McKesson Co. (NYSE:MCK) Stake Lifted by Icon Wealth Advisors LLC

Icon Wealth Advisors LLC increased its position in shares of McKesson Co. (NYSE:MCK) by 18.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 498 shares of the company’s stock after buying an additional 79 shares during the quarter. Icon Wealth Advisors LLC’s holdings in McKesson were worth $246,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Isthmus Partners LLC acquired a new stake in shares of McKesson in the third quarter valued at $504,000. Peterson Wealth Management acquired a new stake in McKesson in the 3rd quarter valued at about $938,000. Northwest & Ethical Investments L.P. boosted its position in shares of McKesson by 9.1% during the 3rd quarter. Northwest & Ethical Investments L.P. now owns 37,120 shares of the company’s stock valued at $18,353,000 after purchasing an additional 3,095 shares in the last quarter. Financial Counselors Inc. grew its stake in shares of McKesson by 4.4% in the 3rd quarter. Financial Counselors Inc. now owns 916 shares of the company’s stock worth $453,000 after purchasing an additional 39 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its holdings in shares of McKesson by 18.8% in the 3rd quarter. Public Sector Pension Investment Board now owns 5,678 shares of the company’s stock worth $2,807,000 after purchasing an additional 900 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. This represents a 4.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.11% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MCK has been the subject of a number of research reports. Leerink Partners reduced their target price on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a report on Monday, October 7th. StockNews.com upgraded McKesson from a “hold” rating to a “buy” rating in a report on Wednesday, November 6th. Wells Fargo & Company reduced their target price on McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. Mizuho increased their price target on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Finally, Baird R W upgraded McKesson from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $631.57.

McKesson Stock Performance

Shares of MCK opened at $628.50 on Friday. The company has a market capitalization of $79.78 billion, a PE ratio of 32.55, a PEG ratio of 1.35 and a beta of 0.44. The company’s 50 day moving average price is $542.22 and its 200 day moving average price is $559.96. McKesson Co. has a 52 week low of $431.35 and a 52 week high of $637.51.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, topping analysts’ consensus estimates of $6.88 by $0.19. The business had revenue of $93.65 billion for the quarter, compared to the consensus estimate of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. McKesson’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same period in the prior year, the business posted $6.23 earnings per share. On average, equities analysts forecast that McKesson Co. will post 32.78 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a $0.71 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.45%. McKesson’s payout ratio is 14.71%.

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.