Wealthspire Advisors LLC Has $948,000 Stock Position in McKesson Co. (NYSE:MCK)

Wealthspire Advisors LLC boosted its holdings in shares of McKesson Co. (NYSE:MCK) by 8.9% during the second quarter, Holdings Channel.com reports. The institutional investor owned 1,623 shares of the company’s stock after acquiring an additional 133 shares during the quarter. Wealthspire Advisors LLC’s holdings in McKesson were worth $948,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of McKesson during the 4th quarter worth about $1,024,140,000. Swedbank AB acquired a new stake in McKesson during the first quarter worth approximately $669,326,000. TD Asset Management Inc boosted its holdings in shares of McKesson by 202.8% during the fourth quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock worth $278,778,000 after acquiring an additional 403,312 shares during the period. Bessemer Group Inc. grew its position in shares of McKesson by 3,621.7% in the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after purchasing an additional 340,007 shares during the last quarter. Finally, Bristol Gate Capital Partners Inc. bought a new position in shares of McKesson during the first quarter worth approximately $97,510,000. Institutional investors own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MCK. Citigroup decreased their price objective on McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Evercore ISI lowered their price target on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Barclays boosted their price objective on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. StockNews.com cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday, August 9th. Finally, Wells Fargo & Company cut their price target on McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research note on Friday. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and an average price target of $620.93.

McKesson Stock Up 1.5 %

NYSE:MCK opened at $518.81 on Monday. McKesson Co. has a twelve month low of $417.65 and a twelve month high of $637.51. The stock’s 50-day simple moving average is $567.33 and its 200 day simple moving average is $557.76. The firm has a market capitalization of $67.28 billion, a PE ratio of 23.18, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. The company had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the company posted $7.27 EPS. On average, analysts anticipate that McKesson Co. will post 32.11 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.55%. This is a boost from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, August 30th. McKesson’s dividend payout ratio is presently 12.69%.

Insider Activity at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the completion of the transaction, the chief executive officer now owns 82,339 shares of the company’s stock, valued at approximately $51,546,684.17. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold a total of 11,259 shares of company stock valued at $6,635,492 in the last 90 days. 0.11% of the stock is owned by corporate insiders.

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.