Raymond James & Associates Has $87.35 Million Stock Position in McKesson Co. (NYSE:MCK)

Raymond James & Associates boosted its stake in shares of McKesson Co. (NYSE:MCK) by 7.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 176,675 shares of the company’s stock after purchasing an additional 12,116 shares during the quarter. Raymond James & Associates owned 0.14% of McKesson worth $87,352,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. RFP Financial Group LLC lifted its stake in shares of McKesson by 9.8% in the second quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock valued at $112,000 after buying an additional 17 shares during the period. Modera Wealth Management LLC grew its holdings in shares of McKesson by 2.2% during the 2nd quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock worth $470,000 after purchasing an additional 17 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of McKesson by 1.6% in the second quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $639,000 after purchasing an additional 17 shares in the last quarter. First Western Trust Bank raised its stake in shares of McKesson by 2.0% in the first quarter. First Western Trust Bank now owns 913 shares of the company’s stock valued at $490,000 after purchasing an additional 18 shares in the last quarter. Finally, KCM Investment Advisors LLC lifted its position in McKesson by 1.4% in the first quarter. KCM Investment Advisors LLC now owns 1,355 shares of the company’s stock worth $727,000 after purchasing an additional 19 shares during the period. 85.07% of the stock is owned by institutional investors.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the transaction, the chief executive officer now directly owns 78,586 shares in the company, valued at $44,094,604.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.11% of the stock is owned by corporate insiders.

McKesson Trading Up 0.1 %

Shares of NYSE MCK opened at $509.20 on Monday. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51. The company has a 50-day moving average of $521.09 and a two-hundred day moving average of $552.14. The company has a market cap of $66.16 billion, a PE ratio of 22.75, a P/E/G ratio of 1.17 and a beta of 0.44.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating the consensus estimate of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. During the same period last year, the firm earned $7.27 EPS. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, equities research analysts forecast that McKesson Co. will post 32.07 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, August 30th. This is an increase from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 dividend on an annualized basis and a yield of 0.56%. McKesson’s dividend payout ratio is presently 12.69%.

Analyst Upgrades and Downgrades

MCK has been the subject of a number of recent research reports. Evercore ISI dropped their price objective on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Robert W. Baird reaffirmed a “neutral” rating and set a $531.00 price objective (down from $603.00) on shares of McKesson in a report on Tuesday, September 24th. Wells Fargo & Company lowered their price objective on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Citigroup cut their target price on McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a research report on Tuesday, September 10th. Finally, Mizuho increased their price objective on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $610.86.

McKesson Profile

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.