SteelPeak Wealth LLC Raises Stake in McKesson Co. (NYSE:MCK)

SteelPeak Wealth LLC increased its stake in shares of McKesson Co. (NYSE:MCK) by 22.3% during the first quarter, HoldingsChannel.com reports. The firm owned 3,313 shares of the company’s stock after buying an additional 604 shares during the period. SteelPeak Wealth LLC’s holdings in McKesson were worth $1,781,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Morgan Stanley lifted its holdings in McKesson by 14.0% during the 3rd quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock worth $1,042,937,000 after purchasing an additional 294,832 shares in the last quarter. Norges Bank bought a new position in McKesson in the 4th quarter worth about $1,024,140,000. Putnam Investments LLC increased its stake in McKesson by 3.2% in the 4th quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock worth $925,017,000 after acquiring an additional 62,242 shares during the last quarter. WCM Investment Management LLC increased its stake in McKesson by 0.4% in the 4th quarter. WCM Investment Management LLC now owns 1,093,189 shares of the company’s stock worth $500,134,000 after acquiring an additional 4,636 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in McKesson by 0.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,030,180 shares of the company’s stock worth $447,974,000 after acquiring an additional 2,732 shares during the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

MCK opened at $584.04 on Monday. McKesson Co. has a 52-week low of $395.30 and a 52-week high of $612.17. The stock has a market capitalization of $75.89 billion, a PE ratio of 26.10, a price-to-earnings-growth ratio of 1.37 and a beta of 0.45. The stock’s 50 day moving average price is $565.88 and its 200-day moving average price is $525.49.

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

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.48 annualized dividend and a dividend yield of 0.42%. McKesson’s dividend payout ratio (DPR) is presently 11.08%.

Insider Activity

In related news, Director Maria Martinez sold 483 shares of McKesson stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $585.88, for a total transaction of $282,980.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Maria Martinez sold 483 shares of McKesson stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $585.88, for a total transaction of $282,980.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total value of $2,155,760.73. Following the sale, the chief executive officer now owns 89,845 shares in the company, valued at $51,607,866.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,814 shares of company stock valued at $14,511,649. Company insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

MCK has been the topic of a number of research reports. UBS Group raised their price objective on McKesson from $620.00 to $630.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Wells Fargo & Company raised their price objective on McKesson from $502.00 to $551.00 and gave the company an “equal weight” rating in a report on Thursday, May 9th. Morgan Stanley raised their price objective on McKesson from $522.00 to $548.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Robert W. Baird raised their price objective on McKesson from $603.00 to $671.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. Finally, Barclays lifted their price target on McKesson from $571.00 to $596.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $590.47.

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.