Foundations Investment Advisors LLC Increases Stock Position in McKesson Co. (NYSE:MCK)

Foundations Investment Advisors LLC lifted its stake in McKesson Co. (NYSE:MCK) by 25.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,301 shares of the company’s stock after purchasing an additional 4,134 shares during the period. Foundations Investment Advisors LLC’s holdings in McKesson were worth $10,037,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Distillate Capital Partners LLC lifted its position in shares of McKesson by 127,542.9% in the 2nd quarter. Distillate Capital Partners LLC now owns 35,740 shares of the company’s stock worth $20,874,000 after purchasing an additional 35,712 shares during the period. Chase Investment Counsel Corp lifted its position in shares of McKesson by 50.8% in the 2nd quarter. Chase Investment Counsel Corp now owns 8,985 shares of the company’s stock worth $5,247,000 after purchasing an additional 3,027 shares during the period. Wealthspire Advisors LLC lifted its position in shares of McKesson by 8.9% in the 2nd quarter. Wealthspire Advisors LLC now owns 1,623 shares of the company’s stock worth $948,000 after purchasing an additional 133 shares during the period. Councilmark Asset Management LLC purchased a new stake in shares of McKesson in the 1st quarter worth about $5,160,000. Finally, Vaughan David Investments LLC IL purchased a new stake in shares of McKesson in the 2nd quarter worth about $238,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at $44,094,604.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MCK has been the subject of several research analyst reports. Leerink Partners dropped their target price on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Bank of America increased their price target on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research note on Tuesday, June 25th. JPMorgan Chase & Co. increased their price target on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Robert W. Baird reiterated a “neutral” rating and issued a $531.00 price target (down from $603.00) on shares of McKesson in a research note on Tuesday, September 24th. Finally, Evercore ISI decreased their price target on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $610.86.

McKesson Stock Performance

NYSE:MCK opened at $508.32 on Tuesday. The firm has a market cap of $66.05 billion, a P/E ratio of 22.71, a P/E/G ratio of 1.17 and a beta of 0.44. McKesson Co. has a fifty-two week low of $431.35 and a fifty-two week high of $637.51. The firm has a 50-day simple moving average of $520.24 and a two-hundred day simple moving average of $551.96.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The business had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same period last year, the business earned $7.27 EPS. McKesson’s revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts predict that McKesson Co. will post 32.07 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd were paid a $0.71 dividend. The ex-dividend date was Friday, August 30th. This is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.56%. McKesson’s payout ratio is currently 12.69%.

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.