Burney Co. Has $41.54 Million Stake in McKesson Corporation (NYSE:MCK)

Burney Co. lessened its holdings in shares of McKesson Corporation (NYSE:MCK) by 0.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,722 shares of the company’s stock after selling 392 shares during the quarter. McKesson accounts for approximately 1.5% of Burney Co.’s portfolio, making the stock its 7th largest position. Burney Co.’s holdings in McKesson were worth $41,538,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CVA Family Office LLC lifted its stake in McKesson by 6.0% in the first quarter. CVA Family Office LLC now owns 265 shares of the company’s stock worth $178,000 after acquiring an additional 15 shares during the period. Palisade Asset Management LLC lifted its stake in McKesson by 2.1% in the first quarter. Palisade Asset Management LLC now owns 715 shares of the company’s stock worth $481,000 after acquiring an additional 15 shares during the period. SteelPeak Wealth LLC lifted its stake in McKesson by 0.5% in the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock worth $1,867,000 after acquiring an additional 15 shares during the period. Parallel Advisors LLC lifted its stake in McKesson by 0.6% in the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company’s stock worth $1,683,000 after acquiring an additional 16 shares during the period. Finally, Eagle Rock Investment Company LLC lifted its stake in McKesson by 0.4% in the first quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company’s stock worth $3,229,000 after acquiring an additional 17 shares during the period. Institutional investors own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on MCK shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $810.00 price target (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. UBS Group raised their price target on McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Mizuho raised their price target on McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a research note on Thursday, April 3rd. Cfra Research lowered McKesson from a “moderate buy” rating to a “hold” rating in a research report on Friday, April 4th. Finally, Wall Street Zen lowered McKesson from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 13th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, McKesson has an average rating of “Moderate Buy” and a consensus price target of $710.17.

McKesson Price Performance

Shares of NYSE:MCK opened at $709.99 on Wednesday. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89. The business has a fifty day moving average price of $716.44 and a 200-day moving average price of $668.27. The company has a market capitalization of $88.83 billion, a PE ratio of 27.49, a PEG ratio of 1.44 and a beta of 0.48.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, beating the consensus estimate of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The firm had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. During the same period last year, the company earned $6.18 earnings per share. The company’s revenue was up 18.9% on a year-over-year basis. On average, sell-side analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 2nd were issued a $0.71 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $2.84 annualized dividend and a yield of 0.40%. McKesson’s payout ratio is 10.99%.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $708.09, for a total value of $13,716,411.39. Following the completion of the sale, the chief executive officer directly owned 27,872 shares in the company, valued at approximately $19,735,884.48. This trade represents a 41.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the firm’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the completion of the transaction, the chief accounting officer directly owned 1,972 shares in the company, valued at $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,488 shares of company stock worth $37,242,862 in the last three months. 0.08% of the stock is currently owned by company insiders.

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.