Lynch Asset Management Inc. Acquires Shares of 1,050 McKesson Corporation $MCK

Lynch Asset Management Inc. acquired a new stake in shares of McKesson Corporation (NYSE:MCK) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 1,050 shares of the company’s stock, valued at approximately $793,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MCK. Bank of New York Mellon Corp bought a new stake in shares of McKesson during the second quarter valued at approximately $599,060,000. Centric Wealth Management purchased a new stake in McKesson in the second quarter worth $317,000. Focus Partners Advisor Solutions LLC purchased a new stake in McKesson in the second quarter worth $1,286,000. GSA Capital Partners LLP bought a new position in McKesson in the second quarter worth $1,121,000. Finally, Langley Wealth Management LLC purchased a new position in McKesson during the second quarter valued at $120,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insider Buying and Selling at McKesson

In other McKesson news, EVP Thomas L. Rodgers sold 699 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $735.27, for a total transaction of $513,953.73. Following the completion of the sale, the executive vice president directly owned 2,268 shares in the company, valued at approximately $1,667,592.36. This trade represents a 23.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brian S. Tyler sold 8,463 shares of McKesson stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $793.56, for a total transaction of $6,715,898.28. Following the completion of the transaction, the chief executive officer directly owned 5,919 shares of the company’s stock, valued at $4,697,081.64. This trade represents a 58.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 29,049 shares of company stock worth $22,530,626 in the last 90 days. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on MCK shares. TD Cowen boosted their target price on shares of McKesson from $989.00 to $1,006.00 and gave the company a “buy” rating in a report on Thursday, August 6th. William Blair began coverage on shares of McKesson in a research report on Tuesday, April 28th. They set an “outperform” rating for the company. Wall Street Zen lowered shares of McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Robert W. Baird set a $1,015.00 price objective on shares of McKesson in a research note on Thursday, August 6th. Finally, Evercore restated an “outperform” rating on shares of McKesson in a report on Thursday, August 6th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $977.00.

McKesson Trading Down 0.0%

McKesson stock opened at $868.72 on Monday. McKesson Corporation has a 12 month low of $667.50 and a 12 month high of $999.00. The company has a market capitalization of $101.28 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 1.71 and a beta of 0.30. The business’s fifty day simple moving average is $813.45 and its two-hundred day simple moving average is $842.94.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, beating the consensus estimate of $9.56 by $0.37. The firm had revenue of $105.38 billion during the quarter, compared to the consensus estimate of $103.88 billion. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The company’s revenue was up 7.7% on a year-over-year basis. During the same period last year, the company earned $8.26 earnings per share. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. On average, equities research analysts predict that McKesson Corporation will post 44.65 EPS for the current year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be given a dividend of $0.94 per share. This is a positive change from McKesson’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.76 annualized dividend and a yield of 0.4%. McKesson’s payout ratio is currently 8.78%.

About McKesson

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.