CFO4Life Group LLC Takes $226,000 Position in McKesson Corporation (NYSE:MCK)

CFO4Life Group LLC purchased a new stake in shares of McKesson Corporation (NYSE:MCK) during the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 336 shares of the company’s stock, valued at approximately $226,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Oppenheimer Asset Management Inc. boosted its stake in McKesson by 54.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company’s stock valued at $3,056,000 after acquiring an additional 1,592 shares during the last quarter. Dynamic Advisor Solutions LLC grew its position in McKesson by 16.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock valued at $524,000 after purchasing an additional 111 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in McKesson by 18.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock valued at $15,501,000 after purchasing an additional 3,659 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of McKesson by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company’s stock valued at $123,332,000 after acquiring an additional 7,556 shares during the period. Finally, CWA Asset Management Group LLC grew its position in shares of McKesson by 6.3% in the 1st quarter. CWA Asset Management Group LLC now owns 979 shares of the company’s stock valued at $659,000 after acquiring an additional 58 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the firm’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $726.51, for a total transaction of $394,494.93. Following the sale, the chief accounting officer owned 1,972 shares of the company’s stock, valued at $1,432,677.72. This trade represents a 21.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Thomas L. Rodgers sold 2,891 shares of the firm’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $712.18, for a total value of $2,058,912.38. Following the completion of the sale, the executive vice president directly owned 2,544 shares of the company’s stock, valued at approximately $1,811,785.92. This represents a 53.19% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,117 shares of company stock valued at $23,526,451. Insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on MCK shares. Evercore ISI lifted their target price on shares of McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a report on Wednesday. Cfra Research cut shares of McKesson from a “moderate buy” rating to a “hold” rating in a research report on Friday, April 4th. UBS Group lifted their price target on shares of McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Bank of America upped their price target on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Finally, 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. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and a consensus target price of $706.83.

McKesson Stock Performance

Shares of NYSE:MCK opened at $714.05 on Friday. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89. The stock has a market capitalization of $89.33 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 1.45 and a beta of 0.48. The stock’s 50-day simple moving average is $715.65 and its two-hundred day simple moving average is $661.24.

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

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were paid a $0.71 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.40%. McKesson’s payout ratio is 10.99%.

McKesson Company 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.