Bright Futures Wealth Management LLC. Buys Shares of 704 McKesson Co. (NYSE:MCK)

Bright Futures Wealth Management LLC. acquired a new stake in shares of McKesson Co. (NYSE:MCK) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 704 shares of the company’s stock, valued at approximately $418,000.

Other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in McKesson by 1.1% in the 1st quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock worth $2,342,190,000 after purchasing an additional 46,659 shares during the period. Norges Bank purchased a new stake in McKesson during the 4th quarter valued at $1,024,140,000. Putnam Investments LLC increased its position in shares of McKesson by 3.2% in the fourth quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock valued at $925,017,000 after acquiring an additional 62,242 shares during the period. Swedbank AB bought a new position in shares of McKesson during the first quarter valued at about $669,326,000. Finally, Boston Partners grew its stake in shares of McKesson by 4.1% in the first quarter. Boston Partners now owns 1,183,829 shares of the company’s stock worth $635,763,000 after purchasing an additional 47,140 shares during the last quarter. 85.07% of the stock is owned by institutional investors.

McKesson Stock Performance

Shares of MCK traded up $1.29 during mid-day trading on Friday, hitting $630.38. 881,722 shares of the company traded hands, compared to its average volume of 666,040. The stock has a market cap of $81.91 billion, a price-to-earnings ratio of 28.17, a P/E/G ratio of 1.46 and a beta of 0.45. The stock has a 50-day moving average price of $588.74 and a two-hundred day moving average price of $547.10. McKesson Co. has a 1 year low of $404.72 and a 1 year high of $637.51.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The business had revenue of $76.36 billion during the quarter, compared to analysts’ expectations of $79.32 billion. During the same period in the previous year, the business posted $7.19 EPS. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, analysts forecast that McKesson Co. will post 31.68 EPS for the current year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a $0.71 dividend. This is a positive change from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.45%. McKesson’s dividend payout ratio is 11.08%.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total value of $2,180,192.76. Following the sale, the chief executive officer now owns 86,092 shares in the company, valued at approximately $50,012,564.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Maria Martinez sold 483 shares of McKesson stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $585.88, for a total value of $282,980.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total value of $2,180,192.76. Following the transaction, the chief executive officer now directly owns 86,092 shares in the company, valued at approximately $50,012,564.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,567 shares of company stock valued at $16,691,841. Corporate insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MCK. StockNews.com raised McKesson from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 23rd. Evercore ISI raised their target price on shares of McKesson from $600.00 to $660.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 9th. TD Cowen lifted their price target on McKesson from $563.00 to $652.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Argus increased their price objective on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of McKesson from $547.00 to $545.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average price target of $599.33.

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.