MGB Wealth Management LLC Has $1.69 Million Stock Position in McKesson Co. (NYSE:MCK)

MGB Wealth Management LLC boosted its stake in McKesson Co. (NYSE:MCK) by 12.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,142 shares of the company’s stock after purchasing an additional 355 shares during the quarter. MGB Wealth Management LLC’s holdings in McKesson were worth $1,688,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Intrust Bank NA bought a new stake in shares of McKesson during the 4th quarter worth approximately $206,000. Raymond James & Associates lifted its stake in McKesson by 6.1% during the fourth quarter. Raymond James & Associates now owns 153,180 shares of the company’s stock worth $70,919,000 after purchasing an additional 8,784 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of McKesson by 6.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock valued at $39,714,000 after purchasing an additional 5,425 shares in the last quarter. Heritage Wealth Management LLC acquired a new position in shares of McKesson during the 4th quarter worth $1,538,000. Finally, Insight Wealth Strategies LLC acquired a new stake in McKesson in the fourth quarter valued at about $1,813,000. Institutional investors own 85.07% of the company’s stock.

McKesson Trading Up 0.9 %

MCK stock traded up $5.11 during trading on Friday, hitting $580.34. The company had a trading volume of 169,137 shares, compared to its average volume of 699,501. The stock has a market cap of $75.41 billion, a PE ratio of 25.70, a PEG ratio of 1.37 and a beta of 0.45. The business has a 50-day moving average of $574.91 and a 200-day moving average of $533.02. McKesson Co. has a one year low of $395.30 and a one year high of $612.17.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $6.18 EPS for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). The firm had revenue of $76.36 billion during the quarter, compared to the consensus estimate of $79.32 billion. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company posted $7.19 earnings per share. Research analysts forecast that McKesson Co. will post 31.53 EPS for the current year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were paid a dividend of $0.62 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.48 annualized dividend and a yield of 0.43%. McKesson’s dividend payout ratio is currently 11.08%.

Insiders Place Their Bets

In related news, Director Susan R. Salka sold 606 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $558.04, for a total transaction of $338,172.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other McKesson news, EVP Leann B. Smith sold 704 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total value of $392,895.36. Following the completion of the sale, the executive vice president now owns 2,215 shares of the company’s stock, valued at $1,236,169.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan R. Salka sold 606 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $558.04, for a total value of $338,172.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,567 shares of company stock worth $16,691,841. 0.11% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MCK has been the subject of several research analyst reports. TD Cowen boosted their target price on McKesson from $563.00 to $652.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Morgan Stanley increased their price objective on shares of McKesson from $522.00 to $548.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Wells Fargo & Company boosted their target price on shares of McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 9th. Citigroup increased their price target on McKesson from $575.00 to $620.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. Finally, Evercore ISI boosted their price objective on McKesson from $600.00 to $660.00 and gave the stock an “outperform” rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $596.00.

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.