Spire Wealth Management Has $10.91 Million Stake in McKesson Corporation $MCK

Spire Wealth Management increased its holdings in shares of McKesson Corporation (NYSE:MCK) by 19.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,116 shares of the company’s stock after acquiring an additional 2,321 shares during the quarter. Spire Wealth Management’s holdings in McKesson were worth $10,905,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MCK. Vanguard Group Inc. increased its holdings in shares of McKesson by 2.0% in the second quarter. Vanguard Group Inc. now owns 12,072,090 shares of the company’s stock valued at $8,846,186,000 after purchasing an additional 232,286 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of McKesson by 4.1% during the 2nd quarter. Geode Capital Management LLC now owns 2,820,724 shares of the company’s stock worth $2,057,065,000 after buying an additional 112,224 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of McKesson by 150.4% during the 2nd quarter. Alliancebernstein L.P. now owns 2,268,015 shares of the company’s stock worth $1,661,956,000 after buying an additional 1,362,386 shares during the period. Norges Bank acquired a new position in McKesson in the 2nd quarter valued at about $1,346,661,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in McKesson by 56.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,236,536 shares of the company’s stock valued at $906,109,000 after acquiring an additional 446,060 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on MCK shares. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of McKesson in a research report on Monday, December 29th. Wells Fargo & Company boosted their price target on McKesson from $816.00 to $914.00 and gave the company an “equal weight” rating in a research note on Monday, November 10th. JPMorgan Chase & Co. upped their price objective on McKesson from $821.00 to $853.00 and gave the company an “overweight” rating in a report on Friday, September 26th. Barclays started coverage on McKesson in a report on Monday, December 8th. They set an “overweight” rating and a $960.00 target price for the company. Finally, Robert W. Baird upped their price target on shares of McKesson from $873.00 to $927.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $892.86.

McKesson Price Performance

Shares of NYSE MCK opened at $823.48 on Thursday. The business has a fifty day moving average price of $834.64 and a two-hundred day moving average price of $761.36. The stock has a market capitalization of $101.64 billion, a PE ratio of 25.63, a P/E/G ratio of 1.36 and a beta of 0.41. McKesson Corporation has a fifty-two week low of $570.51 and a fifty-two week high of $895.58.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.84 by $1.02. The company had revenue of $103.15 billion for the quarter, compared to analyst estimates of $103.80 billion. McKesson had a negative return on equity of 248.14% and a net margin of 1.04%.McKesson’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm posted $7.07 EPS. On average, equities analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 1st were issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, December 1st. McKesson’s dividend payout ratio (DPR) is currently 10.21%.

Insider Activity at McKesson

In other news, EVP Thomas L. Rodgers sold 276 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $816.18, for a total transaction of $225,265.68. Following the completion of the sale, the executive vice president owned 2,268 shares of the company’s stock, valued at approximately $1,851,096.24. This represents a 10.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $861.63, for a total transaction of $283,476.27. Following the completion of the transaction, the chief accounting officer directly owned 328 shares in the company, valued at $282,614.64. This trade represents a 50.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.08% of the stock is currently owned by insiders.

About McKesson

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.