Janney Montgomery Scott LLC Boosts Stake in McKesson Co. (NYSE:MCK)

Janney Montgomery Scott LLC lifted its holdings in shares of McKesson Co. (NYSE:MCK) by 51.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,157 shares of the company’s stock after purchasing an additional 16,994 shares during the quarter. Janney Montgomery Scott LLC’s holdings in McKesson were worth $26,927,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Register Financial Advisors LLC purchased a new stake in shares of McKesson in the 1st quarter valued at approximately $29,000. Sachetta LLC purchased a new stake in McKesson in the fourth quarter valued at approximately $27,000. Newbridge Financial Services Group Inc. lifted its stake in McKesson by 333.3% during the first quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock worth $35,000 after purchasing an additional 50 shares in the last quarter. Richardson Financial Services Inc. purchased a new position in shares of McKesson during the fourth quarter worth $31,000. Finally, BKM Wealth Management LLC acquired a new stake in shares of McKesson in the fourth quarter valued at $31,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity at McKesson

In other McKesson 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 value of $338,172.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other McKesson news, EVP Leann B. Smith sold 704 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total transaction of $392,895.36. Following the sale, the executive vice president now owns 2,215 shares in the company, valued at approximately $1,236,169.35. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Susan R. Salka sold 606 shares of the business’s stock in a transaction on Friday, May 10th. The stock was 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. Insiders have sold 25,814 shares of company stock worth $14,511,649 in the last quarter. Company insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MCK. Evercore ISI raised their target price on McKesson from $590.00 to $600.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. Wells Fargo & Company upped 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. StockNews.com cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. TD Cowen boosted their price target on shares of McKesson from $563.00 to $652.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Finally, Citigroup increased their price objective on McKesson from $575.00 to $620.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $590.47.

McKesson Price Performance

Shares of NYSE:MCK traded up $4.41 during trading on Friday, hitting $587.76. 457,302 shares of the company were exchanged, compared to its average volume of 585,916. The firm’s 50 day moving average price is $570.84 and its 200-day moving average price is $529.29. The stock has a market capitalization of $76.37 billion, a P/E ratio of 26.26, a PEG ratio of 1.36 and a beta of 0.45. McKesson Co. has a 12-month low of $395.30 and a 12-month high of $612.17.

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

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Monday, June 3rd were paid a dividend of $0.62 per share. The ex-dividend date was Monday, June 3rd. This represents a $2.48 annualized dividend and a dividend yield of 0.42%. McKesson’s dividend payout ratio (DPR) is 11.08%.

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.