Envestnet Portfolio Solutions Inc. Has $6.46 Million Stake in McKesson Corporation (NYSE:MCK)

Envestnet Portfolio Solutions Inc. lessened its position in McKesson Corporation (NYSE:MCK) by 30.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,603 shares of the company’s stock after selling 4,197 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in McKesson were worth $6,463,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. raised its position in McKesson by 8.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company’s stock worth $1,622,754,000 after purchasing an additional 222,496 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of McKesson by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company’s stock valued at $1,513,195,000 after buying an additional 10,015 shares during the period. Franklin Resources Inc. raised its position in shares of McKesson by 4.6% during the fourth quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company’s stock worth $1,493,704,000 after acquiring an additional 114,396 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of McKesson by 75,632.7% in the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock worth $1,610,567,000 after acquiring an additional 2,389,992 shares during the period. Finally, Norges Bank bought a new stake in McKesson in the fourth quarter valued at approximately $1,200,361,000. 85.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on MCK shares. Mizuho boosted their price target on shares of McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a research report on Thursday, April 3rd. Cfra Research downgraded shares of McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Morgan Stanley boosted their target price on shares of McKesson from $745.00 to $770.00 and gave the company an “overweight” rating in a report on Wednesday, June 11th. UBS Group increased their price target on McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Finally, Wells Fargo & Company set a $766.00 target price on McKesson and gave the company an “equal weight” rating in a research report on Tuesday, June 3rd. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $694.38.

Insiders Place Their Bets

In other news, EVP Leann B. Smith sold 341 shares of the business’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total value of $244,807.31. Following the transaction, the executive vice president now owns 2,800 shares in the company, valued at $2,010,148. The trade was a 10.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 19,370 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $705.93, for a total value of $13,673,864.10. Following the sale, the chief executive officer now directly owns 51,243 shares of the company’s stock, valued at $36,173,970.99. The trade was a 27.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,117 shares of company stock valued at $23,526,451. Corporate insiders own 0.11% of the company’s stock.

McKesson Price Performance

Shares of NYSE MCK opened at $720.88 on Friday. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $733.10. The stock has a market capitalization of $90.19 billion, a P/E ratio of 27.91, a P/E/G ratio of 1.46 and a beta of 0.49. The company has a 50-day moving average price of $708.42 and a 200-day moving average price of $647.84.

McKesson (NYSE:MCK) last released its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.83 by $0.29. The business had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The company’s quarterly revenue was up 18.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.18 EPS. As a group, equities research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson’s dividend payout ratio (DPR) is presently 10.99%.

About McKesson

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.