Consolidated Planning Corp Grows Stock Holdings in McKesson Co. (NYSE:MCK)

Consolidated Planning Corp grew its stake in shares of McKesson Co. (NYSE:MCK) by 48.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 847 shares of the company’s stock after acquiring an additional 276 shares during the period. Consolidated Planning Corp’s holdings in McKesson were worth $495,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MCK. Councilmark Asset Management LLC bought a new position in shares of McKesson during the 1st quarter worth $5,160,000. Atlantic Edge Private Wealth Management LLC purchased a new position in McKesson during the 4th quarter valued at about $2,487,000. Charles Schwab Investment Management Inc. raised its holdings in shares of McKesson by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 804,338 shares of the company’s stock valued at $372,393,000 after purchasing an additional 10,977 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in shares of McKesson by 6.5% in the 4th quarter. Treasurer of the State of North Carolina now owns 65,266 shares of the company’s stock worth $30,217,000 after purchasing an additional 3,982 shares during the period. Finally, BDF Gestion bought a new position in shares of McKesson during the second quarter valued at approximately $3,504,000. Institutional investors own 85.07% of the company’s stock.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $580.92, for a total transaction of $2,180,192.76. Following the sale, the chief executive officer now directly owns 86,092 shares of the company’s stock, valued at approximately $50,012,564.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Leann B. Smith sold 600 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total transaction of $351,318.00. Following the sale, the executive vice president now directly owns 2,022 shares of the company’s stock, valued at $1,183,941.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total transaction of $2,180,192.76. Following the completion of the transaction, the chief executive officer now directly owns 86,092 shares of the company’s stock, valued at approximately $50,012,564.64. The disclosure for this sale can be found here. Insiders sold a total of 8,589 shares of company stock valued at $5,163,981 over the last 90 days. Insiders own 0.11% of the company’s stock.

McKesson Stock Performance

MCK stock traded down $5.31 during midday trading on Wednesday, reaching $568.64. The stock had a trading volume of 124,251 shares, compared to its average volume of 737,941. The firm has a fifty day simple moving average of $578.48 and a two-hundred day simple moving average of $557.54. The stock has a market cap of $73.74 billion, a PE ratio of 25.65, a P/E/G ratio of 1.29 and a beta of 0.45. McKesson Co. has a 52-week low of $404.72 and a 52-week high of $637.51.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The firm had revenue of $79.28 billion during the quarter, compared to the consensus estimate of $82.53 billion. During the same quarter in the previous year, the company posted $7.27 earnings per share. The company’s revenue was up 6.4% compared to the same quarter last year. On average, sell-side analysts predict that McKesson Co. will post 32.14 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.50%. This is a positive change from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio is presently 11.08%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MCK. Wells Fargo & Company upped their target price on McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a report on Thursday, May 9th. Bank of America raised their price objective on McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. JPMorgan Chase & Co. boosted their target price on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Citigroup raised their price target on shares of McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a report on Friday, July 19th. Finally, Barclays boosted their price objective on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, McKesson has a consensus rating of “Moderate Buy” and a consensus price target of $620.29.

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.