Cornerstone Advisors LLC Makes New $16.43 Million Investment in McKesson Corporation $MCK

Cornerstone Advisors LLC bought a new stake in McKesson Corporation (NYSE:MCK) during the 2nd quarter, Holdings Channel reports. The firm bought 21,751 shares of the company’s stock, valued at approximately $16,435,000.

A number of other institutional investors have also modified their holdings of MCK. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of McKesson during the fourth quarter worth approximately $25,000. Swiss RE Ltd. purchased a new position in McKesson in the 4th quarter valued at $26,000. State of Wyoming acquired a new position in McKesson in the 2nd quarter valued at $29,000. Kingdom Financial Group LLC. acquired a new position in McKesson in the 4th quarter valued at $33,000. Finally, Birchwood Financial Partners Inc. purchased a new position in McKesson during the 4th quarter worth $33,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Activity at McKesson

In related news, EVP Thomas L. Rodgers sold 699 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $735.27, for a total value of $513,953.73. Following the completion of the transaction, the executive vice president directly owned 2,268 shares of the company’s stock, valued at $1,667,592.36. This trade represents a 23.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michele Lau sold 3,550 shares of McKesson stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total value of $2,701,869.50. Following the transaction, the executive vice president directly owned 3,247 shares of the company’s stock, valued at approximately $2,471,259.23. This represents a 52.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 29,049 shares of company stock worth $22,530,626. 0.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MCK shares. Morgan Stanley restated an “overweight” rating on shares of McKesson in a research note on Friday, August 7th. TD Cowen increased their price target on shares of McKesson from $989.00 to $1,006.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Evercore reaffirmed an “outperform” rating on shares of McKesson in a report on Thursday, August 6th. Wall Street Zen cut McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Finally, Wells Fargo & Company increased their target price on McKesson from $812.00 to $933.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 11th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $977.00.

McKesson Stock Down 0.9%

NYSE:MCK opened at $861.59 on Tuesday. The firm’s fifty day simple moving average is $815.34 and its 200-day simple moving average is $843.12. The stock has a market cap of $100.45 billion, a PE ratio of 23.06, a price-to-earnings-growth ratio of 1.71 and a beta of 0.30. McKesson Corporation has a fifty-two week low of $667.50 and a fifty-two week high of $999.00.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $9.93 EPS 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 analysts’ expectations of $103.88 billion. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter last year, the business earned $8.26 earnings per share. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Equities analysts anticipate that McKesson Corporation will post 44.65 earnings per share for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Tuesday, September 1st. This is a positive change from McKesson’s previous quarterly dividend of $0.82. McKesson’s payout ratio is 10.06%.

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.