NewEdge Advisors LLC Boosts Holdings in McKesson Corporation $MCK

NewEdge Advisors LLC lifted its stake in McKesson Corporation (NYSE:MCK) by 7.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,989 shares of the company’s stock after purchasing an additional 1,032 shares during the quarter. NewEdge Advisors LLC’s holdings in McKesson were worth $10,088,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. CBIZ Investment Advisory Services LLC raised its position in shares of McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after purchasing an additional 41 shares during the last quarter. Capital A Wealth Management LLC purchased a new position in shares of McKesson in the 4th quarter worth about $26,000. Bank of Jackson Hole Trust raised its position in shares of McKesson by 64.3% in the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after purchasing an additional 18 shares during the last quarter. Saudi Central Bank purchased a new position in shares of McKesson in the 1st quarter worth about $34,000. Finally, Pandora Wealth Inc. purchased a new position in shares of McKesson in the 1st quarter worth about $40,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Cowen reaffirmed a “buy” rating on shares of McKesson in a research report on Thursday, August 7th. Wall Street Zen downgraded McKesson from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 13th. Evercore ISI lifted their price objective on McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a report on Wednesday, July 9th. Morgan Stanley reiterated an “overweight” rating and issued a $810.00 price objective (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Finally, Wells Fargo & Company lifted their price objective on McKesson from $766.00 to $772.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, McKesson has a consensus rating of “Moderate Buy” and an average target price of $725.10.

McKesson Stock Down 0.6%

McKesson stock opened at $687.03 on Friday. The business has a 50-day simple moving average of $699.12 and a two-hundred day simple moving average of $691.13. The company has a market cap of $85.46 billion, a P/E ratio of 27.39, a P/E/G ratio of 1.37 and a beta of 0.51. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). The firm had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $7.88 earnings per share. Research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from McKesson’s previous quarterly dividend of $0.71. McKesson’s dividend payout ratio is presently 13.08%.

Insider Transactions at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the transaction, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. The trade was a 33.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian S. Tyler sold 11,930 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,560 shares of company stock valued at $30,438,602. Corporate 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.