Cambridge Investment Research Advisors Inc. Has $6.55 Million Stake in McKesson Co. (NYSE:MCK)

Posted by Defense World Staff on Sep 24th, 2023

Cambridge Investment Research Advisors Inc. lowered its stake in shares of McKesson Co. (NYSE:MCK – Free Report) by 60.9% in the second quarter, Holdings Channel reports. The institutional investor owned 15,331 shares of the company’s stock after selling 23,881 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in McKesson were worth $6,551,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in MCK. Fairfield Bush & CO. acquired a new position in McKesson in the first quarter worth about $46,000. Synovus Financial Corp grew its stake in McKesson by 4.0% during the first quarter. Synovus Financial Corp now owns 2,192 shares of the company’s stock worth $673,000 after buying an additional 85 shares during the last quarter. Prudential PLC bought a new stake in McKesson during the first quarter worth about $1,610,000. Cetera Investment Advisers grew its stake in McKesson by 17.8% during the first quarter. Cetera Investment Advisers now owns 9,839 shares of the company’s stock worth $3,012,000 after buying an additional 1,490 shares during the last quarter. Finally, Moors & Cabot Inc. bought a new stake in McKesson during the first quarter worth about $598,000. Institutional investors and hedge funds own 82.69% of the company’s stock.

McKesson Trading Up 0.1 %

Shares of McKesson stock opened at $438.66 on Friday. The company has a 50 day moving average of $420.51 and a 200-day moving average of $393.70. McKesson Co. has a 1-year low of $331.75 and a 1-year high of $444.80. The company has a market cap of $59.18 billion, a PE ratio of 16.36, a price-to-earnings-growth ratio of 1.51 and a beta of 0.60.

McKesson (NYSE:MCK – Get Free Report) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported $7.27 earnings per share for the quarter, topping analysts’ consensus estimates of $5.85 by $1.42. McKesson had a net margin of 1.32% and a negative return on equity of 252.54%. The company had revenue of $74.48 billion during the quarter, compared to the consensus estimate of $70.28 billion. During the same quarter in the prior year, the firm posted $5.83 EPS. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. Research analysts forecast that McKesson Co. will post 27.17 earnings per share for the current year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 1st will be paid a $0.62 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $2.48 annualized dividend and a yield of 0.57%. McKesson’s dividend payout ratio is presently 9.25%.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 3,938 shares of the stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $419.01, for a total value of $1,650,061.38. Following the completion of the transaction, the chief executive officer now owns 125,776 shares of the company’s stock, valued at approximately $52,701,401.76. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other McKesson news, CEO Brian S. Tyler sold 3,471 shares of the company’s stock in a transaction that occurred on Thursday, June 29th. The shares were sold at an average price of $420.00, for a total value of $1,457,820.00. Following the completion of the transaction, the chief executive officer now directly owns 129,714 shares in the company, valued at approximately $54,479,880. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 3,938 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $419.01, for a total transaction of $1,650,061.38. Following the completion of the transaction, the chief executive officer now owns 125,776 shares of the company’s stock, valued at $52,701,401.76. The disclosure for this sale can be found here. Insiders sold a total of 44,002 shares of company stock valued at $18,570,541 in the last quarter. Insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MCK. StockNews.com began coverage on shares of McKesson in a research note on Thursday, August 17th. They set a “strong-buy” rating on the stock. Bank of America increased their price target on shares of McKesson from $470.00 to $485.00 in a research note on Monday, July 17th. TD Cowen increased their price target on shares of McKesson from $491.00 to $495.00 and gave the company an “outperform” rating in a research note on Monday, August 7th. Argus increased their price target on shares of McKesson from $430.00 to $450.00 in a research note on Thursday, June 29th. Finally, UBS Group increased their price objective on shares of McKesson from $470.00 to $480.00 and gave the company a “buy” rating in a report on Thursday, August 3rd. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $452.33.

Read Our Latest Report on MCK

About McKesson

(Free Report)

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.