McKesson Corporation $MCK Position Increased by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC raised its holdings in shares of McKesson Corporation (NYSE:MCK) by 11.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,987 shares of the company’s stock after purchasing an additional 211 shares during the period. Concurrent Investment Advisors LLC’s holdings in McKesson were worth $1,456,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB grew its stake in shares of McKesson by 1.6% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock valued at $632,000 after buying an additional 14 shares in the last quarter. Palisade Asset Management LLC grew its stake in shares of McKesson by 2.1% in the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company’s stock valued at $481,000 after buying an additional 15 shares in the last quarter. SteelPeak Wealth LLC grew its stake in shares of McKesson by 0.5% in the 1st quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock valued at $1,867,000 after buying an additional 15 shares in the last quarter. Keystone Financial Services grew its stake in shares of McKesson by 1.2% in the 1st quarter. Keystone Financial Services now owns 1,404 shares of the company’s stock valued at $945,000 after buying an additional 17 shares in the last quarter. Finally, Valmark Advisers Inc. grew its stake in shares of McKesson by 2.1% in the 2nd quarter. Valmark Advisers Inc. now owns 843 shares of the company’s stock valued at $618,000 after buying an additional 17 shares in the last quarter. Institutional investors own 85.07% of the company’s stock.

McKesson Trading Up 1.2%

MCK opened at $791.40 on Thursday. McKesson Corporation has a 1-year low of $492.39 and a 1-year high of $792.34. The stock has a market capitalization of $98.43 billion, a price-to-earnings ratio of 31.55, a P/E/G ratio of 1.41 and a beta of 0.52. The business has a 50 day moving average of $711.83 and a 200-day moving average of $708.47.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. During the same period in the prior year, the company posted $7.88 earnings per share. The firm’s revenue was up 23.4% compared to the same quarter last year. Equities analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were paid a $0.82 dividend. The ex-dividend date was Tuesday, September 2nd. This is a positive change from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s dividend payout ratio is currently 13.08%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MCK shares. Deutsche Bank Aktiengesellschaft boosted their price target on McKesson from $775.00 to $856.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of McKesson in a research report on Wednesday, October 8th. Leerink Partners upped their target price on McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 24th. Wall Street Zen raised McKesson from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Finally, Wells Fargo & Company upped their target price on McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $834.54.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 11,930 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the transaction, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares of the company’s stock, valued at $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,189 shares of company stock valued at $16,722,190 over the last 90 days. 0.08% of the stock is currently owned by corporate insiders.

McKesson Company 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.