Cobblestone Capital Advisors LLC NY Increases Holdings in McKesson Co. (NYSE:MCK)

Cobblestone Capital Advisors LLC NY raised its holdings in McKesson Co. (NYSE:MCK) by 3.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,630 shares of the company’s stock after buying an additional 50 shares during the quarter. Cobblestone Capital Advisors LLC NY’s holdings in McKesson were worth $806,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in MCK. Wolff Wiese Magana LLC raised its stake in McKesson by 742.9% in the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after buying an additional 52 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of McKesson during the 3rd quarter worth approximately $29,000. RPg Family Wealth Advisory LLC bought a new position in shares of McKesson in the 3rd quarter worth approximately $31,000. ORG Wealth Partners LLC purchased a new position in shares of McKesson in the 3rd quarter valued at approximately $40,000. Finally, Carmichael Hill & Associates Inc. bought a new stake in shares of McKesson during the second quarter valued at approximately $52,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Performance

MCK opened at $628.50 on Monday. The company’s 50-day simple moving average is $542.22 and its two-hundred day simple moving average is $560.02. The stock has a market capitalization of $79.78 billion, a P/E ratio of 32.55, a P/E/G ratio of 1.36 and a beta of 0.44. McKesson Co. has a 52-week low of $431.35 and a 52-week high of $637.51.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.88 by $0.19. The company had revenue of $93.65 billion for the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The firm’s quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter last year, the company posted $6.23 earnings per share. Research analysts forecast that McKesson Co. will post 32.73 EPS for the current fiscal year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend is Monday, December 2nd. McKesson’s dividend payout ratio is 14.71%.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the transaction, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. This represents a 4.56 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Mizuho raised their price objective on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. StockNews.com raised shares of McKesson from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Barclays raised their target price on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. boosted their price target on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, Citigroup raised their price objective on McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus price target of $631.57.

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.