Spire Wealth Management Boosts Position in McKesson Co. (NYSE:MCK)

Spire Wealth Management lifted its position in McKesson Co. (NYSE:MCK) by 30.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,071 shares of the company’s stock after purchasing an additional 3,798 shares during the quarter. Spire Wealth Management’s holdings in McKesson were worth $7,787,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Metis Global Partners LLC raised its position in shares of McKesson by 2.3% during the 4th quarter. Metis Global Partners LLC now owns 5,772 shares of the company’s stock valued at $2,672,000 after buying an additional 132 shares during the period. W.H. Cornerstone Investments Inc. purchased a new stake in McKesson in the fourth quarter valued at $238,000. Connecticut Wealth Management LLC lifted its stake in shares of McKesson by 473.9% in the 4th quarter. Connecticut Wealth Management LLC now owns 6,089 shares of the company’s stock valued at $2,819,000 after purchasing an additional 5,028 shares during the last quarter. Vestmark Advisory Solutions Inc. purchased a new position in shares of McKesson during the 4th quarter worth $568,000. Finally, Sapient Capital LLC acquired a new stake in shares of McKesson during the 4th quarter worth about $276,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Stock Performance

Shares of NYSE:MCK traded up $1.03 during trading hours on Tuesday, reaching $534.44. The stock had a trading volume of 26,563 shares, compared to its average volume of 694,772. The stock has a market capitalization of $70.23 billion, a price-to-earnings ratio of 24.17, a P/E/G ratio of 1.41 and a beta of 0.45. The firm’s 50 day moving average is $530.66 and its 200-day moving average is $493.16. McKesson Co. has a 1 year low of $364.08 and a 1 year high of $544.81.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, February 7th. The company reported $7.74 earnings per share for the quarter, topping analysts’ consensus estimates of $7.05 by $0.69. McKesson had a net margin of 0.99% and a negative return on equity of 262.63%. The company had revenue of $80.90 billion for the quarter, compared to analysts’ expectations of $77.93 billion. During the same quarter last year, the company earned $6.90 earnings per share. The firm’s revenue for the quarter was up 14.8% on a year-over-year basis. Analysts forecast that McKesson Co. will post 27.59 EPS for the current year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 0.46%. The ex-dividend date is Friday, May 31st. McKesson’s payout ratio is currently 11.24%.

Insider Transactions at McKesson

In related news, EVP Leann B. Smith sold 186 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total transaction of $92,256.00. Following the completion of the sale, the executive vice president now owns 1,511 shares in the company, valued at approximately $749,456. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other McKesson news, EVP Leann B. Smith sold 186 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total transaction of $92,256.00. Following the completion of the sale, the executive vice president now directly owns 1,511 shares of the company’s stock, valued at approximately $749,456. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian S. Tyler sold 3,473 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $524.55, for a total value of $1,821,762.15. Following the completion of the transaction, the chief executive officer now directly owns 43,445 shares in the company, valued at approximately $22,789,074.75. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

MCK has been the subject of several research analyst reports. UBS Group increased their target price on shares of McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Leerink Partnrs reiterated an “outperform” rating on shares of McKesson in a report on Monday, February 26th. SVB Leerink started coverage on McKesson in a research note on Monday, February 26th. They set an “outperform” rating and a $600.00 price target on the stock. Morgan Stanley lifted their price objective on McKesson from $522.00 to $548.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Finally, Mizuho boosted their price objective on McKesson from $450.00 to $505.00 and gave the company a “neutral” rating in a report on Friday, February 9th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, McKesson presently has a consensus rating of “Moderate Buy” and an average price target of $536.71.

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.