Continuum Advisory LLC raised its holdings in shares of McKesson Corporation (NYSE:MCK – Free Report) by 2,101.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,918 shares of the company’s stock after acquiring an additional 10,422 shares during the quarter. McKesson makes up 0.7% of Continuum Advisory LLC’s investment portfolio, making the stock its 25th largest position. Continuum Advisory LLC’s holdings in McKesson were worth $8,250,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of McKesson by 0.5% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,262 shares of the company’s stock worth $1,855,000 after purchasing an additional 11 shares in the last quarter. Investment Research Partners LLC raised its position in shares of McKesson by 0.7% during the 4th quarter. Investment Research Partners LLC now owns 1,624 shares of the company’s stock worth $1,332,000 after purchasing an additional 11 shares during the last quarter. IHT Wealth Management LLC lifted its stake in McKesson by 0.9% in the 4th quarter. IHT Wealth Management LLC now owns 1,196 shares of the company’s stock valued at $981,000 after buying an additional 11 shares in the last quarter. LRI Investments LLC grew its holdings in McKesson by 12.1% during the 4th quarter. LRI Investments LLC now owns 111 shares of the company’s stock valued at $91,000 after buying an additional 12 shares during the last quarter. Finally, Macroview Investment Management LLC increased its position in McKesson by 3.9% during the fourth quarter. Macroview Investment Management LLC now owns 322 shares of the company’s stock worth $264,000 after buying an additional 12 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.
McKesson Price Performance
McKesson stock opened at $927.16 on Thursday. The company has a market cap of $108.10 billion, a price-to-earnings ratio of 24.81, a price-to-earnings-growth ratio of 1.80 and a beta of 0.30. McKesson Corporation has a 12 month low of $682.35 and a 12 month high of $999.00. The stock’s 50-day moving average is $842.13 and its 200-day moving average is $842.72.
McKesson Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Tuesday, September 1st. This is an increase from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio (DPR) is 10.06%.
Insider Activity at McKesson
In other news, CEO Brian S. Tyler sold 8,463 shares of McKesson stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $793.56, for a total transaction of $6,715,898.28. Following the sale, the chief executive officer owned 5,919 shares in the company, valued at $4,697,081.64. This trade represents a 58.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Lerman sold 301 shares of McKesson stock in a transaction on Monday, August 10th. The stock was sold at an average price of $892.33, for a total transaction of $268,591.33. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 22,289 shares of company stock worth $17,406,854. 0.06% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on MCK shares. JPMorgan Chase & Co. reduced their price objective on McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $875.00 price objective on shares of McKesson in a research report on Friday, May 8th. Wall Street Zen downgraded shares of McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Citigroup upped their target price on shares of McKesson from $945.00 to $1,000.00 and gave the company a “buy” rating in a report on Friday, July 24th. Finally, Evercore reaffirmed an “outperform” rating on shares of McKesson in a research note on Thursday, August 6th. Fourteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, McKesson currently has an average rating of “Moderate Buy” and a consensus price target of $973.44.
Check Out Our Latest Analysis on MCK
McKesson Company Profile
McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.
The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.
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