Aviance Capital Partners LLC Invests $333,000 in McKesson Co. (NYSE:MCK)

Aviance Capital Partners LLC bought a new position in McKesson Co. (NYSE:MCK) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 620 shares of the company’s stock, valued at approximately $333,000.

Other large investors have also recently modified their holdings of the company. Intrust Bank NA purchased a new position in shares of McKesson in the fourth quarter worth about $206,000. Raymond James & Associates grew its stake in McKesson by 6.1% during the fourth quarter. Raymond James & Associates now owns 153,180 shares of the company’s stock valued at $70,919,000 after acquiring an additional 8,784 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in McKesson by 6.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock valued at $39,714,000 after acquiring an additional 5,425 shares in the last quarter. Heritage Wealth Management LLC purchased a new position in McKesson during the fourth quarter valued at approximately $1,538,000. Finally, Insight Wealth Strategies LLC purchased a new position in McKesson during the fourth quarter valued at approximately $1,813,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of McKesson from $522.00 to $548.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. TD Cowen boosted their price objective on shares of McKesson from $563.00 to $652.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Bank of America boosted their price objective on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. Citigroup boosted their price target on shares of McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th. Finally, UBS Group boosted their price target on shares of McKesson from $620.00 to $630.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, McKesson presently has an average rating of “Moderate Buy” and an average price target of $590.47.

McKesson Stock Performance

NYSE:MCK traded up $0.18 during midday trading on Monday, reaching $584.22. 127,549 shares of the stock traded hands, compared to its average volume of 706,846. The company has a fifty day moving average of $565.88 and a 200 day moving average of $525.49. McKesson Co. has a 12 month low of $395.30 and a 12 month high of $612.17. The stock has a market capitalization of $75.91 billion, a P/E ratio of 26.26, a PEG ratio of 1.37 and a beta of 0.45.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 EPS for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The firm had revenue of $76.36 billion for the quarter, compared to the consensus estimate of $79.32 billion. During the same quarter in the prior year, the company earned $7.19 earnings per share. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, analysts predict that McKesson Co. will post 31.54 EPS for the current fiscal year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Monday, June 3rd. McKesson’s payout ratio is currently 11.08%.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the transaction, the chief executive officer now directly owns 89,845 shares of the company’s stock, valued at approximately $51,607,866.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the transaction, the chief executive officer now directly owns 89,845 shares of the company’s stock, valued at approximately $51,607,866.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Leann B. Smith sold 600 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $585.53, for a total transaction of $351,318.00. Following the completion of the sale, the executive vice president now directly owns 2,022 shares in the company, valued at $1,183,941.66. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,814 shares of company stock valued at $14,511,649. 0.11% of the stock is currently owned by company 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.