McKesson Corporation $MCK Stock Purchased by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC raised its holdings in shares of McKesson Corporation (NYSE:MCK) by 294.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,321 shares of the company’s stock after acquiring an additional 1,732 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in McKesson were worth $1,982,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MCK. Rosenberg Matthew Hamilton lifted its holdings in shares of McKesson by 2.8% in the third quarter. Rosenberg Matthew Hamilton now owns 406 shares of the company’s stock valued at $347,000 after purchasing an additional 11 shares in the last quarter. Avail Investment Partners LLC grew its position in shares of McKesson by 1.7% in the third quarter. Avail Investment Partners LLC now owns 662 shares of the company’s stock valued at $566,000 after purchasing an additional 11 shares during the last quarter. Commonwealth Financial Services LLC increased its stake in shares of McKesson by 3.8% during the 3rd quarter. Commonwealth Financial Services LLC now owns 304 shares of the company’s stock worth $260,000 after purchasing an additional 11 shares in the last quarter. Stephens Inc. AR increased its stake in shares of McKesson by 0.8% during the 1st quarter. Stephens Inc. AR now owns 1,581 shares of the company’s stock worth $1,368,000 after purchasing an additional 12 shares in the last quarter. Finally, WealthPLAN Partners LLC increased its stake in shares of McKesson by 0.4% during the 3rd quarter. WealthPLAN Partners LLC now owns 3,190 shares of the company’s stock worth $2,724,000 after purchasing an additional 12 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MCK. Wall Street Zen upgraded McKesson from a “hold” rating to a “buy” rating in a research report on Saturday, October 17th. Morgan Stanley set a $977.00 target price on McKesson in a report on Tuesday, October 6th. Citigroup raised their price target on McKesson from $945.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Bank of America raised their price target on McKesson from $950.00 to $1,050.00 in a research report on Thursday, August 6th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $845.00 price target on shares of McKesson in a report on Monday, September 14th. Fifteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $997.12.

McKesson Trading Up 0.3%

NYSE:MCK opened at $1,001.68 on Wednesday. McKesson Corporation has a 12-month low of $723.68 and a 12-month high of $1,030.27. The firm has a market cap of $116.79 billion, a price-to-earnings ratio of 26.80, a price-to-earnings-growth ratio of 1.99 and a beta of 0.27. The company’s 50-day moving average is $927.87 and its two-hundred day moving average is $864.61.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 EPS for the quarter, topping analysts’ consensus estimates of $9.56 by $0.37. The business had revenue of $105.38 billion during the quarter, compared to the consensus estimate of $103.88 billion. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $8.26 earnings per share. On average, equities research analysts forecast that McKesson Corporation will post 44.71 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 1st will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $3.76 annualized dividend and a dividend yield of 0.4%. McKesson’s dividend payout ratio is presently 10.06%.

Insider Activity at McKesson

In related news, Director Bradley Lerman sold 301 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $892.33, for a total transaction of $268,591.33. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO B Jr sold 111 shares of McKesson stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $891.45, for a total transaction of $98,950.95. Following the completion of the sale, the chief accounting officer directly owned 521 shares of the company’s stock, valued at $464,445.45. The trade was a 17.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 1,212 shares of company stock valued at $1,164,182. Company insiders own 0.06% of the company’s stock.

Key Headlines Impacting McKesson

Here are the key news stories impacting McKesson this week:

• Positive Sentiment: Analyst recommendations are broadly optimistic, which may support sentiment, although the article cautions that brokerage ratings can be overly positive and are not a reliable buy signal on their own. Wall Street Bulls Look Optimistic About McKesson
• Neutral Sentiment: Previews say the upcoming earnings report will test whether prescription volumes, specialty distribution and oncology growth can sustain profit growth. Strong demand could help offset pressure from branded-drug pricing, but investors are awaiting results for confirmation. Will MCK’s Pharma & Specialty Demand Offset Pricing Headwind in Q2?
• Negative Sentiment: Branded-drug pricing pressure is a potential earnings headwind. If it outweighs volume and specialty-drug growth, results could disappoint investors focused on profit growth. Will MCK’s Pharma & Specialty Demand Offset Pricing Headwind in Q2?

McKesson Company Profile

McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and medical products to pharmacies, hospitals, health systems, physicians and other healthcare providers. The company also provides technology, data and business solutions designed to support prescription management, pharmacy operations and patient care.

McKesson’s principal activities include pharmaceutical distribution, medical-surgical supply distribution, specialty pharmaceutical services and oncology care support.