Proficio Capital Partners LLC purchased a new stake in McKesson Corporation (NYSE:MCK – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 625 shares of the company’s stock, valued at approximately $472,000.
Several other institutional investors also recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of McKesson by 0.5% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,262 shares of the company’s stock valued at $1,855,000 after purchasing an additional 11 shares in the last quarter. Investment Research Partners LLC boosted its stake in McKesson by 0.7% during the fourth quarter. Investment Research Partners LLC now owns 1,624 shares of the company’s stock worth $1,332,000 after buying an additional 11 shares in the last quarter. IHT Wealth Management LLC boosted its stake in McKesson by 0.9% during the fourth quarter. IHT Wealth Management LLC now owns 1,196 shares of the company’s stock worth $981,000 after buying an additional 11 shares in the last quarter. LRI Investments LLC increased its holdings in McKesson by 12.1% in 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 period. Finally, Macroview Investment Management LLC raised its stake in shares of McKesson by 3.9% in the 4th quarter. Macroview Investment Management LLC now owns 322 shares of the company’s stock valued at $264,000 after buying an additional 12 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.
McKesson Price Performance
NYSE MCK opened at $927.16 on Thursday. The stock’s 50 day simple moving average is $842.13 and its 200 day simple moving average is $842.72. McKesson Corporation has a one year low of $682.35 and a one year high of $999.00. The firm has a market cap of $108.10 billion, a PE ratio of 24.81, a price-to-earnings-growth ratio of 1.80 and a beta of 0.30.
McKesson Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be issued a $0.94 dividend. This is a positive change from McKesson’s previous quarterly dividend of $0.82. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Tuesday, September 1st. McKesson’s dividend payout ratio (DPR) is presently 10.06%.
Insider Buying and Selling
In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $764.00, for a total transaction of $101,612.00. Following the sale, the chief accounting officer owned 632 shares of the company’s stock, valued at $482,848. This represents a 17.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Lerman sold 301 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $892.33, for a total transaction of $268,591.33. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,289 shares of company stock worth $17,406,854 in the last 90 days. Corporate insiders own 0.06% of the company’s stock.
Wall Street Analysts Forecast Growth
MCK has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $875.00 target price on shares of McKesson in a research report on Friday, May 8th. Barclays increased their price target on shares of McKesson from $925.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Morgan Stanley reaffirmed an “overweight” rating on shares of McKesson in a report on Friday, August 7th. Evercore reiterated an “outperform” rating on shares of McKesson in a research note on Thursday, August 6th. Finally, Royal Bank Of Canada began coverage on McKesson in a report on Wednesday, August 19th. They issued a “sector perform” rating and a $845.00 target price for the company. Fourteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and a consensus target price of $973.44.
View Our Latest Analysis on McKesson
McKesson 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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