HighTower Advisors LLC Boosts Stake in McKesson Corporation (MCK)
HighTower Advisors LLC boosted its position in McKesson Corporation (NYSE:MCK) by 3.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 11,115 shares of the company’s stock after buying an additional 334 shares during the period. HighTower Advisors LLC’s holdings in McKesson Corporation were worth $1,650,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in MCK. Raymond James Trust N.A. boosted its position in shares of McKesson Corporation by 11.0% in the first quarter. Raymond James Trust N.A. now owns 8,309 shares of the company’s stock worth $1,232,000 after buying an additional 821 shares in the last quarter. Catawba Capital Management VA boosted its position in shares of McKesson Corporation by 6.9% in the first quarter. Catawba Capital Management VA now owns 27,632 shares of the company’s stock worth $4,097,000 after buying an additional 1,780 shares in the last quarter. West Oak Capital LLC raised its stake in shares of McKesson Corporation by 6.7% in the first quarter. West Oak Capital LLC now owns 1,707 shares of the company’s stock worth $253,000 after buying an additional 107 shares during the last quarter. Fulton Bank N.A. bought a new stake in shares of McKesson Corporation during the first quarter worth approximately $248,000. Finally, McQueen Ball & Associates Inc. bought a new stake in shares of McKesson Corporation during the first quarter worth approximately $1,782,000. 86.58% of the stock is currently owned by institutional investors.
Shares of McKesson Corporation (MCK) traded down 0.57% on Friday, hitting $146.00. 1,980,288 shares of the stock were exchanged. McKesson Corporation has a 1-year low of $114.53 and a 1-year high of $194.66. The stock has a market cap of $30.70 billion, a price-to-earnings ratio of 6.62 and a beta of 1.13. The stock’s 50-day moving average is $160.21 and its 200-day moving average is $152.14.
McKesson Corporation (NYSE:MCK) last announced its earnings results on Thursday, July 27th. The company reported $2.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.81 by $0.35. The firm had revenue of $51.05 billion during the quarter, compared to analysts’ expectations of $51.22 billion. McKesson Corporation had a net margin of 2.42% and a return on equity of 25.76%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.50 EPS. Analysts forecast that McKesson Corporation will post $12.08 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 1st will be issued a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.36 annualized dividend and a dividend yield of 0.93%. This is an increase from McKesson Corporation’s previous quarterly dividend of $0.28. McKesson Corporation’s dividend payout ratio is currently 5.00%.
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A number of equities research analysts recently commented on MCK shares. Jefferies Group LLC started coverage on shares of McKesson Corporation in a report on Wednesday, May 17th. They set a “hold” rating and a $153.00 price objective on the stock. Vetr upgraded shares of McKesson Corporation from a “buy” rating to a “strong-buy” rating and set a $181.27 price objective on the stock in a report on Monday, June 19th. Zacks Investment Research lowered shares of McKesson Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, May 3rd. BidaskClub lowered shares of McKesson Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Finally, J P Morgan Chase & Co upgraded shares of McKesson Corporation from a “neutral” rating to an “overweight” rating and set a $189.00 price objective on the stock in a report on Tuesday, May 23rd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $171.21.
In other news, Chairman John H. Hammergren sold 19,316 shares of the stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $162.31, for a total value of $3,135,179.96. Following the completion of the sale, the chairman now owns 96,644 shares in the company, valued at $15,686,287.64. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Erin M. Lampert sold 404 shares of the stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $160.53, for a total transaction of $64,854.12. Following the completion of the sale, the senior vice president now owns 2,003 shares of the company’s stock, valued at approximately $321,541.59. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,231 shares of company stock valued at $9,830,297. 1.20% of the stock is currently owned by corporate insiders.
About McKesson Corporation
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.
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