Patriot Financial Group Insurance Agency LLC Acquires 135 Shares of McKesson Co. (NYSE:MCK)

Patriot Financial Group Insurance Agency LLC raised its holdings in shares of McKesson Co. (NYSE:MCK) by 8.6% in the 1st quarter, Holdings Channel reports. The firm owned 1,713 shares of the company’s stock after purchasing an additional 135 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in McKesson were worth $1,153,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in MCK. Capital A Wealth Management LLC purchased a new position in shares of McKesson during the fourth quarter valued at $26,000. Millstone Evans Group LLC purchased a new position in shares of McKesson during the fourth quarter valued at $28,000. Atala Financial Inc purchased a new position in shares of McKesson during the fourth quarter valued at $34,000. Graney & King LLC purchased a new position in shares of McKesson during the fourth quarter valued at $38,000. Finally, Creative Capital Management Investments LLC purchased a new position in shares of McKesson during the fourth quarter valued at $44,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Stock Performance

Shares of MCK stock opened at $712.99 on Monday. McKesson Co. has a fifty-two week low of $464.42 and a fifty-two week high of $731.00. The firm has a market capitalization of $89.20 billion, a price-to-earnings ratio of 32.65, a PEG ratio of 1.29 and a beta of 0.49. The stock’s 50-day simple moving average is $699.69 and its 200-day simple moving average is $641.34.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.83 by $0.29. McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. The business had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. During the same quarter in the previous year, the firm earned $6.18 earnings per share. The company’s revenue was up 18.9% on a year-over-year basis. As a group, equities analysts forecast that McKesson Co. will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

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

Insider Transactions at McKesson

In related news, CFO Britt J. Vitalone sold 6,336 shares of McKesson stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total transaction of $4,544,812.80. Following the completion of the sale, the chief financial officer now owns 14,760 shares of the company’s stock, valued at $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 available through this hyperlink. Also, EVP Thomas L. Rodgers sold 2,891 shares of McKesson stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $712.18, for a total value of $2,058,912.38. Following the sale, the executive vice president now directly owns 2,544 shares of the company’s stock, valued at $1,811,785.92. This trade represents a 53.19% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,747 shares of company stock worth $9,852,587. Insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on MCK. Bank of America raised their price target on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Wall Street Zen upgraded McKesson from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 30th. Mizuho raised their price target on McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Cfra Research lowered McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Finally, Wells Fargo & Company set a $766.00 target price on McKesson and gave the company an “equal weight” rating in a research note on Tuesday, June 3rd. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.