is a positive change from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. McKesson's payout ratio is presently 13.08%.

Insider Activity at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the transaction, 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 link. Also, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $708.09, for a total value of $13,716,411.39. Following the transaction, the chief executive officer owned 27,872 shares of the company's stock, valued at $19,735,884.48. This represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,560 shares of company stock worth $30,438,602 in the last ninety days. Insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MCK shares. Evercore ISI lifted their target price on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Morgan Stanley reissued an "overweight" rating and issued a $810.00 target price (up previously from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Wells Fargo & Company lifted their target price on McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 13th. Cowen reissued a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Finally, Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, McKesson has a consensus rating of "Moderate Buy" and a consensus price target of $725.10.

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.

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