ProVise Management Group LLC Boosts Stake in McKesson Co. (NYSE:MCK)

ProVise Management Group LLC raised its position in McKesson Co. (NYSE:MCK) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,705 shares of the company’s stock after purchasing an additional 189 shares during the quarter. ProVise Management Group LLC’s holdings in McKesson were worth $8,004,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealthspire Advisors LLC raised its position in McKesson by 8.9% in the 2nd quarter. Wealthspire Advisors LLC now owns 1,623 shares of the company’s stock worth $948,000 after purchasing an additional 133 shares during the period. Councilmark Asset Management LLC purchased a new stake in McKesson in the 1st quarter worth about $5,160,000. Vaughan David Investments LLC IL bought a new position in McKesson in the 2nd quarter worth about $238,000. Treasurer of the State of North Carolina grew its stake in McKesson by 6.5% in the 4th quarter. Treasurer of the State of North Carolina now owns 65,266 shares of the company’s stock worth $30,217,000 after acquiring an additional 3,982 shares in the last quarter. Finally, BDF Gestion bought a new position in McKesson in the 2nd quarter worth about $3,504,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on MCK. Bank of America increased their price objective on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. StockNews.com downgraded shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note 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. Robert W. Baird dropped their price objective on shares of McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Finally, Citigroup lowered their target price on shares of McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a research note on Tuesday, September 10th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $620.93.

McKesson Stock Performance

Shares of McKesson stock opened at $511.62 on Thursday. The firm has a 50-day simple moving average of $562.98 and a two-hundred day simple moving average of $557.34. The company has a market cap of $66.48 billion, a P/E ratio of 22.86, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44. McKesson Co. has a fifty-two week low of $428.50 and a fifty-two week high of $637.51.

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

McKesson Increases Dividend

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

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the sale, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 11,259 shares of company stock valued at $6,635,492 over the last 90 days. Corporate 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.