Granite Bay Wealth Management LLC Acquires Shares of 6,300 McKesson Co. (NYSE:MCK)

Granite Bay Wealth Management LLC acquired a new stake in McKesson Co. (NYSE:MCK) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 6,300 shares of the company’s stock, valued at approximately $3,507,000.

A number of other large investors also recently modified their holdings of MCK. Steward Partners Investment Advisory LLC increased its position in shares of McKesson by 30.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,670 shares of the company’s stock valued at $773,000 after purchasing an additional 386 shares during the last quarter. Alberta Investment Management Corp grew its position in shares of McKesson by 22.2% in the 4th quarter. Alberta Investment Management Corp now owns 3,300 shares of the company’s stock valued at $1,528,000 after buying an additional 600 shares during the last quarter. Carolinas Wealth Consulting LLC grew its position in shares of McKesson by 42.9% in the 4th quarter. Carolinas Wealth Consulting LLC now owns 80 shares of the company’s stock valued at $37,000 after buying an additional 24 shares during the last quarter. NEOS Investment Management LLC grew its position in shares of McKesson by 26.9% in the 4th quarter. NEOS Investment Management LLC now owns 1,887 shares of the company’s stock valued at $874,000 after buying an additional 400 shares during the last quarter. Finally, Peapack Gladstone Financial Corp grew its position in shares of McKesson by 5.0% in the 4th quarter. Peapack Gladstone Financial Corp now owns 8,681 shares of the company’s stock valued at $4,019,000 after buying an additional 414 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Performance

MCK stock opened at $494.42 on Tuesday. McKesson Co. has a one year low of $431.35 and a one year high of $637.51. The stock has a market capitalization of $64.24 billion, a PE ratio of 22.09, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44. The company has a fifty day moving average of $549.07 and a 200-day moving average of $555.57.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping 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 company had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. During the same quarter last year, the business earned $7.27 EPS. The business’s revenue was up 6.4% on a year-over-year basis. Equities analysts forecast that McKesson Co. will post 32.07 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be paid a $0.71 dividend. This is a boost from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. This represents a $2.84 annualized dividend and a dividend yield of 0.57%. McKesson’s dividend payout ratio (DPR) is 12.69%.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $626.03, for a total value of $2,349,490.59. Following the completion of the sale, the chief executive officer now owns 82,339 shares in the company, valued at $51,546,684.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 11,259 shares of company stock worth $6,635,492 over the last 90 days. Company insiders own 0.11% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on MCK shares. Robert W. Baird reaffirmed a “neutral” rating and issued a $531.00 target price (down from $603.00) on shares of McKesson in a research report on Tuesday, September 24th. Barclays increased their target price on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Citigroup dropped their target price on shares of McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Wells Fargo & Company lowered their price objective on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Finally, Mizuho raised their price objective on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $613.36.

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.