Miracle Mile Advisors LLC Raises Position in McKesson Co. (NYSE:MCK)

Miracle Mile Advisors LLC boosted its holdings in McKesson Co. (NYSE:MCK) by 11.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 561 shares of the company’s stock after purchasing an additional 59 shares during the period. Miracle Mile Advisors LLC’s holdings in McKesson were worth $301,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Lazard Asset Management LLC lifted its position in McKesson by 5.7% in the third quarter. Lazard Asset Management LLC now owns 40,491 shares of the company’s stock valued at $17,607,000 after purchasing an additional 2,192 shares during the last quarter. Advisors Asset Management Inc. boosted its position in McKesson by 0.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 12,230 shares of the company’s stock valued at $5,318,000 after buying an additional 63 shares during the period. Axxcess Wealth Management LLC bought a new stake in McKesson in the 3rd quarter worth $1,048,000. AXQ Capital LP purchased a new position in shares of McKesson in the third quarter valued at about $652,000. Finally, Evergreen Capital Management LLC raised its stake in shares of McKesson by 2.1% during the third quarter. Evergreen Capital Management LLC now owns 11,478 shares of the company’s stock valued at $4,998,000 after acquiring an additional 239 shares during the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other McKesson news, Director Maria Martinez sold 483 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $585.88, for a total transaction of $282,980.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total value of $2,155,760.73. Following the completion of the transaction, 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. Insiders sold 25,814 shares of company stock valued at $14,511,649 over the last 90 days. Corporate insiders own 0.11% of the company’s stock.

McKesson Stock Up 0.4 %

McKesson stock opened at $586.34 on Tuesday. The stock’s 50 day moving average is $565.88 and its 200 day moving average is $525.49. The company has a market capitalization of $76.19 billion, a P/E ratio of 26.20, a PEG ratio of 1.37 and a beta of 0.45. McKesson Co. has a twelve month low of $395.30 and a twelve month high of $612.17.

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

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Monday, June 3rd were paid a $0.62 dividend. The ex-dividend date was Monday, June 3rd. This represents a $2.48 annualized dividend and a dividend yield of 0.42%. McKesson’s dividend payout ratio is presently 11.08%.

Analyst Ratings Changes

A number of research analysts recently issued reports on MCK shares. Evercore ISI boosted their price target on McKesson from $590.00 to $600.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. Citigroup upped their target price on McKesson from $575.00 to $620.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Barclays raised 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. Morgan Stanley upped their price objective on shares of McKesson from $522.00 to $548.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, Bank of America raised their target price on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $590.47.

McKesson Company 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.