Suncoast Equity Management Boosts Stock Holdings in McKesson Corporation (NYSE:MCK)

Suncoast Equity Management lifted its stake in shares of McKesson Corporation (NYSE:MCK) by 1.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,365 shares of the company’s stock after acquiring an additional 320 shares during the quarter. McKesson accounts for about 2.2% of Suncoast Equity Management’s portfolio, making the stock its 20th largest position. Suncoast Equity Management’s holdings in McKesson were worth $19,762,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Capital A Wealth Management LLC purchased a new stake in shares of McKesson during the fourth quarter worth $26,000. Millstone Evans Group LLC acquired a new position in shares of McKesson during the fourth quarter worth $28,000. Atala Financial Inc acquired a new position in shares of McKesson during the fourth quarter worth $34,000. Graney & King LLC acquired a new position in shares of McKesson during the fourth quarter worth $38,000. Finally, Kestra Investment Management LLC acquired a new position in shares of McKesson during the fourth quarter worth $55,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MCK shares. Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the stock an “equal weight” rating in a research note on Tuesday, June 3rd. UBS Group boosted their target price on shares of McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Wall Street Zen downgraded shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 14th. Morgan Stanley boosted their target price on shares of McKesson from $745.00 to $770.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 11th. Finally, Bank of America upped their price objective on shares of McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Three investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and a consensus price target of $694.38.

Insider Transactions at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the transaction, the chief accounting officer now directly owns 1,972 shares of the company’s stock, valued at $1,432,677.72. This represents a 21.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Leann B. Smith sold 341 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $244,807.31. Following the transaction, the executive vice president now directly owns 2,800 shares of the company’s stock, valued at $2,010,148. This represents a 10.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,117 shares of company stock worth $23,526,451. Company insiders own 0.11% of the company’s stock.

McKesson Price Performance

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 company has a market capitalization of $90.19 billion, a PE ratio of 27.91, a P/E/G ratio of 1.46 and a beta of 0.49. The company has a fifty day moving average of $708.42 and a two-hundred day moving average of $647.84.

McKesson (NYSE:MCK) last announced its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.83 by $0.29. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The business had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. During the same quarter in the prior year, the firm earned $6.18 earnings per share. The business’s quarterly revenue was up 18.9% compared to the same quarter last year. On average, research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

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