Perfromance Wealth Partners LLC Has $1.06 Million Position in McKesson Corporation $MCK

Perfromance Wealth Partners LLC lessened its holdings in shares of McKesson Corporation (NYSE:MCK) by 2.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 1,448 shares of the company’s stock after selling 42 shares during the period. Perfromance Wealth Partners LLC’s holdings in McKesson were worth $1,061,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Nuveen LLC acquired a new position in shares of McKesson during the first quarter worth approximately $475,235,000. Wellington Management Group LLP increased its position in McKesson by 4,559.6% during the first quarter. Wellington Management Group LLP now owns 427,703 shares of the company’s stock worth $287,840,000 after acquiring an additional 418,524 shares during the period. Boston Partners raised its stake in McKesson by 33.3% during the 1st quarter. Boston Partners now owns 1,461,785 shares of the company’s stock valued at $984,927,000 after purchasing an additional 365,484 shares during the last quarter. Voya Investment Management LLC boosted its holdings in McKesson by 92.3% in the 1st quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock valued at $437,760,000 after purchasing an additional 312,473 shares during the period. Finally, 1832 Asset Management L.P. bought a new stake in McKesson in the 1st quarter valued at $140,742,000. Institutional investors own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of McKesson from $810.00 to $857.00 and gave the stock an “overweight” rating in a report on Wednesday, September 24th. UBS Group lifted their target price on McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Bank of America boosted their price target on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of McKesson in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group set a $900.00 price objective on McKesson and gave the stock a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and a consensus target price of $834.54.

McKesson Stock Up 0.7%

NYSE:MCK opened at $768.79 on Tuesday. The firm has a market capitalization of $95.62 billion, a PE ratio of 30.65, a price-to-earnings-growth ratio of 1.38 and a beta of 0.52. McKesson Corporation has a 12-month low of $492.39 and a 12-month high of $776.14. The firm has a 50-day moving average price of $708.64 and a 200 day moving average price of $707.37.

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

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.82 per share. This is an increase from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date was Tuesday, September 2nd. McKesson’s dividend payout ratio is currently 13.08%.

Insiders Place Their Bets

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. This trade represents a 33.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer directly owned 4,012 shares of the company’s stock, valued at $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,189 shares of company stock valued at $16,722,190. Company insiders own 0.08% of the company’s stock.

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.