Advisors Capital Management LLC Grows Position in McKesson Corporation $MCK

Advisors Capital Management LLC lifted its holdings in shares of McKesson Corporation (NYSE:MCK) by 1.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,724 shares of the company’s stock after buying an additional 765 shares during the period. Advisors Capital Management LLC’s holdings in McKesson were worth $31,445,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. CBIZ Investment Advisory Services LLC boosted its position in shares of McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after buying an additional 41 shares during the last quarter. Capital A Wealth Management LLC purchased a new stake in shares of McKesson during the fourth quarter valued at $26,000. Bank of Jackson Hole Trust boosted its position in shares of McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after buying an additional 18 shares during the last quarter. Saudi Central Bank purchased a new stake in shares of McKesson during the first quarter valued at $34,000. Finally, Flaharty Asset Management LLC purchased a new stake in shares of McKesson during the first quarter valued at $39,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Up 0.0%

MCK stock opened at $705.88 on Thursday. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The stock has a market cap of $87.80 billion, a P/E ratio of 28.15, a PEG ratio of 1.40 and a beta of 0.51. The business’s 50-day moving average price is $697.99 and its 200-day moving average price is $692.62.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $95.93 billion. During the same period in the previous year, the firm earned $7.88 earnings per share. The firm’s quarterly revenue was up 23.4% on a year-over-year basis. On average, equities research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

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

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction dated 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 transaction, the chief executive officer directly owned 27,872 shares of the company’s stock, valued at $19,735,884.48. The trade was a 41.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,560 shares of company stock worth $30,438,602. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Evercore ISI increased their price objective on McKesson from $760.00 to $800.00 and gave the company an “outperform” rating in a research report on Wednesday, July 9th. Wells Fargo & Company raised their target price on McKesson from $766.00 to $772.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 13th. Morgan Stanley reissued an “overweight” rating and issued a $810.00 target price (up from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Wall Street Zen cut McKesson from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 13th. Finally, Cowen reissued a “buy” rating on shares of McKesson in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $725.10.

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.