Procyon Advisors LLC Boosts Stock Position in McKesson Corporation $MCK

Procyon Advisors LLC lifted its position in McKesson Corporation (NYSE:MCK) by 51.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,345 shares of the company’s stock after purchasing an additional 1,141 shares during the quarter. Procyon Advisors LLC’s holdings in McKesson were worth $2,584,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC grew its position in McKesson by 46.3% during the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company’s stock worth $1,438,000 after purchasing an additional 798 shares during the period. Caxton Associates LLP purchased a new stake in McKesson during the first quarter worth $233,000. Parallel Advisors LLC grew its position in McKesson by 1.9% during the second quarter. Parallel Advisors LLC now owns 2,548 shares of the company’s stock valued at $1,867,000 after buying an additional 47 shares during the period. Everpar Advisors LLC increased its holdings in McKesson by 14.9% in the second quarter. Everpar Advisors LLC now owns 487 shares of the company’s stock valued at $357,000 after buying an additional 63 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of McKesson by 1.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock worth $632,000 after acquiring an additional 14 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Price Performance

McKesson stock opened at $834.45 on Thursday. The stock has a market cap of $102.99 billion, a price-to-earnings ratio of 25.97, a price-to-earnings-growth ratio of 1.35 and a beta of 0.41. McKesson Corporation has a 1-year low of $570.51 and a 1-year high of $895.58. The firm has a 50 day simple moving average of $833.96 and a 200-day simple moving average of $764.87.

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

McKesson Announces Dividend

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

Insider Buying and Selling

In related news, EVP Thomas L. Rodgers sold 276 shares of the 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 transaction, the executive vice president owned 2,268 shares of the company’s stock, valued at approximately $1,851,096.24. This trade represents a 10.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $861.63, for a total value of $283,476.27. Following the transaction, the chief accounting officer owned 328 shares in the company, valued at $282,614.64. This trade represents a 50.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Morgan Stanley increased their price target on McKesson from $857.00 to $916.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Wells Fargo & Company raised their price target on shares of McKesson from $816.00 to $914.00 and gave the stock an “equal weight” rating in a research note on Monday, November 10th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of McKesson in a research note on Monday, December 29th. Wall Street Zen lowered shares of McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Cowen restated a “buy” rating on shares of McKesson in a research report on Monday, December 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus price target of $895.79.

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.