Balboa Wealth Partners Has $707,000 Position in McKesson Corporation (NYSE:MCK)

Balboa Wealth Partners lowered its position in shares of McKesson Corporation (NYSE:MCK) by 2.5% in the first quarter, Holdings Channel reports. The firm owned 1,050 shares of the company’s stock after selling 27 shares during the period. Balboa Wealth Partners’ holdings in McKesson were worth $707,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. Dynamic Advisor Solutions LLC boosted its holdings in shares of McKesson by 16.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock valued at $524,000 after buying an additional 111 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in McKesson by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company’s stock worth $123,332,000 after purchasing an additional 7,556 shares during the last quarter. Segall Bryant & Hamill LLC boosted its holdings in McKesson by 25.5% during the fourth quarter. Segall Bryant & Hamill LLC now owns 81,223 shares of the company’s stock worth $46,290,000 after purchasing an additional 16,502 shares during the last quarter. Fred Alger Management LLC boosted its holdings in McKesson by 95.5% during the fourth quarter. Fred Alger Management LLC now owns 3,091 shares of the company’s stock worth $1,762,000 after purchasing an additional 1,510 shares during the last quarter. Finally, CWA Asset Management Group LLC raised its position in McKesson by 6.3% during the first quarter. CWA Asset Management Group LLC now owns 979 shares of the company’s stock worth $659,000 after acquiring an additional 58 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Analyst Ratings Changes

MCK has been the topic of several analyst reports. Morgan Stanley upped their price target on shares of McKesson from $745.00 to $770.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 11th. Cfra Research lowered shares of McKesson from a “moderate buy” rating to a “hold” rating in a research report on Friday, April 4th. Wall Street Zen lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 14th. Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the stock an “equal weight” rating in a report on Tuesday, June 3rd. Finally, Mizuho upped their price target on shares of McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $694.38.

Insider Activity

In other McKesson news, CFO Britt J. Vitalone sold 6,336 shares of McKesson stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $717.30, for a total value of $4,544,812.80. Following the completion of the sale, the chief financial officer now directly owns 14,760 shares of the company’s stock, valued at approximately $10,587,348. The trade was a 30.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 19,370 shares of McKesson stock in a transaction on Friday, June 6th. The shares were sold at an average price of $705.93, for a total transaction of $13,673,864.10. Following the completion of the sale, the chief executive officer now directly owns 51,243 shares of the company’s stock, valued at approximately $36,173,970.99. This trade represents a 27.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,117 shares of company stock valued at $23,526,451. Insiders own 0.11% of the company’s stock.

McKesson Trading Up 0.2%

NYSE MCK opened at $722.44 on Tuesday. The firm has a market capitalization of $90.38 billion, a price-to-earnings ratio of 27.97, a P/E/G ratio of 1.44 and a beta of 0.49. The firm’s 50 day simple moving average is $708.99 and its 200 day simple moving average is $649.20. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $733.10.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.83 by $0.29. The business had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The firm’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter last year, the business posted $6.18 EPS. On average, equities research analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson’s payout ratio is 10.99%.

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.