Moors & Cabot Inc. Acquires 163 Shares of McKesson Co. (NYSE:MCK)

Moors & Cabot Inc. grew its stake in shares of McKesson Co. (NYSE:MCK) by 7.1% during the second quarter, Holdings Channel reports. The institutional investor owned 2,448 shares of the company’s stock after purchasing an additional 163 shares during the quarter. Moors & Cabot Inc.’s holdings in McKesson were worth $1,430,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Sachetta LLC bought a new position in McKesson during the 4th quarter worth approximately $27,000. LRI Investments LLC bought a new position in shares of McKesson in the first quarter worth approximately $28,000. Register Financial Advisors LLC purchased a new position in shares of McKesson in the first quarter worth $29,000. Richardson Financial Services Inc. purchased a new position in shares of McKesson in the fourth quarter worth $31,000. Finally, Newbridge Financial Services Group Inc. boosted its position in McKesson by 333.3% during the 1st quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock valued at $35,000 after buying an additional 50 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of MCK opened at $513.91 on Wednesday. McKesson Co. has a fifty-two week low of $422.15 and a fifty-two week high of $637.51. The firm’s 50-day simple moving average is $564.48 and its two-hundred day simple moving average is $557.67. The stock has a market cap of $66.78 billion, a PE ratio of 22.96, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping the consensus estimate of $7.21 by $0.67. The company had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $7.27 EPS. Equities research analysts predict that McKesson Co. will post 32.11 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Friday, August 30th. This is a positive change from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is currently 12.69%.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total transaction of $2,180,192.76. Following the completion of the sale, the chief executive officer now directly owns 86,092 shares in the company, valued at approximately $50,012,564.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 11,259 shares of company stock worth $6,635,492 in the last quarter. Corporate insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Barclays boosted their price target on McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Bank of America increased their price objective on McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a report on Tuesday, June 25th. Robert W. Baird reduced their target price on McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Finally, Argus raised their price target on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $620.93.

McKesson Company 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.