Raymond James Financial Services Advisors Inc. increases holdings in McKesson Co. (NYSE:MCK)

Raymond James Financial Services Advisors Inc. increased its holdings in shares of McKesson Co. (NYSE:MCK – Free Report) by 22.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 44,994 shares of the company’s stock after purchasing an additional 8,395 shares during the period. Holdings of Raymond James Financial Services Advisors Inc. in McKesson were worth $26,278,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MCK. Intrust Bank NA purchased a new stake in shares of McKesson in the 4th quarter valued at approximately $206,000. Heritage Wealth Management LLC bought a new stake in McKesson in the 4th quarter valued at approximately $1,538,000. Councilmark Asset Management LLC bought a new position in shares of McKesson in the first quarter worth about $5,160,000. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of McKesson in the 4th quarter valued at about $2,487,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of McKesson by 1.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 804,338 shares of the company’s stock valued at $372,393,000 after buying an additional 10,977 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s shares.

Insider trading at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the completion of the sale, the chief executive officer now directly owns 89,845 shares of the company’s stock, valued at $51,607,866.45. The sale was disclosed in a filing with the SEC, which can be accessed via this link. In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was 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 $51,607,866.45. The sale was disclosed in a filing with the SEC, which is accessible via this link. Also, Director Maria Martinez sold 483 shares of McKesson stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $585.88, for a total value of $282,980.04. The disclosure for this sale can be found here. Insiders sold 32,713 shares of company stock worth $18,702,605 in the last quarter. Company insiders hold 0.11% of the company’s stock.

McKesson stock 0.1%

MCK opened at $548.40 on Tuesday. The stock 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 firm has a 50-day moving average price of $587.56 and a 200-day moving average price of $553.48. McKesson Co. has a 12-month low of $404.72 and a 12-month high of $637.51.

McKesson (NYSE:MCK – Get Your Free Report ) last announced 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. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The business had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same period in the prior year, the business earned $7.27 EPS. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. As a group, analysts expect McKesson Co. to post 31.68 earnings per share for the current year.

McKesson increases dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, August 30. This represents an annualized dividend of $2.84 and a dividend yield of 0.52%. This is a positive change from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio is currently 12.69%.

Analysts on Wall Street are forecasting an increase

A number of equities analysts have issued reports on the company. Citigroup boosted their price objective on McKesson from $620.00 to $670.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Argus lifted their target price on shares of McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Evercore ISI cut their price target 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. UBS Group upped their target price on McKesson from $620.00 to $630.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Finally, Barclays lifted their price objective on McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. McKesson currently has an average rating of “Moderate Buy” and an average target price of $609.79, based on data from MarketBeat.com.

Read our latest analysis of MCK

About McKesson

(Free report)

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: US Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions and International. The US Pharmaceuticals segment distributes branded, generic, specialty, biosimilar and over-the-counter drugs and other healthcare-related products.

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