Hennessy Advisors Inc. Purchases New Holdings in McKesson Co. (NYSE:MCK)

Hennessy Advisors Inc. purchased a new stake in McKesson Co. (NYSE:MCK) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 5,600 shares of the company’s stock, valued at approximately $3,006,000.

Several other institutional investors have also added to or reduced their stakes in the company. Buckley Wealth Management LLC raised its position in McKesson by 3.1% during the first quarter. Buckley Wealth Management LLC now owns 1,608 shares of the company’s stock valued at $863,000 after purchasing an additional 49 shares in the last quarter. Transform Wealth LLC increased its holdings in shares of McKesson by 2.7% during the first quarter. Transform Wealth LLC now owns 19,826 shares of the company’s stock worth $10,656,000 after buying an additional 513 shares in the last quarter. 180 Wealth Advisors LLC acquired a new position in shares of McKesson during the first quarter worth $775,000. Thrive Wealth Management LLC increased its holdings in shares of McKesson by 5.7% during the first quarter. Thrive Wealth Management LLC now owns 951 shares of the company’s stock worth $511,000 after buying an additional 51 shares in the last quarter. Finally, ERn Financial LLC acquired a new position in shares of McKesson during the first quarter worth $213,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the completion of the sale, the chief executive officer now owns 89,845 shares in the company, valued at approximately $51,607,866.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other McKesson news, CFO Britt J. Vitalone sold 12,752 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $558.09, for a total value of $7,116,763.68. Following the completion of the transaction, the chief financial officer now directly owns 14,028 shares of the company’s stock, valued at approximately $7,828,886.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the completion of the transaction, the chief executive officer now directly owns 89,845 shares of the company’s stock, valued at $51,607,866.45. The disclosure for this sale can be found here. Insiders sold a total of 25,814 shares of company stock worth $14,511,649 in the last quarter. Insiders own 0.21% of the company’s stock.

McKesson Stock Performance

NYSE:MCK traded down $9.44 on Friday, hitting $583.76. The stock had a trading volume of 398,989 shares, compared to its average volume of 704,482. The stock has a market cap of $75.85 billion, a P/E ratio of 26.51, a price-to-earnings-growth ratio of 1.40 and a beta of 0.47. McKesson Co. has a 1 year low of $395.30 and a 1 year high of $612.17. The firm’s fifty day simple moving average is $563.21 and its two-hundred day simple moving average is $523.26.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.34 by ($0.16). McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The company had revenue of $76.36 billion for the quarter, compared to analysts’ expectations of $79.32 billion. During the same quarter in the previous year, the business earned $7.19 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. Equities research analysts predict that McKesson Co. will post 31.54 EPS for the current year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.48 annualized dividend and a dividend yield of 0.42%. McKesson’s payout ratio is currently 11.08%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MCK. Bank of America increased their price objective on McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft decreased their price objective on McKesson from $547.00 to $545.00 and set a “buy” rating for the company in a report on Thursday, May 9th. Robert W. Baird upped their price target on shares of McKesson from $603.00 to $671.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. Evercore ISI upped their price target on shares of McKesson from $590.00 to $600.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. Finally, Argus upped their price target on shares of McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research report on Monday. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $590.47.

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.