Steward Partners Investment Advisory LLC Grows Position in McKesson Corporation $MCK

Steward Partners Investment Advisory LLC boosted its stake in shares of McKesson Corporation (NYSE:MCK) by 2.6% during the second quarter, HoldingsChannel.com reports. The firm owned 6,200 shares of the company’s stock after acquiring an additional 156 shares during the period. Steward Partners Investment Advisory LLC’s holdings in McKesson were worth $4,544,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Acadian Asset Management LLC grew its holdings in shares of McKesson by 22.0% during the 1st quarter. Acadian Asset Management LLC now owns 378,926 shares of the company’s stock worth $254,979,000 after purchasing an additional 68,294 shares during the period. Bank Julius Baer & Co. Ltd Zurich lifted its position in McKesson by 8,018.0% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 12,177 shares of the company’s stock valued at $9,823,000 after buying an additional 12,027 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in McKesson during the first quarter worth approximately $289,000. Lynwood Price Capital Management LP grew its stake in McKesson by 18.3% during the second quarter. Lynwood Price Capital Management LP now owns 25,800 shares of the company’s stock worth $18,906,000 after buying an additional 4,000 shares during the period. Finally, Archford Capital Strategies LLC increased its position in shares of McKesson by 151.8% in the second quarter. Archford Capital Strategies LLC now owns 2,276 shares of the company’s stock worth $1,668,000 after acquiring an additional 1,372 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Activity 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, November 7th. The stock was sold at an average price of $861.63, for a total value of $283,476.27. Following the completion of the sale, the chief accounting officer directly owned 328 shares in the company, valued at approximately $282,614.64. The trade was a 50.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Morgan Stanley lifted their target price on shares of McKesson from $857.00 to $916.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Zacks Research upgraded McKesson from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 27th. Robert W. Baird increased their target price on McKesson from $873.00 to $927.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Bank of America raised their target price on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Finally, JPMorgan Chase & Co. upped their price target on McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $887.69.

McKesson Price Performance

Shares of MCK stock opened at $884.76 on Thursday. The firm has a fifty day moving average of $799.61 and a two-hundred day moving average of $738.51. The firm has a market cap of $109.20 billion, a P/E ratio of 35.28, a P/E/G ratio of 1.46 and a beta of 0.51. McKesson Corporation has a 1-year low of $558.13 and a 1-year high of $895.58.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.84 by $1.02. The business had revenue of $103.15 billion for the quarter, compared to analyst estimates of $103.80 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $7.07 EPS. On average, sell-side analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be issued a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Monday, December 1st. McKesson’s dividend payout ratio (DPR) is currently 10.21%.

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.