Frank Rimerman Advisors LLC Boosts Position in McKesson Co. (NYSE:MCK)

Frank Rimerman Advisors LLC raised its stake in McKesson Co. (NYSE:MCK) by 14,900.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 900 shares of the company’s stock after purchasing an additional 894 shares during the period. Frank Rimerman Advisors LLC’s holdings in McKesson were worth $526,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. SageView Advisory Group LLC acquired a new stake in McKesson during the 4th quarter worth $710,000. Congress Wealth Management LLC DE increased its position in shares of McKesson by 1.8% during the fourth quarter. Congress Wealth Management LLC DE now owns 2,448 shares of the company’s stock worth $1,134,000 after purchasing an additional 43 shares in the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of McKesson in the 4th quarter valued at about $163,000. Nations Financial Group Inc. IA ADV purchased a new position in McKesson during the 4th quarter worth approximately $356,000. Finally, Hsbc Holdings PLC increased its position in McKesson by 7.2% during the fourth quarter. Hsbc Holdings PLC now owns 232,258 shares of the company’s stock worth $107,421,000 after buying an additional 15,660 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Price Performance

MCK opened at $505.00 on Tuesday. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51. The stock has a market cap of $65.62 billion, a P/E ratio of 22.56, a P/E/G ratio of 1.18 and a beta of 0.44. The stock’s 50 day simple moving average is $558.79 and its 200 day simple moving average is $557.07.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating the consensus estimate of $7.21 by $0.67. The company had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. McKesson’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $7.27 earnings per share. Research analysts expect that McKesson Co. will post 32.11 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be paid a $0.71 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. This represents a $2.84 annualized dividend and a yield of 0.56%. McKesson’s payout ratio is presently 12.69%.

Wall Street Analyst Weigh In

MCK has been the topic of a number of research reports. StockNews.com lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 9th. Wells Fargo & Company dropped their price objective on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Bank of America increased their target price on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research note on Tuesday, June 25th. Citigroup dropped their price target on McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Finally, Evercore ISI decreased their price objective on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and a consensus target price of $620.93.

Insider Buying and Selling at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the transaction, the chief executive officer now owns 82,339 shares of the company’s stock, valued at $51,546,684.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have sold 11,259 shares of company stock worth $6,635,492. Corporate insiders own 0.11% of the company’s stock.

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.