Foundations Investment Advisors LLC Has $1.64 Million Position in McKesson Corporation (NYSE:MCK)

Foundations Investment Advisors LLC lessened its stake in shares of McKesson Corporation (NYSE:MCK) by 90.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,431 shares of the company’s stock after selling 22,190 shares during the period. Foundations Investment Advisors LLC’s holdings in McKesson were worth $1,636,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. CVA Family Office LLC increased its stake in McKesson by 6.0% during the 1st quarter. CVA Family Office LLC now owns 265 shares of the company’s stock valued at $178,000 after purchasing an additional 15 shares in the last quarter. Palisade Asset Management LLC increased its stake in McKesson by 2.1% during the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company’s stock valued at $481,000 after purchasing an additional 15 shares in the last quarter. SteelPeak Wealth LLC increased its stake in McKesson by 0.5% during the 1st quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock valued at $1,867,000 after purchasing an additional 15 shares in the last quarter. Parallel Advisors LLC increased its stake in McKesson by 0.6% during the 1st quarter. Parallel Advisors LLC now owns 2,501 shares of the company’s stock valued at $1,683,000 after purchasing an additional 16 shares in the last quarter. Finally, Eagle Rock Investment Company LLC increased its stake in McKesson by 0.4% during the 1st quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company’s stock valued at $3,229,000 after purchasing an additional 17 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the company an “equal weight” rating in a research note on Tuesday, June 3rd. Cfra Research lowered shares of McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Wall Street Zen lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 13th. Evercore ISI upped their target price on shares of McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 9th. Finally, Mizuho upped their target price on shares of McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a research note on Thursday, April 3rd. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $710.17.

McKesson Stock Up 0.8%

Shares of NYSE:MCK opened at $712.02 on Wednesday. The firm has a market capitalization of $89.08 billion, a PE ratio of 27.57, a P/E/G ratio of 1.43 and a beta of 0.48. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The company has a 50-day moving average price of $717.32 and a two-hundred day moving average price of $673.84.

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

McKesson Announces Dividend

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

Insider Transactions at McKesson

In other news, EVP Leann B. Smith sold 341 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $244,807.31. Following the sale, the executive vice president directly owned 2,800 shares of the company’s stock, valued at approximately $2,010,148. This represents a 10.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction 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. The trade was a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,488 shares of company stock valued at $37,242,862. Company insiders own 0.08% of the company’s stock.

McKesson 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.