Argus Investors Counsel Inc. Grows Holdings in McKesson Corporation $MCK

Argus Investors Counsel Inc. grew its holdings in McKesson Corporation (NYSE:MCK) by 60.7% during the second quarter, HoldingsChannel.com reports. The firm owned 654 shares of the company’s stock after acquiring an additional 247 shares during the quarter. Argus Investors Counsel Inc.’s holdings in McKesson were worth $479,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MCK. CBIZ Investment Advisory Services LLC increased its position in shares of McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after buying an additional 41 shares in the last quarter. Bank of Jackson Hole Trust lifted its position 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 acquiring an additional 18 shares during the period. Saudi Central Bank purchased a new position in McKesson in the 1st quarter valued at approximately $34,000. Flaharty Asset Management LLC acquired a new stake in shares of McKesson during the first quarter worth $39,000. Finally, Signature Resources Capital Management LLC acquired a new position in shares of McKesson during the second quarter worth about $43,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of NYSE MCK opened at $760.82 on Friday. 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. The stock’s 50-day simple moving average is $697.79 and its 200-day simple moving average is $699.59. McKesson Corporation has a fifty-two week low of $479.15 and a fifty-two week high of $770.00.

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

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.82 per share. This is a boost from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date is Tuesday, September 2nd. McKesson’s dividend payout ratio is presently 13.08%.

Insider Transactions at McKesson

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer directly owned 4,012 shares of the company’s stock, valued at $2,830,987.56. This trade represents a 74.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the sale, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. The trade was a 33.37% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,560 shares of company stock worth $30,438,602. 0.08% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on MCK. Evercore ISI increased their target price on McKesson from $800.00 to $825.00 and gave the company an “outperform” rating in a report on Wednesday. Mizuho boosted their price target on shares of McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a research report on Wednesday. Bank of America raised their price target on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday. Wells Fargo & Company raised their price target on shares of McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, TD Cowen boosted their price target on shares of McKesson from $830.00 to $864.00 and gave the stock a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, McKesson has an average rating of “Moderate Buy” and an average target price 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.