Raymond James Financial Services Advisors Inc. Has $26.28 Million Stake in McKesson Co. (NYSE:MCK)

Raymond James Financial Services Advisors Inc. raised its holdings in McKesson Co. (NYSE:MCK) by 22.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 44,994 shares of the company’s stock after buying an additional 8,395 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in McKesson were worth $26,278,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCK. First Western Trust Bank grew its position in McKesson by 2.0% during the 1st quarter. First Western Trust Bank now owns 913 shares of the company’s stock worth $490,000 after acquiring an additional 18 shares during the last quarter. Lindbrook Capital LLC increased its stake in shares of McKesson by 1.7% in the first quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock valued at $608,000 after buying an additional 19 shares during the period. KCM Investment Advisors LLC boosted its position in McKesson by 1.4% during the 1st quarter. KCM Investment Advisors LLC now owns 1,355 shares of the company’s stock worth $727,000 after buying an additional 19 shares during the period. TCI Wealth Advisors Inc. grew its holdings in McKesson by 1.3% during the 1st quarter. TCI Wealth Advisors Inc. now owns 1,531 shares of the company’s stock worth $822,000 after acquiring an additional 19 shares during the last quarter. Finally, QV Investors Inc. increased its position in McKesson by 0.6% in the 2nd quarter. QV Investors Inc. now owns 3,479 shares of the company’s stock valued at $2,032,000 after acquiring an additional 20 shares during the period. 85.07% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on MCK. TD Cowen lifted their target price on McKesson from $563.00 to $652.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. UBS Group raised their price target on shares of McKesson from $620.00 to $630.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. StockNews.com downgraded shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Argus boosted their price objective on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Finally, Evercore ISI decreased their target price on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $609.79.

McKesson Trading Up 0.1 %

MCK opened at $548.40 on Tuesday. McKesson Co. has a 1-year low of $404.72 and a 1-year high of $637.51. The company has a market cap of $71.26 billion, a price-to-earnings ratio of 24.50, a PEG ratio of 1.46 and a beta of 0.45. The company’s fifty day moving average price is $587.56 and its two-hundred day moving average price is $553.48.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. The company had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The firm’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $7.27 EPS. As a group, equities analysts forecast that McKesson Co. will post 31.68 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be given a dividend of $0.71 per share. This is a boost from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. This represents a $2.84 annualized dividend and a dividend yield of 0.52%. McKesson’s payout ratio is presently 12.69%.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the transaction, the chief executive officer now directly 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 through this hyperlink. In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total value 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Leann B. Smith sold 704 shares of the business’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 transaction, the executive vice president now owns 2,215 shares in the company, valued at approximately $1,236,169.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,713 shares of company stock worth $18,702,605. 0.11% of the stock is owned by corporate insiders.

McKesson Company 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.