Exchange Traded Concepts LLC Buys 4,436 Shares of McKesson Co. (NYSE:MCK)

Exchange Traded Concepts LLC boosted its stake in McKesson Co. (NYSE:MCK) by 343.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,727 shares of the company’s stock after acquiring an additional 4,436 shares during the quarter. Exchange Traded Concepts LLC’s holdings in McKesson were worth $2,832,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. LRI Investments LLC acquired a new position in McKesson during the 1st quarter worth approximately $28,000. Register Financial Advisors LLC acquired a new position in McKesson during the first quarter worth $29,000. Richardson Financial Services Inc. bought a new position in McKesson in the fourth quarter valued at $31,000. Rise Advisors LLC acquired a new stake in McKesson in the 1st quarter valued at $40,000. Finally, ZRC Wealth Management LLC bought a new stake in McKesson during the 1st quarter worth about $48,000. Institutional investors own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft reduced their price target on McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Evercore ISI decreased their target price 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. Wells Fargo & Company dropped their price target on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Mizuho lifted their price objective on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Finally, StockNews.com cut shares of McKesson from a “buy” rating to a “hold” rating in a report on Friday, September 27th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, McKesson has an average rating of “Moderate Buy” and an average price target of $610.86.

McKesson Trading Up 0.8 %

Shares of NYSE:MCK opened at $509.72 on Tuesday. The firm has a 50 day moving average of $526.66 and a 200-day moving average of $552.88. McKesson Co. has a 12 month low of $431.35 and a 12 month high of $637.51. The stock has a market capitalization of $66.23 billion, a PE ratio of 22.78, a PEG ratio of 1.17 and a beta of 0.44.

McKesson (NYSE:MCK) last issued its earnings results 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 negative return on equity of 242.57% and a net margin of 0.94%. The firm had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. During the same quarter last year, the business posted $7.27 EPS. The company’s revenue was up 6.4% compared to the same quarter last year. On average, research analysts predict that McKesson Co. will post 32.07 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed 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 of this dividend was Friday, August 30th. This represents a $2.84 annualized dividend and a dividend yield of 0.56%. This is an increase from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio is currently 12.69%.

Insider Activity at McKesson

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

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.