McKesson Corporation $MCK Shares Bought by Ritholtz Wealth Management

Ritholtz Wealth Management raised its stake in McKesson Corporation (NYSE:MCK) by 2.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 13,473 shares of the company’s stock after acquiring an additional 273 shares during the period. Ritholtz Wealth Management’s holdings in McKesson were worth $9,873,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Nuveen LLC purchased a new position in McKesson in the 1st quarter valued at $475,235,000. Wellington Management Group LLP lifted its stake in shares of McKesson by 4,559.6% in the 1st quarter. Wellington Management Group LLP now owns 427,703 shares of the company’s stock worth $287,840,000 after acquiring an additional 418,524 shares during the period. Boston Partners boosted its holdings in shares of McKesson by 33.3% in the first quarter. Boston Partners now owns 1,461,785 shares of the company’s stock valued at $984,927,000 after acquiring an additional 365,484 shares in the last quarter. Voya Investment Management LLC increased its stake in shares of McKesson by 92.3% during the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock worth $437,760,000 after acquiring an additional 312,473 shares during the period. Finally, 1832 Asset Management L.P. acquired a new position in shares of McKesson during the first quarter worth about $140,742,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Transactions at McKesson

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer owned 4,012 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,189 shares of company stock worth $16,722,190. 0.08% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Leerink Partners raised their price objective on shares of McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a research report on Wednesday, September 24th. Bank of America increased their target price on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Wall Street Zen upgraded McKesson from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Evercore ISI upped their price objective on McKesson from $800.00 to $825.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. Finally, UBS Group increased their price objective on McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and an average price target of $834.54.

McKesson Price Performance

MCK opened at $782.07 on Wednesday. McKesson Corporation has a 1-year low of $492.39 and a 1-year high of $783.89. The stock has a market cap of $97.27 billion, a P/E ratio of 31.18, a P/E/G ratio of 1.39 and a beta of 0.52. The stock’s 50 day simple moving average is $710.10 and its 200 day simple moving average is $707.89.

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

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were given a $0.82 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. This is a boost from McKesson’s previous quarterly dividend of $0.71. McKesson’s payout ratio is presently 13.08%.

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.