Kovack Advisors Inc. Increases Holdings in McKesson Co. (NYSE:MCK)

Kovack Advisors Inc. grew its holdings in shares of McKesson Co. (NYSE:MCK) by 53.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,313 shares of the company’s stock after buying an additional 805 shares during the period. Kovack Advisors Inc.’s holdings in McKesson were worth $1,242,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Register Financial Advisors LLC bought a new position in McKesson in the 1st quarter worth $29,000. Sachetta LLC bought a new position in McKesson in the fourth quarter worth about $27,000. Richardson Financial Services Inc. purchased a new stake in McKesson in the fourth quarter worth about $31,000. BKM Wealth Management LLC bought a new stake in McKesson during the 4th quarter valued at approximately $31,000. Finally, Rise Advisors LLC purchased a new position in shares of McKesson during the 1st quarter worth approximately $40,000. Institutional investors own 85.07% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on MCK. Robert W. Baird upped their price target on McKesson from $603.00 to $671.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Wells Fargo & Company increased their price target on shares of McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 9th. TD Cowen boosted their price objective on shares of McKesson from $563.00 to $652.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Evercore ISI raised their target price on shares of McKesson from $590.00 to $600.00 and gave the company an “outperform” rating in a research note on Wednesday, May 8th. Finally, Argus boosted their price target on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Two 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, McKesson currently has a consensus rating of “Moderate Buy” and a consensus price target of $590.47.

Insiders Place Their Bets

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

McKesson Trading Down 0.3 %

Shares of MCK opened at $583.35 on Friday. The firm has a market cap of $75.80 billion, a PE ratio of 26.07, a P/E/G ratio of 1.36 and a beta of 0.45. McKesson Co. has a 1-year low of $395.30 and a 1-year high of $612.17. The firm has a fifty day simple moving average of $569.08 and a two-hundred day simple moving average of $527.93.

McKesson (NYSE:MCK) last posted its earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). The firm had revenue of $76.36 billion during 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%. The firm’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company posted $7.19 EPS. As a group, research analysts forecast that McKesson Co. will post 31.54 EPS for the current fiscal year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 3rd were issued a dividend of $0.62 per share. The ex-dividend date was Monday, June 3rd. This represents a $2.48 dividend on an annualized basis and a yield of 0.43%. McKesson’s dividend payout ratio is currently 11.08%.

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.