Cobblestone Capital Advisors LLC NY Has $923,000 Stake in McKesson Co. (NYSE:MCK)

Cobblestone Capital Advisors LLC NY raised its position in McKesson Co. (NYSE:MCK) by 3.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 1,580 shares of the company’s stock after buying an additional 50 shares during the period. Cobblestone Capital Advisors LLC NY’s holdings in McKesson were worth $923,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Sachetta LLC bought a new position in shares of McKesson in the 4th quarter valued at about $27,000. LRI Investments LLC acquired a new stake in McKesson during the 1st quarter worth $28,000. Register Financial Advisors LLC acquired a new position in shares of McKesson in the 1st quarter valued at $29,000. Richardson Financial Services Inc. acquired a new position in shares of McKesson in the 4th quarter valued at $31,000. Finally, Newbridge Financial Services Group Inc. boosted its position in shares of McKesson by 333.3% in the 1st quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock worth $35,000 after purchasing an additional 50 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MCK. Argus upped their price target on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Monday, June 24th. StockNews.com lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday, August 9th. Citigroup raised their price objective on McKesson from $620.00 to $670.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. increased their price target on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Mizuho lifted their price objective on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $624.93.

McKesson Price Performance

MCK stock traded down $10.58 during mid-day trading on Friday, reaching $504.17. The company had a trading volume of 1,924,323 shares, compared to its average volume of 761,035. The company has a market capitalization of $65.51 billion, a price-to-earnings ratio of 22.53, a PEG ratio of 1.29 and a beta of 0.44. McKesson Co. has a 52 week low of $412.64 and a 52 week high of $637.51. The stock has a 50 day simple moving average of $574.75 and a two-hundred day simple moving average of $557.29.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping 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 business had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. During the same quarter last year, the company posted $7.27 earnings per share. McKesson’s quarterly revenue was up 6.4% on a year-over-year basis. On average, equities analysts predict that McKesson Co. will post 32.14 EPS for the current year.

McKesson Increases Dividend

The company also recently announced 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 is an increase 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 annualized dividend and a dividend yield of 0.56%. McKesson’s dividend payout ratio is presently 12.69%.

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the sale, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Brian S. Tyler sold 3,753 shares of the firm’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 transaction, the chief executive officer now directly owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Leann B. Smith sold 600 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $585.53, for a total value of $351,318.00. Following the sale, the executive vice president now directly owns 2,022 shares in the company, valued at approximately $1,183,941.66. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,859 shares of company stock worth $6,986,810. Company insiders own 0.11% of the company’s stock.

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.