Procyon Advisors LLC Makes New Investment in McKesson Co. (NYSE:MCK)

Procyon Advisors LLC purchased a new position in shares of McKesson Co. (NYSE:MCK) during the 1st quarter, HoldingsChannel.com reports. The fund purchased 2,791 shares of the company’s stock, valued at approximately $1,878,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in McKesson by 75,632.7% in the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock valued at $1,610,567,000 after purchasing an additional 2,389,992 shares during the last quarter. Norges Bank acquired a new position in McKesson in the fourth quarter valued at approximately $1,200,361,000. Farallon Capital Management LLC purchased a new position in McKesson in the fourth quarter worth approximately $348,044,000. Marshall Wace LLP increased its stake in McKesson by 59,720.3% during the fourth quarter. Marshall Wace LLP now owns 358,922 shares of the company’s stock worth $204,553,000 after acquiring an additional 358,322 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC purchased a new stake in McKesson in the fourth quarter valued at $182,861,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Stock Up 0.2%

McKesson stock opened at $712.99 on Friday. McKesson Co. has a 52-week low of $464.42 and a 52-week high of $731.00. The firm has a market cap of $89.20 billion, a PE ratio of 32.65, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53. The company’s 50 day moving average is $699.69 and its two-hundred day moving average is $641.11.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.83 by $0.29. The business had revenue of $90.82 billion for the quarter, compared to analysts’ expectations of $94 billion. McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. The company’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period last year, the firm earned $6.18 earnings per share. On average, equities research analysts anticipate that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.40%. The ex-dividend date is Monday, June 2nd. McKesson’s payout ratio is presently 10.99%.

Insider Transactions at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of McKesson stock in a transaction on Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the sale, the chief accounting officer now directly owns 1,972 shares of the company’s stock, valued at approximately $1,432,677.72. The trade was a 21.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Thomas L. Rodgers sold 2,891 shares of the business’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the transaction, the executive vice president now owns 2,544 shares of the company’s stock, valued at approximately $1,811,785.92. The trade was a 53.19% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,747 shares of company stock valued at $9,852,587. 0.11% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. UBS Group increased their price target on McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the stock an “equal weight” rating in a research note on Tuesday. Morgan Stanley lifted their price target on shares of McKesson from $642.00 to $745.00 and gave the company an “overweight” rating in a research report on Wednesday, April 2nd. Mizuho boosted 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. Finally, Cfra Research cut shares of McKesson from a “moderate buy” rating to a “hold” rating in a research report on Friday, April 4th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $692.46.

McKesson 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.