Harbour Investments Inc. Grows Stake in McKesson Corporation $MCK

Harbour Investments Inc. boosted its position in shares of McKesson Corporation (NYSE:MCK) by 9.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,452 shares of the company’s stock after purchasing an additional 129 shares during the quarter. Harbour Investments Inc.’s holdings in McKesson were worth $1,064,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. GFG Capital LLC purchased a new position in McKesson during the 2nd quarter worth $30,000. CBIZ Investment Advisory Services LLC increased its holdings in McKesson by 1,366.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after purchasing an additional 41 shares during the period. Bank of Jackson Hole Trust increased its holdings in McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after purchasing an additional 18 shares during the period. Saudi Central Bank purchased a new position in McKesson during the 1st quarter worth $34,000. Finally, Flaharty Asset Management LLC purchased a new position in McKesson during the 1st quarter worth $39,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MCK has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a report on Wednesday, September 24th. JPMorgan Chase & Co. lifted their price target on McKesson from $821.00 to $853.00 and gave the company an “overweight” rating in a report on Friday, September 26th. TD Cowen lifted their price target on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Cowen reiterated a “buy” rating on shares of McKesson in a report on Wednesday, September 24th. Finally, Wall Street Zen upgraded McKesson from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, McKesson presently has an average rating of “Moderate Buy” and a consensus target price of $834.54.

McKesson Stock Performance

Shares of MCK opened at $788.27 on Friday. The stock has a 50-day moving average of $716.48 and a two-hundred day moving average of $710.07. McKesson Corporation has a one year low of $492.39 and a one year high of $793.97. The stock has a market cap of $98.05 billion, a P/E ratio of 31.43, a P/E/G ratio of 1.42 and a beta of 0.52.

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

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.82 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. This is an increase from McKesson’s previous quarterly dividend of $0.71. McKesson’s payout ratio is presently 13.08%.

Insider Transactions at McKesson

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction dated Friday, August 22nd. The stock was 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 owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. The trade was a 74.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction dated 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 directly owned 657 shares of the company’s stock, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,189 shares of company stock valued at $16,722,190. 0.08% of the stock is currently owned by insiders.

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.