Wealth Enhancement Advisory Services LLC Buys 11,586 Shares of McKesson Co. (NYSE:MCK)

Wealth Enhancement Advisory Services LLC grew its stake in shares of McKesson Co. (NYSE:MCK) by 6.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 179,611 shares of the company’s stock after purchasing an additional 11,586 shares during the period. Wealth Enhancement Advisory Services LLC owned approximately 0.14% of McKesson worth $88,803,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. LRI Investments LLC purchased a new position in shares of McKesson in the 1st quarter valued at approximately $28,000. Register Financial Advisors LLC bought a new stake in shares of McKesson during the 1st quarter valued at $29,000. Wolff Wiese Magana LLC grew its position in shares of McKesson by 742.9% in the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after buying an additional 52 shares during the period. ORG Wealth Partners LLC purchased a new stake in shares of McKesson in the 3rd quarter worth about $40,000. Finally, ZRC Wealth Management LLC purchased a new position in McKesson during the 1st quarter valued at about $48,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of MCK stock traded up $2.45 on Friday, reaching $507.41. The stock had a trading volume of 563,369 shares, compared to its average volume of 803,298. McKesson Co. has a 1 year low of $431.35 and a 1 year high of $637.51. The stock has a market cap of $65.93 billion, a P/E ratio of 22.67, a price-to-earnings-growth ratio of 1.17 and a beta of 0.44. The company has a 50 day simple moving average of $516.67 and a 200 day simple moving average of $550.88.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) 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 business had revenue of $79.28 billion during the quarter, compared to the consensus estimate of $82.53 billion. During the same period in the previous year, the company posted $7.27 EPS. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts anticipate that McKesson Co. will post 32.07 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business 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. This represents a $2.84 annualized dividend and a dividend yield of 0.56%. This is a positive change from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Friday, August 30th. McKesson’s dividend payout ratio is 12.69%.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated 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 approximately $44,094,604.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.11% of the stock is owned by insiders.

Analyst Ratings Changes

MCK has been the topic of a number of recent research reports. Robert W. Baird restated a “neutral” rating and issued a $531.00 price objective (down previously from $603.00) on shares of McKesson in a report on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft reduced their price objective on McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Leerink Partners cut their target price on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Wells Fargo & Company lowered their price target on McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Finally, Mizuho increased 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. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $610.86.

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.