Sunbelt Securities Inc. Increases Stock Position in McKesson Co. (NYSE:MCK)

Sunbelt Securities Inc. lifted its holdings in shares of McKesson Co. (NYSE:MCK) by 10.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 846 shares of the company’s stock after purchasing an additional 83 shares during the period. Sunbelt Securities Inc.’s holdings in McKesson were worth $454,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Norges Bank acquired a new position in shares of McKesson in the fourth quarter worth $1,024,140,000. International Assets Investment Management LLC increased its position in McKesson by 1,044.5% during the 4th quarter. International Assets Investment Management LLC now owns 821,262 shares of the company’s stock worth $380,228,000 after purchasing an additional 749,504 shares in the last quarter. TD Asset Management Inc raised its stake in McKesson by 202.8% in the 4th quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock valued at $278,778,000 after purchasing an additional 403,312 shares during the last quarter. Morgan Stanley lifted its holdings in McKesson by 14.0% in the 3rd quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock valued at $1,042,937,000 after purchasing an additional 294,832 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of McKesson by 92.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 567,941 shares of the company’s stock worth $246,969,000 after purchasing an additional 272,266 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other McKesson news, EVP Leann B. Smith sold 600 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total value of $351,318.00. Following the completion of the sale, the executive vice president now owns 2,022 shares of the company’s stock, valued at $1,183,941.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other McKesson news, EVP Leann B. Smith sold 600 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total value of $351,318.00. Following the completion of the transaction, the executive vice president now directly owns 2,022 shares of the company’s stock, valued at approximately $1,183,941.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Britt J. Vitalone sold 894 shares of McKesson stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $557.40, for a total value of $498,315.60. Following the sale, the chief financial officer now directly owns 16,455 shares in the company, valued at $9,172,017. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,814 shares of company stock valued at $14,511,649. Corporate insiders own 0.21% of the company’s stock.

McKesson Stock Down 0.8 %

MCK opened at $599.56 on Thursday. McKesson Co. has a 52-week low of $395.30 and a 52-week high of $612.17. The company has a 50 day moving average of $561.74 and a two-hundred day moving average of $522.73. The company has a market cap of $77.91 billion, a P/E ratio of 26.79, a P/E/G ratio of 1.41 and a beta of 0.47.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The business had revenue of $76.36 billion for the quarter, compared to analysts’ expectations of $79.32 billion. During the same period last year, the company posted $7.19 earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. Research analysts anticipate that McKesson Co. will post 31.54 earnings per share for the current year.

McKesson Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.48 annualized dividend and a dividend yield of 0.41%. McKesson’s payout ratio is currently 11.08%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MCK. Bank of America boosted their price objective on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research report on Tuesday. Evercore ISI boosted their price target on McKesson from $590.00 to $600.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. Robert W. Baird raised their price objective on McKesson from $603.00 to $671.00 and gave the stock an “outperform” rating in a report on Wednesday, May 8th. UBS Group upped their target price on McKesson from $620.00 to $630.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Finally, Morgan Stanley raised their price target on McKesson from $522.00 to $548.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Two equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $590.47.

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.