McKesson Corporation $MCK Holdings Boosted by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC raised its stake in shares of McKesson Corporation (NYSE:MCK) by 294.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,321 shares of the company’s stock after acquiring an additional 1,732 shares during the period. Provenance Wealth Advisors LLC’s holdings in McKesson were worth $1,982,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Nvwm LLC grew its stake in shares of McKesson by 933.3% in the 3rd quarter. Nvwm LLC now owns 31 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. Delos Wealth Advisors LLC acquired a new position in shares of McKesson in the second quarter valued at approximately $27,000. Trellis Wealth Advisors LLC purchased a new stake in shares of McKesson during the third quarter worth approximately $32,000. GK Wealth Management LLC purchased a new stake in shares of McKesson during the third quarter worth approximately $38,000. Finally, Curry Webb Wealth Management LLC purchased a new stake in shares of McKesson during the third quarter worth approximately $38,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at McKesson

In other news, Director Bradley Lerman sold 301 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $892.33, for a total transaction of $268,591.33. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO B Jr sold 111 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $891.45, for a total value of $98,950.95. Following the completion of the sale, the chief accounting officer owned 521 shares in the company, valued at approximately $464,445.45. This represents a 17.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,212 shares of company stock valued at $1,164,182 in the last quarter. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on MCK shares. Mizuho increased their price target on McKesson from $905.00 to $1,020.00 and gave the stock a “neutral” rating in a report on Tuesday, October 20th. Argus boosted their price objective on shares of McKesson from $850.00 to $970.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Citigroup upped their price objective on shares of McKesson from $945.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Royal Bank Of Canada restated a “sector perform” rating and set a $845.00 price objective on shares of McKesson in a research report on Monday, September 14th. Finally, Weiss Ratings upgraded shares of McKesson from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, September 4th. Fifteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and an average target price of $997.12.

Key Headlines Impacting McKesson

Here are the key news stories impacting McKesson this week:

• Positive Sentiment: Analyst recommendations are broadly optimistic, which may support sentiment, although the article cautions that brokerage ratings can be overly positive and are not a reliable buy signal on their own. Wall Street Bulls Look Optimistic About McKesson
• Neutral Sentiment: Previews say the upcoming earnings report will test whether prescription volumes, specialty distribution and oncology growth can sustain profit growth. Strong demand could help offset pressure from branded-drug pricing, but investors are awaiting results for confirmation. Will MCK’s Pharma & Specialty Demand Offset Pricing Headwind in Q2?
• Negative Sentiment: Branded-drug pricing pressure is a potential earnings headwind. If it outweighs volume and specialty-drug growth, results could disappoint investors focused on profit growth. Will MCK’s Pharma & Specialty Demand Offset Pricing Headwind in Q2?

McKesson Trading Up 0.3%

MCK stock opened at $1,001.68 on Wednesday. The company has a market cap of $116.79 billion, a P/E ratio of 26.80, a P/E/G ratio of 1.99 and a beta of 0.27. McKesson Corporation has a 52 week low of $723.68 and a 52 week high of $1,030.27. The company’s 50-day moving average price is $927.87 and its 200 day moving average price is $864.61.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, topping the consensus estimate of $9.56 by $0.37. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The company had revenue of $105.38 billion for the quarter, compared to analyst estimates of $103.88 billion. During the same period in the prior year, the business posted $8.26 earnings per share. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, equities research analysts expect that McKesson Corporation will post 44.71 earnings per share for the current year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 1st will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Tuesday, December 1st. McKesson’s dividend payout ratio (DPR) is presently 10.06%.

McKesson Profile

McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and medical products to pharmacies, hospitals, health systems, physicians and other healthcare providers. The company also provides technology, data and business solutions designed to support prescription management, pharmacy operations and patient care.

McKesson’s principal activities include pharmaceutical distribution, medical-surgical supply distribution, specialty pharmaceutical services and oncology care support.