Peddock Capital Advisors LLC Boosts Position in McKesson Co. (NYSE:MCK)

Peddock Capital Advisors LLC increased its stake in McKesson Co. (NYSE:MCK) by 0.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,988 shares of the company’s stock after buying an additional 25 shares during the period. McKesson accounts for about 0.9% of Peddock Capital Advisors LLC’s portfolio, making the stock its 23rd largest position. Peddock Capital Advisors LLC’s holdings in McKesson were worth $3,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in the stock. Tilia Fiduciary Partners Inc. increased its stake in McKesson by 4.3% in the 3rd quarter. Tilia Fiduciary Partners Inc. now owns 4,889 shares of the company’s stock worth $2,417,000 after buying an additional 203 shares during the period. Strategic Wealth Partners Ltd. increased its stake in McKesson by 14.2% in the 3rd quarter. Strategic Wealth Partners Ltd. now owns 660 shares of the company’s stock worth $326,000 after buying an additional 82 shares during the period. Gratus Wealth Advisors LLC increased its stake in McKesson by 5.1% in the 3rd quarter. Gratus Wealth Advisors LLC now owns 5,267 shares of the company’s stock worth $2,547,000 after buying an additional 255 shares during the period. Brookstone Capital Management increased its stake in McKesson by 15.2% in the 3rd quarter. Brookstone Capital Management now owns 7,336 shares of the company’s stock worth $3,627,000 after buying an additional 968 shares during the period. Finally, Insight Wealth Strategies LLC increased its stake in McKesson by 4.7% in the 3rd quarter. Insight Wealth Strategies LLC now owns 7,589 shares of the company’s stock worth $3,752,000 after buying an additional 341 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

MCK has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft reduced their price target on shares of McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a research note on Wednesday, September 25th. Evercore ISI dropped their target price on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Baird R W cut shares of McKesson from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 24th. Robert W. Baird reiterated a “neutral” rating and set a $531.00 target price (down from $603.00) on shares of McKesson in a report on Tuesday, September 24th. Finally, Bank of America raised their price target on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a report on Tuesday, June 25th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average target price of $610.86.

McKesson Price Performance

MCK traded up $4.60 during trading on Wednesday, reaching $499.69. 163,093 shares of the company’s stock were exchanged, compared to its average volume of 806,297. McKesson Co. has a 1 year low of $431.35 and a 1 year high of $637.51. The stock has a market capitalization of $64.93 billion, a P/E ratio of 22.12, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44. The company’s fifty day simple moving average is $535.98 and its 200-day simple moving average is $553.73.

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 analysts’ consensus estimates of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The company had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same period last year, the firm posted $7.27 EPS. McKesson’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities analysts forecast that McKesson Co. will post 32.07 EPS for the current year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.57%. This is a positive change from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Friday, August 30th. McKesson’s payout ratio is 12.69%.

Insider Activity

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson 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 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 trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.11% of the company’s stock.

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.