Graypoint LLC Boosts Stock Holdings in McKesson Co. (NYSE:MCK)

Graypoint LLC raised its holdings in McKesson Co. (NYSE:MCK) by 20.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,005 shares of the company’s stock after purchasing an additional 174 shares during the quarter. Graypoint LLC’s holdings in McKesson were worth $587,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MCK. RFP Financial Group LLC lifted its stake in shares of McKesson by 9.8% in the second quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock valued at $112,000 after purchasing an additional 17 shares during the period. Modera Wealth Management LLC boosted its stake in shares of McKesson by 2.2% during the 2nd quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock worth $470,000 after acquiring an additional 17 shares in the last quarter. First Western Trust Bank grew its holdings in shares of McKesson by 2.0% in the 1st quarter. First Western Trust Bank now owns 913 shares of the company’s stock worth $490,000 after acquiring an additional 18 shares during the period. Lindbrook Capital LLC boosted its position in McKesson by 1.7% during the first quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock worth $608,000 after purchasing an additional 19 shares in the last quarter. Finally, KCM Investment Advisors LLC grew its holdings in McKesson by 1.4% in the first quarter. KCM Investment Advisors LLC now owns 1,355 shares of the company’s stock valued at $727,000 after purchasing an additional 19 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on MCK. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of McKesson from $547.00 to $545.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Bank of America increased their price target on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. Evercore ISI cut their price objective on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. TD Cowen increased their target price on McKesson from $563.00 to $652.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. boosted their price target on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.29.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction dated 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 approximately $51,607,866.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 89,845 shares of the company’s stock, valued at $51,607,866.45. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Maria Martinez sold 483 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $585.88, for a total value of $282,980.04. The disclosure for this sale can be found here. Insiders sold a total of 12,342 shares of company stock valued at $7,319,742 in the last ninety days. Corporate insiders own 0.11% of the company’s stock.

McKesson Price Performance

McKesson stock opened at $561.08 on Monday. The company has a market cap of $72.76 billion, a price-to-earnings ratio of 25.07, a price-to-earnings-growth ratio of 1.29 and a beta of 0.45. McKesson Co. has a 12 month low of $404.72 and a 12 month high of $637.51. The stock’s 50-day moving average is $580.03 and its 200-day moving average is $556.70.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating the consensus estimate of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. During the same quarter last year, the firm posted $7.27 earnings per share. McKesson’s revenue for the quarter was up 6.4% compared to the same quarter last year. Research analysts anticipate that McKesson Co. will post 32.14 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be issued a $0.71 dividend. The ex-dividend date is Friday, August 30th. This is a boost from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a yield of 0.51%. McKesson’s dividend payout ratio is currently 11.08%.

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.