King Luther Capital Management Corp Buys 873 Shares of McKesson Corporation (NYSE:MCK)

King Luther Capital Management Corp grew its holdings in McKesson Corporation (NYSE:MCK) by 2.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,045 shares of the company’s stock after purchasing an additional 873 shares during the period. King Luther Capital Management Corp’s holdings in McKesson were worth $21,566,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. CVA Family Office LLC increased its holdings in shares of McKesson by 6.0% in the 1st quarter. CVA Family Office LLC now owns 265 shares of the company’s stock worth $178,000 after purchasing an additional 15 shares in the last quarter. Palisade Asset Management LLC grew its holdings in shares of McKesson by 2.1% in the first quarter. Palisade Asset Management LLC now owns 715 shares of the company’s stock worth $481,000 after acquiring an additional 15 shares during the period. SteelPeak Wealth LLC grew its holdings in shares of McKesson by 0.5% in the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock worth $1,867,000 after acquiring an additional 15 shares during the period. Parallel Advisors LLC grew its holdings in shares of McKesson by 0.6% in the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company’s stock worth $1,683,000 after acquiring an additional 16 shares during the period. Finally, Eagle Rock Investment Company LLC grew its holdings in shares of McKesson by 0.4% in the first quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company’s stock worth $3,229,000 after acquiring an additional 17 shares during the period. Institutional investors own 85.07% of the company’s stock.

McKesson Stock Up 0.6%

Shares of McKesson stock opened at $667.14 on Monday. The stock’s 50-day simple moving average is $714.12 and its 200-day simple moving average is $680.33. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $737.89. The company has a market capitalization of $82.98 billion, a price-to-earnings ratio of 26.60, a PEG ratio of 1.32 and a beta of 0.50.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). The firm had revenue of $97.83 billion during the quarter, compared to analysts’ expectations of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%. McKesson’s quarterly revenue was up 23.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $7.88 earnings per share. On average, equities analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be given a $0.82 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. McKesson’s dividend payout ratio (DPR) is presently 11.32%.

Insider Buying and Selling

In other McKesson 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 transaction of $244,807.31. Following the sale, the executive vice president directly owned 2,800 shares of the company’s stock, valued at $2,010,148. The trade was a 10.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Thomas L. Rodgers sold 2,891 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president directly owned 2,544 shares in the company, valued at $1,811,785.92. The trade was a 53.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,488 shares of company stock valued at $37,242,862 in the last ninety days. Company insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

MCK has been the subject of several research analyst reports. Wall Street Zen lowered McKesson from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 13th. Wells Fargo & Company set a $766.00 price objective on McKesson and gave the stock an “equal weight” rating in a report on Tuesday, June 3rd. UBS Group lifted their price objective on McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Evercore ISI lifted their price objective on McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a report on Wednesday, July 9th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $810.00 price objective (up previously from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $718.73.

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.