GC Wealth Management RIA LLC Grows Position in McKesson Corporation $MCK

GC Wealth Management RIA LLC boosted its stake in McKesson Corporation (NYSE:MCK) by 845.8% during the 2nd quarter, Holdings Channel reports. The firm owned 3,963 shares of the company’s stock after buying an additional 3,544 shares during the quarter. GC Wealth Management RIA LLC’s holdings in McKesson were worth $2,904,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Oppenheimer Asset Management Inc. raised its holdings in McKesson by 54.0% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company’s stock valued at $3,056,000 after buying an additional 1,592 shares during the period. Dynamic Advisor Solutions LLC raised its position in McKesson by 16.6% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock worth $524,000 after purchasing an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in McKesson by 18.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock worth $15,501,000 after purchasing an additional 3,659 shares during the period. Acadian Asset Management LLC raised its position in McKesson by 22.0% in the 1st quarter. Acadian Asset Management LLC now owns 378,926 shares of the company’s stock worth $254,979,000 after purchasing an additional 68,294 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of McKesson by 4.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company’s stock worth $123,332,000 after buying an additional 7,556 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, 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 sale, the chief accounting officer directly owned 657 shares of the company’s stock, valued at $436,031.19. This represents a 33.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the sale, the chief executive officer directly owned 4,012 shares in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,560 shares of company stock worth $30,438,602. 0.08% of the stock is owned by insiders.

McKesson Price Performance

Shares of MCK opened at $760.82 on Monday. The firm has a market capitalization of $94.63 billion, a PE ratio of 30.34, a price-to-earnings-growth ratio of 1.36 and a beta of 0.51. McKesson Corporation has a 1-year low of $479.15 and a 1-year high of $770.00. The company’s fifty day moving average price is $697.79 and its 200-day moving average price is $699.99.

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

McKesson Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MCK shares. Citigroup increased their price target on McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft raised their price target on shares of McKesson from $775.00 to $856.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Cowen reaffirmed a “buy” rating on shares of McKesson in a research report on Wednesday. UBS Group raised their target price on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Finally, Bank of America lifted their price target on shares of McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $829.08.

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.