Gateway Advisory LLC Has $760,000 Stake in McKesson Co. (NYSE:MCK)

Gateway Advisory LLC lifted its stake in McKesson Co. (NYSE:MCK) by 7.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,301 shares of the company’s stock after purchasing an additional 93 shares during the quarter. Gateway Advisory LLC’s holdings in McKesson were worth $760,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. JPMorgan Chase & Co. boosted its stake in shares of McKesson by 1.1% during the 1st quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock valued at $2,342,190,000 after buying an additional 46,659 shares during the period. Putnam Investments LLC boosted its position in McKesson by 3.2% during the fourth quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock valued at $925,017,000 after purchasing an additional 62,242 shares during the last quarter. Swedbank AB acquired a new stake in McKesson during the first quarter valued at $669,326,000. Boston Partners grew its stake in McKesson by 4.1% in the first quarter. Boston Partners now owns 1,183,829 shares of the company’s stock valued at $635,763,000 after purchasing an additional 47,140 shares in the last quarter. Finally, WCM Investment Management LLC increased its position in McKesson by 2.3% in the 1st quarter. WCM Investment Management LLC now owns 1,118,029 shares of the company’s stock worth $600,214,000 after purchasing an additional 24,840 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Stock Down 0.6 %

Shares of MCK stock opened at $505.00 on Tuesday. The stock has a 50 day moving average of $558.79 and a 200-day moving average of $557.07. The firm has a market cap of $65.62 billion, a PE ratio of 22.56, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44. McKesson Co. has a 12 month low of $431.35 and a 12 month high of $637.51.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping 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 net margin of 0.94% and a negative return on equity of 242.57%. The business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the business posted $7.27 EPS. As a group, equities analysts predict that McKesson Co. will post 32.11 EPS for the current fiscal year.

McKesson Increases Dividend

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

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the completion of the transaction, the chief executive officer now directly owns 82,339 shares of the company’s stock, valued at $51,546,684.17. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last quarter, insiders sold 11,259 shares of company stock worth $6,635,492. 0.11% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on MCK shares. Wells Fargo & Company lowered their price target on McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. StockNews.com lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Argus lifted their price objective on shares of McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Leerink Partners lowered their target price on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Finally, Mizuho boosted their price target on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $620.93.

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.