NBC Securities Inc. Boosts Stock Position in McKesson Co. (NYSE:MCK)

NBC Securities Inc. raised its stake in shares of McKesson Co. (NYSE:MCK) by 7.8% in the 2nd quarter, Holdings Channel reports. The fund owned 2,187 shares of the company’s stock after acquiring an additional 159 shares during the quarter. NBC Securities Inc.’s holdings in McKesson were worth $1,277,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Intrust Bank NA acquired a new position in McKesson during the 4th quarter worth approximately $206,000. Allspring Global Investments Holdings LLC increased its position in McKesson by 6.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock worth $39,714,000 after purchasing an additional 5,425 shares during the period. Heritage Wealth Management LLC acquired a new position in McKesson during the 4th quarter worth approximately $1,538,000. Councilmark Asset Management LLC acquired a new position in McKesson during the 1st quarter worth approximately $5,160,000. Finally, Atlantic Edge Private Wealth Management LLC acquired a new position in McKesson during the 4th quarter worth approximately $2,487,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other McKesson 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 transaction of $2,155,760.73. Following 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 legal filing with the SEC, which is available at the SEC website. In other McKesson 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 transaction of $2,155,760.73. Following 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 legal filing with the SEC, which is available at the SEC website. Also, EVP Leann B. Smith sold 600 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was 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 in the company, valued at approximately $1,183,941.66. The disclosure for this sale can be found here. Insiders have sold a total of 33,320 shares of company stock worth $19,041,332 over the last quarter. 0.11% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MCK shares. Mizuho upped their price target on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a report on Thursday. 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 research note on Thursday, May 9th. StockNews.com raised McKesson from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 23rd. Evercore ISI dropped their price objective on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, Argus raised their price objective on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $601.47.

McKesson Stock Down 11.8 %

Shares of MCK stock traded down $72.94 during mid-day trading on Thursday, hitting $544.57. 3,264,380 shares of the company’s stock were exchanged, compared to its average volume of 724,158. McKesson Co. has a fifty-two week low of $404.72 and a fifty-two week high of $637.51. The stock has a 50-day simple moving average of $592.27 and a two-hundred day simple moving average of $549.76. The stock has a market cap of $70.76 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 1.46 and a beta of 0.45.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.16 by $0.72. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The business had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. During the same quarter last year, the firm earned $7.27 earnings per share. The business’s revenue was up 6.4% on a year-over-year basis. As a group, analysts anticipate that McKesson Co. will post 31.68 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. Shareholders of record on Monday, September 2nd will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date is Friday, August 30th. This is a boost from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is currently 12.69%.

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.